GlaxoSmithKline generated approximately 9.3 billion U.S. dollars from vaccine sales in 2021, making it the sixth largest vaccine company in the world based on revenue. Before the pandemic and the appearance of COVID-19 vaccines, the British pharmaceutical giant used to be the global leader in vaccines.

Analyzing vaccine sales of leading companies GlaxoSmithKline reported an annual revenue of 34.1 billion British pounds in 2021 – vaccine sales accounted for around 20 percent of that figure. Year-on-year sales of Shingrix, the company’s shingles vaccine, more than doubled to almost two billion British pounds in 2020. The leading vaccine of Merck & Co. is Gardasil/Gardasil 9, which can help in the prevention of certain cancers. The vaccine is one of Merck’s top-selling products and accounted for more than half of the company’s total vaccine sales. Pfizer generated vaccine sales of nearly 43 billion U.S. dollars in 2021, of course heavily boosted by its COVID-19 vaccine sales. The pneumococcal vaccine Prevnar 13/Prevenar 13 was the company’s second product based on revenue during that year.

The race for a coronavirus vaccine Until recently, and despite growth in the global vaccine market, there were only four big pharma companies with substantial vaccine operations. However, the COVID-19 pandemic has highlighted the critical importance of vaccine research and development. Aided by government funding and partnerships, several smaller companies were among the first to enter the race to find vaccines and treatments for the disease. Biotech company Moderna, by applying its pioneering mRNA research to the problem, was among the first to bring a safe and effective COVID-19 vaccine to the broader market.

GlaxoSmithKline was the global leader based on revenues generated through vaccine products in 2017 and is forecasted to maintain this position up to 2024. The London-based pharmaceutical manufacturer generates around one fifth of its total revenue through the vaccines segment. GlaxoSmithKline’s vaccines, among others, target meningitis, influenza, shingles, and hepatitis. Other top players in the global vaccine business are Merck & Co., Sanofi, and Pfizer.

Vaccine market overview
The vaccine market worldwide is expected to increase with a compound annual growth rate of seven percent between 2017 and 2024. A main driver of the growth is the increase of various infectious diseases like influenza, swine flu, hepatitis, tuberculosis, diphtheria, Ebola, and meningococcal and pneumococcal diseases. The United States are the world’s largest national market for vaccines, while North America is, accordingly, the largest regional market, followed by Europe. Vaccines which are administered intramuscularly make up over half of global revenues, while vaccines which are administered subcutaneously make up around one fifth of the market. Pfizer’s Prevnar 13 is currently the world’s top vaccine product, generating around 5.7 billion U.S. dollars of revenue.

The impact of vaccines   Originally, the main aim of vaccinations (immunizations) was to prevent infections from certain diseases and thus to reduce outbreaks and larger epidemics within the population. Thanks to vaccines, infectious diseases which once had high death rates like polio and smallpox have been nearly eradicated. Others, like measles, mumps, and whooping cough, are mostly under control. However, vaccines can also be used after an infection occurs as a therapeutic. Therapeutic vaccines in immuno-oncology are one of the latest big things in cancer treatment.

As of March 9, 2021, there were pre-purchase agreements for over three billion doses of AstraZeneca/Oxford's vaccine. This vaccine is by far the most sought after COVID-19 vaccine, especially due to its ability to be stored at normal refrigerator temperatures, while other vaccines might need ultra cold storage. Although still in phase III of clinical trials and without approval, Novavax's vaccine is the one with the second highest number of orders worldwide.

Global COVID-19 vaccine contracts At the same time, India had managed to secure around 2.2 billion COVID-19 vaccines doses, followed by the European Union which had signed pre-purchase agreements to secure nearly 1.84 billion doses of COVID-19 vaccines, while the United States already secured around 1.21 billion doses. AstraZeneca/Oxford's vaccine accounted for one billion doses of all vaccines secured by India, while also accounting for 300 million doses of all vaccines secured by the EU and the U.S., respectively.

