Vaccines Market

Vaccines Market Outlook

The Vaccines Market is valued at USD 76.8 Bn in 2026 and is projected to reach USD 117 Bn,  growing at a CAGR of 6% by 2033. 

Novel Vaccine Developments, and New Indications to Improve Profit Margins in Vaccines Market

Growth of vaccines market is supported by leading players focusing on the development of new molecular entities for a wider disease indication spectrum. For instance, Pfizer, and GSK have several new vaccines in advanced product development phases (phase 2, and phase 3). Typically, new innovative vaccines come with higher pricing and offer incremental revenue opportunities, which is expected to give the players an advantage in the coming years. Similarly, high-margin products such as combination vaccines are expected to generate a new avenue for growth in the coming years. Combination vaccines draw premium pricing by enhancing as they offer multi-pronged action and higher efficiency, which a single injection lacks. These vaccines are helping to overcome the challenges facing vaccines market such as fear of needles or trypanophobia, which has been the key driving factor for adoption in the paediatrics segment.

COVID-19 Outbreak Caused a Temporary Revenue Spike in Vaccines Market, and Long-lasting Systemic Transformations

COVID-19 is expected to disrupt the vaccines market in terms of highly uncertain and temporary revenues. However, Fairfield Market Research predicts that it can have a long-term impact on vaccination and healthcare systems. The very first vaccines for COVID-19 to complete phase III testing are an entirely new type of mRNA vaccines. Never have had mRNA vaccines-such as the two-dose Pfizer/BioNTech and Moderna vaccines – received emergency use authorization from the FDA.

The COVID-19 vaccine race has given a boost to biotech companies such as BioNtech, and Moderna. GSK, Merck, Pfizer, and Sanofi have already announced partnerships with biotech companies Curevac, Moderna, BioNTech, and Translate Bio, respectively, for mRNA vaccines. The Serum Institute of India (SII), and UNICEF have entered a long-term supply pact for COVID-19 vaccines developed by AstraZeneca/Oxford, and Novavax. The COVID-19 vaccine mass distribution poses one of the biggest logistical challenges of vaccine cold chain. For instance, Pfizer vaccine requires freezer storage at -70° C, five days with refrigeration. Thus, the COVID-19 vaccine has not only given the pharmaceutical companies new opportunities but also adequate challenges that will make them redefine vaccination systems.

Seasonal Influenza Vaccines Witness the Fastest Growth, Pneumococcal Conjugate Vaccines Emerge as the Largest Category in Vaccines Market

Global influenza vaccines market has been positively impacted by the Covid-19 outbreak. Pneumococcal diseases remain a substantial cause of death amongst adults and children. It causes 5,00,000 annual deaths of adults above 70 years and 3,20,000 annual deaths of children below five years of age. According to the World Health Organization (WHO), as of 2019, 152 countries have fully or partially introduced Pneumococcal Conjugate Vaccine (PCV) immunization in infant routine immunization. Further addition of PCV in routine infant immunization by 42 countries – including large ones like India, China, and Indonesia – will trigger an increase of demand in excess of 60 million doses over the next ten years.

WHO report suggests that high interest in Human Papilloma Virus (HPV) vaccination programmes by countries across all income groups has led to a sharp increase in demand in the past few years. Report estimates that the demand for HPV vaccines doses was ~81 Mn in 2020. Meanwhile, shingles vaccine poised to achieve a CAGR of 15.6% in revenue terms among all disease indications by 2029. In the US, about 35% of people 60 and above were vaccinated for shingles by 2018, up from about 7% in 2008 as per the latest Centers for Disease Control and Prevention report. So far, 17 million people have received at least one dose of Shingrix, vaccine for shingles developed by GSK, although the shots are recommended for more than 100 million people.

Emerging Economies of South and East Asia, and Western Pacific to See Phenomenal Growth in Vaccines Market in Terms of Volume Demand

Vaccines study by Fairfield Market Research finds that emerging countries have high growth potential near the forecast period 2029. Highly populous countries such as India, and China are largest producers as well as consumers of vaccines. This demand is driving high growth in regions of South and East Asia (SEARO) and Western Pacific (WPRO). Americas (AMRO) remains the largest regional contributor in terms of value due to the presence of high-revenue markets such as the US, and Canada. This region is anticipated to contribute to half of the global vaccines market revenue by 2029. HPV, Influenza (adult), Varicella, and meningitis vaccines have a higher relative value in the region than in the rest of the world. 

Vaccines Market to Remain Oligopolistic with Tough Entry Barrier

Vaccine manufacturing remains concentrated with GSK, Pfizer, Merck, and Sanofi, who control 90% of the global vaccines market in terms of value. Meanwhile, The Serum Institute of India, GSK, Sanofi, Bharat Biotech International Limited, and Haffkine produce 60% of the global vaccine in terms of volume. While concentrated in aggregate, few specific vaccines are true monopolies with only one supplier. Different geographies have different supply dynamics. In the 1980s, emerging market manufacturers started entering the vaccine market and have assumed a significant role since. They now contribute to about half of UNICEF's vaccine procurement in volume of doses, and 30% of the value of UNICEF's total vaccine procurement. The entry of emerging market manufacturers, particularly in the underused vaccines market has resulted in lower vaccine prices due to increased competition and higher production capacities for individual vaccines.

Prominent Competitors in Vaccines Market

A few other players in the vaccines market that have been covered in the report for detailed competitive profiling and analysis are 

• Pfizer Inc.
• Merck & Co., Inc. (MSD)
• GlaxoSmithKline plc (GSK)
• Sanofi S.A. (Sanofi Pasteur)
• Moderna, Inc.
• Johnson & Johnson
• AstraZeneca plc
• Serum Institute of India Pvt. Ltd.
• BioNTech SE
• CSL Seqirus (CSL Limited)
• Bavarian Nordic
• Bharat Biotech International Ltd.
• China National Biotec Group (CNBG)
• Novavax, Inc.
• Takeda Pharmaceutical Company Limited

The Global Vaccines Market is Segmented as Below:

By Type

• Live Attenuated
• Inactivated
• Recombinant/Conjugate/Subunit
• mRNA Vaccine
• Viral Vectors Vaccines
• Toxoid
• Others

By Route of Administration

• Parenteral
• Oral

By Disease Indication

• Viral Diseases
• Bacterial Diseases

By Age Group

• Pediatric
• Adults

By Distribution Channel

• Hospital & Retail Pharmacies
• Government Suppliers
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa