Vaccine Market Size & Trends Analysis:

The Vaccine Market Size was valued at USD 82.69 billion in 2024 and is expected to reach USD 186.5 billion by 2032 and grow at a CAGR of 10.7% during the forecasted period 2025-2032.

The vaccine market plays a crucial role in global public health through preventing infectious diseases and protecting communities. In this contemporary world, vaccination is one of the most effective public health strategies through various vaccines that are recommended, sometimes mandatorily by different regions. From birth, most children are vaccinated with essential vaccines including those for hepatitis B, diphtheria, tetanus, pertussis sometimes called whooping cough, polio, Haemophilus influenzae type b (Hib), pneumococcal disease, measles, mumps, and rubella (MMR). These vaccines prevent the deadliest diseases and form the backbone of national immunization programs in countries like the United States, Canada, Australia, and most of Europe.

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Vaccine Market Size and Forecast:

• Market Size in 2024: USD 82.69 Billion

• Market Size by 2032: USD 186.5 Billion

• CAGR: 10.7% from 2025 to 2032

• Base Year: 2024

• Forecast Period: 2025–2032

• Historical Data: 2021–2023

Vaccine Market Key Trends:

• Rising demand for infectious disease prevention – Increasing awareness and vaccination programs are driving adoption of vaccines globally, reducing disease burden.

• Advancements in mRNA and DNA vaccines – Novel platforms enable faster development, higher efficacy, and broader protection against emerging infectious diseases.

• Expansion of immunization programs in developing regions – Government initiatives and public-private partnerships improve vaccine accessibility and coverage.

• Focus on pediatric and adult vaccines – Increasing demand for routine immunizations and booster doses is fueling growth.

• Integration of AI and big data – Analytics optimize clinical trials, production efficiency, and distribution logistics.

• Cold chain infrastructure enhancement – Advanced storage and transport solutions ensure vaccine stability, particularly for mRNA vaccines.

As children grow up, they need more immunization against diseases that can cause lifelong consequences. For instance, the HPV vaccine is an important aspect of preventing sexually transmitted infections while the meningococcal vaccine protects against bacterial meningitis. Adults are not excluded either; Td booster shots and the annual flu vaccine are often required in many regions as a way of maintaining their immunity against prevalent and contagious diseases.

Vaccines are increasingly recommended in older populations, particularly senior citizens, to cut the risks associated with infections that are particularly dangerous in such persons. The list of vaccines considered necessary is subject to varying degrees of difference across countries and regions according to public health policy, the prevalence of diseases, and the availability of healthcare resources.

In recent times, the market for vaccines has grown by leaps and bounds due to heightened awareness among many about the importance of vaccination, pro-active efforts from the government, and the pace of advancement in vaccine technology. Within this very context, health crises at global levels, such as the COVID-19 pandemic, have created a tremendous imperative for strong vaccination programs at both global and local levels that will speed up investment and innovation in the vaccine industry. This increased pace of vaccine research and development created new vaccine technologies most notably effective of which were the mRNA vaccines, especially for the control of emerging infectious diseases.

The collaborations are further strengthening the vaccine distribution capabilities. By March 2024, Dr. Reddy's Laboratories (DRL) would market and distribute Sanofi's vaccine brands in India. The agreement pertains to the group's best-selling vaccines for pediatrics and adults: Hexaxim, Pentaxim, Tetraxim, Menactra, FluQuadri, Adacel, and Avaxim 80U, which sold USD 51 million combined through February 2024. In this business venture, DRL will hold a share of vaccine sales in India, while Sanofi maintains rights to its ownership and manufacturing.

Vaccine Market Drivers:

• Government Support, Innovation, and Supply Dynamics

Strong product supply and adequate investments in research and development (R&D) are the prime growth drivers for the global vaccine market. Overall, the immunity programs undertaken by governments around the globe to eradicate endemic diseases are ensuring that there is considerable demand for a constant supply of vaccines. Hospitals, government foundations, and pharmaceutical companies play a very important role as they ensure a steady supply of vaccines for these immunization campaigns. The ready availability of low-cost immunization, combined with government surveillance, allows vaccination programs to be readily available to broad sections of populations, often at minimal or no cost.