Forecasted sales of COVID-19 vaccines As of November 2021, Comirnaty by BioNTech/Pfizer was the leading COVID-19 vaccine by forecasted sales revenue. It was expected to make around 36 billion U.S. dollars in sales revenue in 2021, followed by 29 billion dollars in 2022. Meanwhile, Spikevax by Moderna was projected to make 18 billion and 22 billion U.S. dollars in 2021 and 2022, respectively. Vaxzevria by AstraZeneca was forecasted to make 1.7 billion U.S. dollars in sales, followed by an additional 1.9 billion dollars by 2022. In contrast to most other biopharmaceutical companies, AstraZeneca had announced to sell its vaccine at almost net cost price.

The top ten pharmaceutical companies based on global vaccine revenue market share in 2017 and a projection for 2024 include companies like GlaxoSmithKline and CSL. In 2017, GlaxoSmithKline (GSK) was the top pharmaceutical company and held about 24 percent of the global vaccine market by revenue. GSK is expected to maintain their position as the top company and even gain a small amount of the market until 2024. Pfizer is expected to account for some 16 percent of the global vaccine market by 2024, largely due to success with its pneumococcal vaccine, Prevnar 13. A vaccine often contains an agent that is made from a weakened form of a disease microbe, that is then used to stimulate the body's immune system to destroy and recognize the microorganism in case of later exposures.

Vaccinations market globally

The vaccination market, while important to global health, is relatively smaller than other pharmaceuticals. The vaccination market is heavily regulated globally and depends heavily on the policies of donors and public purchasers. The total global vaccination market has been growing and expected to continue to grow. Current and projected estimates indicate that North America holds the largest proportion of the market, followed by Europe.

Vaccination spotlight: pneumococcal disease

There are various vaccines for many kinds of diseases. In 2017, the top vaccine product based on revenue was Prevnar 13 which is marketed by Pfizer and Daewoong. Prevnar is a vaccination for the prevention of invasive disease caused by certain streptococcus pneumoniae serotypes. In the U.S., the vaccination coverage for pneumococcal disease among adults aged 65 and older is almost as high as the vaccination rate for influenza. Pneumonia, for example, is a serious health problem and represents one of the top leading causes of death in the United States.

As of June 3, 2022, there were 1,521 drugs and vaccines in development targeting the coronavirus disease (COVID-19). American biotech company Moderna was the second ranked company worldwide with 12 drugs/vaccines in development targeting COVID-19.

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Covid-19 Vaccination Market 2024-2028

The covid-19 vaccination market size is forecast to increase by USD -32.76 billion, at a CAGR of -37.4% between 2023 and 2028. The market is experiencing significant growth due to the expansion of vaccination programs worldwide. Governments and international organizations are investing heavily in vaccination initiatives to contain the spread of the virus. The rising research and development (R&D) investment in the development of Covid-19 vaccines is another major growth factor. However, the high cost of production of Covid-19 vaccines poses a significant challenge to market growth. Manufacturers are exploring various strategies to reduce production costs while maintaining vaccine efficacy and safety. The market is expected to witness strong growth in the coming years as more effective and affordable vaccines become available. poiuyfrtyh

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Market Dynamics

The COVID-19 pandemic has brought about an unprecedented global health crisis, leading to the development of numerous vaccines to mitigate its impact. This content focuses on various aspects of COVID-19 vaccines, including production, distribution, administration, efficacy, safety, and regulations. COVID-19 vaccine production has been a top priority for researchers and pharmaceutical companies worldwide. Several manufacturers have developed vaccines using various technologies such as mRNA, viral vector, and protein subunit, undergoing rigorous testing and clinical trials to ensure safety and efficacy. Once vaccines receive approval from regulatory bodies, they are distributed to healthcare facilities and vaccination centers, requiring careful planning and coordination. Governments and international organizations are working to ensure equitable distribution, prioritizing vulnerable populations and herd immunity. Vaccine administration involves healthcare professionals delivering vaccines through injections, with proper training and safety protocols to minimize adverse reactions. Efficacy refers to the vaccine's ability to prevent infection or reduce the severity of symptoms, with most vaccines showing high efficacy rates, ranging from 60% to 95%. Vaccine safety is monitored closely, and while common side effects include pain and swelling at the injection site, fever, and fatigue, serious side effects are rare.

