Vaccines Market Stable amid Rising Investments in Vaccine Development, Fairfield Market Research Highlights Boom Around Combination Vaccines

December 2022

Countries around the world are showcasing resolute commitments to developing advanced vaccines to better respond to emerging and evolving virus strains. The COVID-19 pandemic has made public health leaders acutely aware of the need to embrace proactive health management strategies. Consequently, investments in drug development, medical innovation, and vaccine-related research are continuously increasing. This factor is predicted to bode well for vaccine production and manufacturing. A recent study by Fairfield Market Research predicts that the vaccines market will expand at a remarkable rate in the years to come.

During the period of 2023-2029, the global vaccines market will reach a revenue of US$82 Bn by the end of 2029. Moreover, the market is predicted to observe 3.9% CAGR for the vaccines market, with demand forecast being nearly 10.3 billion doses (inclusive of COVID-19 vaccines) by 2029. In addition to robust vaccine development efforts, other factors such as the availability of financial incentives from governments, growing public awareness about the importance of vaccines, and the rising demand for more effective combination vaccines are anticipated to unlock promising outcomes in the global vaccines market.

Prominent Trends and Insights Across Vaccines Market

  • Considering market value, the Americas will command the most significant market share which is expected to reach US$40 Bn by the end of 2029

  • The demand for seasonal influenza and pneumococcal vaccines is set to be the strongest during the study period, accounting for over 1000 million doses for respective vaccines by 2029

  • Based on country groups, the self-procuring MICs segment will register a notable growth rate of 4.6%, both in terms of volume and value, during the study period

Pursuit of Novel Drug Discovery Endeavors Create Scope for Market Growth

Concerns around the spread of communicable diseases have propelled leading pharmaceutical players to pursue robust drug discovery initiatives. Big pharma is currently engaged in developing advanced vaccines to better combat serious virus strains. Given this lucrative business scenario, the vaccines market is anticipated to observe steady growth in the coming years.

Today, health-conscious consumers as well as public health organizations are continually seeking new vaccines that offer multi-pronged action and higher efficiency. Moreover, as viruses evolve and become more powerful, the demand for combination vaccines and even vaccines priced at a premium will dramatically increase. The cumulative force of these developments is set to generate fruitful outcomes in the global vaccines market, with the demand for vaccines being higher in the urban regions of the world.

Asia Pacific to Register Strong Growth, North America Sustains Market Dominance

Emerging economies across the Asia Pacific are expected to exhibit strong potential for expanding their vaccines market. Various factors such as a rapidly rising population, advancements in drug discovery endeavors, and sound support from the public sector are poised to drive sustained growth across Asia Pacific’s vaccines market.

However, North America is predicted to continue its market dominance throughout the forecast period, contributing nearly half of the global vaccines market revenue by 2029. This can be attributed to the presence of a flourishing pharmaceutical sector and promising investments in scientific experiments.

Key Market Players

Novavax, Emergent BioSolutions, CSL Limited (Seqirus), Moderna, Sinopharm, Mitsubishi Tanabe Pharma Corporation, and Serum Institute of India Pvt. Ltd. are some of the main players in the vaccines market.