For instance, the WHO has allocated about 18 million doses of the malaria vaccine to 12 African countries under the Malaria Vaccine Implementation Programme (MVIP) for the period 2023–2025. Other factors driving market growth include ongoing demand for vaccines against diseases like diphtheria, tetanus, pertussis, and malaria. Apart from this, funding by government agencies and corporate investments in vaccine research has accelerated the introduction of new products.

Pharmaceutical companies, with a good vaccine candidate at hand and a strong innovation pipeline, are scouting ways to build momentum. Other significant players that would define the future of this market include Inovio Pharmaceuticals, Novavax, and Bavarian Nordic. Major players such as Pfizer, GSK, Sanofi, and Merck would also be in a position to drive growth through their research and development efforts. For instance, Pfizer has in its pipeline Lyme disease and Clostridioides difficile infection vaccines, phase 3 candidates that already show huge market potential for more progress. Another example is an mRNA-based influenza vaccine under phase 3 trials.

Vaccine Market Restraints:

• High Vaccine Cost A Key Challenge to High Growth Rates

High vaccine costs remain a significant challenge limiting the widespread adoption and growth of the vaccine market. Advanced vaccines, particularly those based on novel technologies such as mRNA or recombinant platforms, often require complex research, development, and manufacturing processes, which substantially increase their price. Additionally, cold chain requirements, specialized storage, and distribution logistics further add to costs, especially in low- and middle-income countries. High prices can restrict access, reduce immunization coverage, and create disparities between developed and developing regions. Governments and healthcare providers may face budget constraints, slowing procurement and rollout of vaccines. Consequently, while demand for vaccines is rising, affordability remains a critical barrier that can hinder market expansion and the achievement of global immunization goals.

Vaccine Market Segment Analysis:

By Type, mRNA Vaccines Lead Market with 32.3% Share in 2024, While Subunit Vaccines Project Strong Growth

The mRNA segment captured a market share of 32.3% in 2024 and thus, leads the vaccine market. Pfizer/BioNTech and Moderna have emerged as two of the most prominent players with their mRNA-based COVID-19 vaccines. Rapid modification of antigen design and incorporation of sequences of multiple variants to respond to newly developed viral mutations are some of the advantages of mRNA-based vaccines over traditional vaccines. This is one of the major factors behind its leadership in the market.

During the forecast period, the subunit vaccines segment is expected to experience strong growth. This is attributed to the prevalent prevalence of infectious diseases and increasing demand for superior and safer vaccines, along with an intense focus on preventive healthcare. There is also a great surge for more effective vaccines targeted to diseases such as cancer, autoimmune diseases, and allergies.

By Route of Administration, Parenteral Administration Dominates with 97% Market Share; Oral Vaccines Expected to Grow Steadily

Parenteral administration dominated the vaccine delivery method with a 97.0% market capture in 2024. This injective method offers immediate absorption, higher efficacy, and lower chances of contamination or degradation compared to other forms of vaccine administration. Most vaccines distributed in the market are intramuscularly or subcutaneously injected.

The oral Administration segment will witness steady growth in the forecast period. The growth is due to the advantages that oral vaccines bring forth, including stimulation of both mucosal and systemic immunity and without side effects commonly associated with injections. Oral vaccines, for instance, polio and rotavirus vaccines, commonly administered in pediatric immunization, are major drivers for that expansion.

By Indication, Viral Disease Vaccines Hold 63.7% Share in 2024, Bacterial Vaccines Forecasted for Highest CAGR

The viral diseases vaccine segment, which includes vaccines for Hepatitis, Influenza, HPV, MMR, Rotavirus, Herpes Zoster, COVID-19, and others, held the largest share at 63.7% in the market in 2024, primarily due to COVID-19 vaccines. These are driven by the high prevalence of viral infections, increasing awareness of the benefits of vaccinations, and government-supported immunization programs. The market is highly competitive and is dominated by major companies such as Pfizer, GSK, AstraZeneca, and the Serum Institute.

The bacterial diseases segment is predicted to have growth at the highest CAGR during the forecast period. This is due to the increasing demand for vaccines that offer protection against bacterial infections, especially in regions wherein the prevalence of bacterial diseases is highly severe. The segment includes vaccines for bacterial infections like pneumonia, meningitis, DPT, and more.

