San Francisco, 06 February 2030: The Report Vaccine Market Size, Share & Trends Analysis Report By Type (Subunit, mRNA), By Route Of Administration (Oral), By Disease Indication (HPV, MMR), By Age Group (Adult), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

The global vaccine market size is expected to reach USD 110.54 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.74% from 202 to 2030. The growth is attributed to the rising immunization programs, and the development of vaccines for diseases, such as RSV and Chlamydia amongst others. There has been significant progress in improving access to vaccines for diseases of public health concern. Many new vaccines have been developed and distributed globally, resulting in the saving of countless lives and the prevention of various illnesses.

Furthermore, there are several initiatives in the vaccine market aimed at improving access to vaccines, developing new vaccines, and ensuring vaccine safety. These initiatives involve international organizations, governments, private sector entities, and philanthropic organizations. Through collaboration and innovation, these initiatives are helping to address global health challenges and improve public health outcomes. For instance, COVAX is a global initiative aimed at ensuring equitable access to COVID vaccines. The initiative is co-led by Gavi, the Vaccine Alliance, the World Health Organization (WHO), and the Coalition for Epidemic Preparedness Innovations (CEPI).

Although there are over 90 vaccine manufacturers supplying vaccines to World Health Organization Member States in 2021, supply remains highly dependent on fewer than 10 manufacturers with diverse deployable technology and global reach. This concentration leads to regional supply insecurity and market health issues, particularly in the African and Eastern Mediterranean regions. It is anticipated that the COVID vaccine market could go private in the second half of 2023 in the U.S. This privatization may lead to an increase in prices of COVID vaccines and open up the market for other players as well. For instance, both Moderna and Pfizer BioNTech have announced that the prices of their respective mRNA COVID vaccines could increase to around USD 110 to USD 130 per shot.

The vaccine market has been expanding globally, with an increase in vaccines targeting diseases that predominantly affect lower-income countries. In the U.S., the COVID-19 vaccine market transitioned to a commercial phase, following the depletion of the federal government's purchased stock. This shift will likely result in higher prices, as evidenced by Moderna's announcement in March 2023 that its COVID-19 vaccine price would rise to approximately USD 110 to USD 130 per dose. The privatization of the market will also intensify competition among manufacturers post pandemic.

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In March 2023, the Serum Institute of India announced its plans to diversify beyond COVID-19 vaccines by developing new vaccines for malaria and dengue. Company officials, stated that the company has repurposed its COVID-19 vaccine manufacturing facilities to produce these new vaccines, potentially increasing its total production capacity to 4 billion doses annually. This strategic move allows Serum Institute to maintain high production levels and ensure rapid response capability in case of future pandemics.

Vaccine Market Report Highlights

• By type, the mRNA segment dominated the vaccine market with a share of 32.32% in 2023. However, the subunit vaccine segment is expected to grow at the fastest CAGR of 8.1% during the forecast period
• By route of administration, the parenteral administration is anticipated to capture the majority of the vaccine market share throughout the forecast period. Parenteral administration reduces the risk of contamination compared to other routes of administration thus contributing to the segments’ dominance
• By disease indication, the viral diseases segment captured the largest share of the vaccine market in 2023, majorly attributed to the high distribution of COVID-19 vaccines during 2021 and 2022
• By age, pediatrics is expected to witness the fastest growth during the forecast period, as many countries have established national immunization programs that require children to receive certain shots as part of routine childhood vaccinations
• By distribution channel, pharmacies are anticipated to be the fastest-growing segment. This growth can be attributed to the increased accessibility and convenience for patients, and the potential for increased revenue and profitability for pharmacies
• North America region is expected to grow at the fastest CAGR during the forecast period. The region is dominated by a few key players, including Pfizer, Moderna, Sanofi Pasteur, and Merck. These companies have a strong presence in the market, with established distribution networks and significant investment in vaccine research and development

By March 2024, Dr. Reddy’s Laboratories (DRL) will begin promoting and distributing Sanofi’s vaccine brands in India. This partnership includes well-known pediatric and adult vaccines such as Hexaxim, Pentaxim, Tetraxim, Menactra, FluQuadri, Adacel, and Avaxim 80U. These brands achieved combined sales of about USD 51 million as of February 2024. This collaboration strengthens DRL’s vaccine portfolio, positioning it as the second-largest vaccine player in India, while Sanofi continues to own, manufacture, and import these vaccines into the country.

The COVID-19 pandemic highlights the limitations of relying solely on public investment and procurement strategies for optimal public health outcomes. Although around 15 billion vaccine doses were globally distributed by October 2022, only 12% were provided through COVAX, the global alliance for equitable access. This highlights the need for more comprehensive approaches to achieve equitable distribution and prepare for future pandemics.

Regulatory agencies and regional networks have been crucial in enhancing regulatory capacity and promoting coordinated efforts across countries, leading to better accessibility of new vaccines. The World Health Organization (WHO) has been instrumental in this regard, providing regulatory assistance through its prequalification program and helping countries develop efficient, stable, and integrated regulatory systems. As a result, the national regulatory authorities in 35 vaccine-producing countries have achieved a maturity level sufficient to oversee development, manufacturing, and release.