Vaccine procurement involves purchasing vaccines from manufacturers, with governments securing supplies through contracts and partnerships. Vaccine allocation ensures that vaccines are distributed to specific populations, with priority given to vulnerable groups like healthcare workers and the elderly. Vaccine prioritization determines which populations should receive vaccines first, based on risk factors. Vaccine passports are digital or physical documents that prove vaccination status, and may be required for travel or work, with regulations varying by jurisdiction. Vaccine mandates, which require vaccination for employment or participation in certain activities, remain a controversial issue. Vaccine regulations ensure vaccines are safe and effective, and policies governing vaccine use in schools, workplaces, and travel may change as supplies and public health conditions evolve.

Covid-19 Vaccination Market Driver

The expansion of vaccination programs is the key driver of the market. The market is experiencing significant growth due to the increasing demand for vaccines as governments and healthcare organizations prioritize widespread vaccination to control the virus and achieve herd immunity. This heightened demand leads to increased production and sales for vaccine manufacturers, resulting in long-term procurement contracts being signed to ensure a consistent vaccine supply. These contracts provide stability and revenue for manufacturers, with more contracts expected to be established as vaccination programs expand.

Vaccine distribution, administration, and logistics are crucial elements in the vaccine market, requiring efficient vaccine storage, transportation, and scheduling. Vaccine safety, efficacy, and monitoring are also vital considerations, along with addressing vaccine hesitancy and acceptance through education and outreach efforts. Vaccine regulations, policies, and campaigns are essential in ensuring vaccine coverage, immunity, and compliance with side effects and potential mandates or certificates.

Covid-19 Vaccination Market Trends

Rising research and development investment is the upcoming trend in the market. The Covid-19 pandemic has necessitated the rapid development, production, and distribution of vaccines to prevent and treat the disease caused by the SARS-CoV-2 virus. Governments and the private sector have collaborated to invest in va

The vaccines market is likely to strengthen its boundaries at an average CAGR of 6.6% during the forecast period. The market is expected to hold a value of US$ 42.7 billion in 2023 while it is anticipated to cross a value of US$ 80.8 billion by 2033.

Attributes	Details
Vaccines Market CAGR (2023 to 2033)	6.6%
Vaccines Market Size (2023)	US$ 42.7 billion
Vaccines Market Size (2033)	US$ 80.8 billion

Vaccines Market Country-wise Insights

Regions	Absolute Market Growth
United States	US$ 14.8 billion
United Kingdom	US$ 1.5 billion
China	US$ 3.5 billion
Japan	US$ 2.3 billion
India	US$ 1.3 billion

United States Market CAGR (2023 to 2033)	6.6%
United States Market Absolute Doller Growth (US$ million/billion)	US$ 14.8 billion

Region	Attributes
Chinese Market CAGR (2023 to 2033)	8.9%
Chinese Market Absolute Doller Growth (US$ million/billion)	US$ 3.5 billion

Category-wise Insights

Segment	Top Vaccine Type
Top Sub-segment	Subunit & Conjugate
CAGR (2017 to 2022)	5.8%
CAGR (2023 to 2033)	7.3%

Segment	Route of Administration
Top Sub-segment	Injectable
CAGR (2017 to 2022)	6.0%
CAGR (2023 to 2033)	6.7%

In 2021, Merck & Co. reported 9.7 billion U.S. dollars in revenues generated through vaccines. Thus, vaccines were responsible for around 20 percent of the company's total revenues. This statistic illustrates a comparison of vaccine revenues of the leading vaccine manufacturing companies worldwide.