By Age, Adult Vaccinations Represent 57.2% of Market, Pediatric Segment Poised for Fastest Growth

In 2024, the adult segment contributed to 57.2% of the vaccine market, as adult vaccinations—mostly COVID-19—represent 75% of the global volume. In contrast, pediatric vaccines account for around 20%. Adult vaccine volumes grew nine-fold compared to pre-COVID levels as a result of mainly COVID-19 vaccinations. Non-COVID-19 adult vaccine volumes also surged 15%, largely due to the increased use of seasonal influenza vaccines in HICs.

The pediatric vaccine segment is expected to grow at the highest rate during the forecast period. Volumes of pediatric vaccine sales are currently at 14% lower than pre-pandemic levels, due to lessened uptake of oral polio and measles-rubella vaccines during SIAs implemented during the COVID-19 pandemic.

By Distribution Channel, Government Suppliers Dominate with 59.9% Share, While Hospital and Retail Pharmacies Lead Fastest Growth Segment

Government suppliers dominate the 2024 vaccine market with a share of 59.90%. Vaccines rely much more than other pharmaceutical products on public funding by way of government and pooled procurement arrangements, rather than private sources. Most pharmaceutical products are therefore different from vaccines in that centralizing demand facilitates supply planning but predictability remains highly critical for the delivery of access to vaccines.

The hospital and retail pharmacy supply channel is expected to be the fastest growing among the vaccine market's different distribution channels. Pharmacies, particularly in developed countries, are increasingly assuming vital source positions for vaccination among the public by promoting easier access and increased rates of vaccination. The private market for COVID-19 vaccines is supposed to open in the United States in 2024, creating a driver for growth in this market also.

Vaccine Market Regional Analysis

North America dominates the Vaccine Market in 2024

In 2024, North America holds an estimated 38% share of the global vaccine market, driven by high healthcare spending, advanced R&D infrastructure, and government immunization programs promoting widespread vaccine adoption. The region benefits from the presence of leading pharmaceutical companies, strong regulatory frameworks, and robust healthcare delivery systems. Additionally, growing public awareness and ongoing vaccination campaigns enhance coverage across diverse populations. These factors collectively maintain North America’s leadership position and support sustained growth in the vaccine market.

• United States leads North America’s Vaccine Market

The U.S. dominates due to its advanced pharmaceutical and biotechnology industry, strong regulatory oversight, and high vaccination awareness. Leading vaccine manufacturers, including Pfizer, Moderna, and Johnson & Johnson, invest heavily in research, development, and production of innovative vaccines. Government initiatives, such as CDC-led immunization programs and COVID-19 response campaigns, ensure widespread vaccine distribution. Additionally, advanced healthcare infrastructure, cold chain logistics, and partnerships with global health organizations enable timely access. Together, these factors make the United States the largest contributor to North America’s vaccine market.

Asia-Pacific is the fastest-growing region in the Vaccine Market in 2024

The Asia-Pacific market is projected to expand at an estimated CAGR of 9.2% from 2025 to 2032, fueled by rising infectious disease prevalence, expanding immunization programs, and increasing healthcare investments. The region benefits from growing awareness of vaccination, expanding healthcare infrastructure, and rising government support for preventive healthcare initiatives. Additionally, strategic collaborations with global pharmaceutical companies enhance access to innovative vaccines. These combined factors accelerate market adoption and position Asia-Pacific as the fastest-growing region in the forecast period.

• China leads Asia-Pacific’s Vaccine Market

China dominates due to its large population, extensive government vaccination policies, and a growing biotechnology sector. Domestic manufacturers such as Sinovac and Sinopharm supply vaccines for COVID-19 and other infectious diseases, supported by nationwide immunization campaigns. Rapid expansion of healthcare infrastructure, increased funding for vaccine R&D, and public awareness initiatives drive adoption across urban and rural regions. Strategic partnerships with international organizations facilitate technology transfer and vaccine accessibility. These factors position China as the primary contributor to Asia-Pacific’s vaccine market growth.

Europe Vaccine Market Insights, 2024

Europe shows steady growth in 2024, supported by strong public health programs, government-funded immunization initiatives, and the presence of leading vaccine manufacturers. The region benefits from rising vaccination awareness, robust regulatory frameworks, and established healthcare infrastructure. These elements collectively drive market expansion and ensure timely vaccine distribution.

• Germany drives Europe’s Vaccine Market

Germany dominates due to its advanced biotechnology sector, high R&D investment, and strict vaccination regulations. Government policies promoting preventive healthcare and immunization programs, combined with collaboration between public health authorities and pharmaceutical companies, strengthen adoption. Robust cold chain logistics and strong healthcare coverage ensure efficient vaccine distribution, making Germany the leading contributor to Europe’s vaccine market.

Middle East & Africa and Latin America Vaccine Market Insights, 2024

The Middle East & Africa and Latin America markets show moderate growth in 2024. In the Middle East, countries like the UAE and Saudi Arabia are investing in vaccination infrastructure and public awareness campaigns, enhancing adoption. Africa faces distribution challenges, but government initiatives and international aid programs are improving access to essential vaccines. In Latin America, Brazil and Mexico lead growth due to large populations, robust immunization programs, and government support for preventive healthcare. Increasing healthcare investments, cold chain development, and awareness campaigns support steady expansion across both regions.

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Competitive Landscape for the Vaccine Market:

Serum Institute of India PVT. Ltd.

Serum Institute of India PVT. Ltd. is an India-based global leader in vaccine manufacturing, specializing in producing affordable vaccines for a wide range of viral and bacterial diseases. With decades of experience, the company develops, manufactures, and distributes vaccines for COVID-19, polio, influenza, and measles, among others. Serum Institute operates large-scale production facilities and collaborates with governments, NGOs, and international health organizations to ensure global immunization coverage. Its role in the vaccine market is critical, as it provides cost-effective solutions that enhance accessibility in low- and middle-income countries, supporting global public health initiatives.

• In 2024, Serum Institute expanded its COVID-19 vaccine production capacity and launched new pediatric vaccine initiatives to strengthen global immunization programs.

Seqirus

Seqirus is a global vaccine company headquartered in the UK and Australia, focusing on influenza vaccines and specialty immunizations. The company develops innovative vaccines using advanced manufacturing techniques, including cell-based and adjuvanted formulations, to improve efficacy and safety. Seqirus collaborates with healthcare providers, governments, and research organizations to enhance flu prevention and pandemic preparedness. Its role in the vaccine market is significant, providing both seasonal and pandemic influenza vaccines while supporting rapid response to emerging viral threats.

• In 2024, Seqirus introduced enhanced cell-based flu vaccines and expanded distribution networks across Europe and Asia to improve seasonal immunization coverage.

Sanofi

Sanofi is a France-based multinational biopharmaceutical company with a strong focus on vaccines, including those for influenza, dengue, and polio. The company leverages advanced research, global manufacturing capabilities, and strategic partnerships to develop innovative immunization solutions. Sanofi collaborates with public health authorities and global organizations to ensure broad vaccine access, particularly in emerging markets. Its role in the vaccine market is pivotal, combining scientific innovation with large-scale production to address infectious disease challenges worldwide.

• In 2024, Sanofi launched new combination vaccines and strengthened global supply chains to meet rising demand for preventive immunization.

GSK Plc.

GSK Plc., headquartered in the UK, is a leading global vaccine manufacturer providing immunizations for diseases including HPV, hepatitis, meningitis, and influenza. The company invests heavily in R&D to develop next-generation vaccines and works closely with governments, healthcare providers, and NGOs to expand global access. GSK’s role in the vaccine market is critical, ensuring the delivery of safe, effective, and innovative vaccines to diverse populations while supporting immunization programs worldwide.

• In 2024, GSK expanded its pediatric and adult vaccine portfolios, introducing new combination vaccines and scaling manufacturing to support global immunization efforts.

Vaccine Market Key Players:

• Serum Institute of India PVT. Ltd.

• Seqirus

• Sanofi

• GSK Plc.

• Merck & Co., Inc.

• Pfizer Inc.

• Moderna Inc.

• Sinovac

• BioNTech SE

• AstraZeneca

• Novartis AG

• Emergent BioSolutions, Inc.

• Inovio Pharmaceuticals, Inc.

• Bavarian Nordic

• Mitsubishi Tanabe Pharma Corporation

• Bavarian Nordic

• CSL Limited

• Johnson & Johnson

• Bharat Biotech

• Dynavax Technologies