Vaccines Market is expected to reach US$ 216.30 billion by 2030

Publisher: The Insight Partners

Vaccines Market During 2022–2030

According to our new research study on “Vaccines Market Forecast to 2030 – Global Analysis – by Type, Technology, Application, Route of Administration, Age, and End User,” the vaccines market size was valued at US$ 135.28 billion in 2022 and is projected to reach US$ 216.30 billion by 2030; the market is estimated to register a CAGR of 6.0% from 2022 to 2030. Key factors driving the growth of the vaccines market include the rising prevalence of infectious diseases and the increasing uptake of vaccines amid the COVID-19 pandemic.

Rising Uptake of Vaccines Amid COVID-19 Pandemic

According to the World Health Organization (WHO) report, the availability of a safe and effective vaccine for COVID-19 was recognized as an additional tool to contribute to the control of the pandemic. Therefore, to accelerate the COVID-19 vaccine development and manufacturing, WHO policies were favorable for testing all candidate vaccines until they failed. Also, the WHO worked to ensure that all vaccines were tested at the initial stage of development. Further, in 2020, the Government of India initiated the preparation of the world's largest vaccination program at an accelerated pace, aiming to reduce vaccine-preventable deaths and ease pressure on the healthcare system. One of the key steps was the creation of the National Expert Group on Vaccine Administration for COVID-19, guiding all aspects of vaccine introduction in India. Also, the Government of India established an end-to-end solution capturing each step of the vaccination process to optimize resource utilization, maximize efficiency, and ensure each person had access to COVID-19 vaccines. Such initiatives by governments will enhance the global vaccines market growth for the forecast period of 2022–2030.

Vaccines Market, by Region, 2022(%)

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Source: The Insight Partners Analysis

Type-Based Insights

Based on type, the vaccines market is segmented into live attenuated vaccines, inactivated vaccines, toxoid vaccines, subunit & conjugate vaccines, and others. The live attenuated vaccines segment held the largest market share in 2022. Live attenuated vaccines are very effective vaccines used in the prevention of a variety of diseases, including influenza, chickenpox, measles, polio, and tuberculosis. As per the World Health Organization (WHO) report, there are nearly a billion cases of seasonal influenza, including 5 million cases of severe illness. Also, it causes ~290,000 to 650,000 respiratory deaths annually. Live-attenuated influenza vaccine (LAIV) proves advantageous in combating the infection among the population. For example, LAIV can provide up to 90% protection to adults under 65 years of age and up to 40% to adults over 65. The aforementioned factors are responsible for the market growth for the segment for the forecast period of 2022–2030.

GSK, Pfizer, Sanofi, Merck, Serum Institute of India (SII), AstraZeneca, BioNTech, Biological E, Sinovac, Sinopharm, and Bharat Biotech are among the leading companies operating in the vaccines market.  

The global vaccines market is segmented into type, application, route of administration, age, and end user. Based on type, the vaccines market is segmented into live attenuated vaccines, inactivated vaccines, toxoid vaccines, subunit & conjugate vaccines, and others. The live attenuated vaccines segment held the largest market share in 2022. Based on application, the vaccines market is segregated into human papillomavirus (HPV), cancer, MMR, DPT, and others. The HPV segment held the largest market share in 2022. In terms of route of administration, the vaccines market is categorized into oral, nasal, and injectable. The injectable segment held the largest share of the market in 2022. Based on age, the market is bifurcated into pediatric vaccine and adult vaccine. The pediatric segment will account for the larger share of the global vaccines market during the forecast period. By end user, the market is segmented into healthcare facilities, vaccination centers & programs, and others. The vaccination centers & programs segment will account for the largest share of the global vaccines market during 2022–2030. The vaccines market, based on geography, is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Spain, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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