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Vaccine Research Market Size 2024-2028

The vaccine research market size is forecast to increase by USD 21.4 billion at a CAGR of 10.84% between 2023 and 2028. The market is witnessing substantial growth due to the persistently high prevalence of infectious diseases and the requirement for innovative vaccines to address chronic infections. Additionally, the advancement of adjuvants and vaccine delivery systems is significantly contributing to market expansion. This growth is driven by the increasing demand for efficient, accessible, and high-standard solutions. Companies in this sector are adapting their strategies to align with these trends, focusing on sustainability and operational efficiency to remain competitive. The market's future direction is influenced by these key drivers, ensuring its continued growth and evolution. As the industry progresses, the demand for advanced solutions continues to expand its scope.

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Vaccine Research Market Segmentation

The Vaccine Research market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

End-user

  Public
  Private


Age Group

  Pediatric
  Adult


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK


  Asia

    China


  Rest of World (ROW)

Which is the largest segment driving market growth?

The public segment is estimated to witness significant growth during the forecast period.

Government entities, including the US National Institute of Allergy and Infectious Diseases (NIAID) and the US National Institutes of Health (NIH), play a significant role in vaccine research. In response to the COVID-19 pandemic, governments worldwide have made substantial investments in vaccine development, from basic science and pre-clinical stages through clinical trials. These efforts led to the creation of several effective COVID-19 vaccines. Governments have been instrumental in funding and supporting each phase of the vaccine development process. Immunization programs focus on various diseases, such as pneumococcal disease, measles, mumps, mono, and varicella, diphtheria, tetanus, HPV, MMR, rotavirus, influenza, hepatitis, typhoid, meningococcal, rabies, Japanese encephalitis, yellow fever, and polio.

Vaccines come in various forms, including injectable, oral, and nasal, and are produced by vaccine manufacturers, genomic research centers, academic institutions, and private laboratories. They are used in hospital settings, clinics, and pharmacies. Vaccines protect against microorganisms, toxins, and surface proteins, enhancing the immune system's response to pathogens. Vaccine research continues to address physiological disorders, allergies, cancer, and infectious diseases, such as hypertension, dyslipidemia, Alzheimer's, inflammatory diseases, and self-antigens. Vaccines are available as combination vaccines, monovaccines, subunit, recombinant, polysaccharide, live-attenuated vaccines, inactivated vaccines, and DNA vaccines. Vaccines are crucial components of preventive healthcare and public health initiatives, reducing morbidity and mortality.

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The Public segment was valued at USD 12.10 billion in 2018 and showed a gradual increase during the forecast period.

Which region is leading the market?

North America is estimated to contribute 44% to the growth of the global Vaccine Research market during the forecast period.

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Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.The market in North America is significantly driven by the high prevalence of both infectious and non-infectious diseases. In the US, influenza, hepatitis A, hepatitis B, HIV, measles, malaria, tuberculosis, and cancer are among the most common health concerns. The prevalence of these diseases continues to increase, particularly in developed countries. For instance, influenza cases peak annually in the US during November to February. Although vaccines have led to a decline in diseases like mumps, measles, and rubella (MMR), they have not been eradicated completely. Vaccine research focuses on various types, including conjugate, recombinant, live attenuated, toxoid, and inactivated vaccines.

These vaccines target various diseases, such as meningitis, pneumonia, and polio. Stakeholders In the market include government immunization programs, preventive healthcare providers, vaccine manufacturers, genomic research centers, academic institutions, private laboratori

Explore the top companies and key players in the Vaccine Market with our detailed report. Get insights on key players, market strategies and learn about their market positions and contributions to the industry.

Explore the top companies and key players in the Shingles Vaccine Market with our detailed report. Get insights on key players, market strategies and learn about their market positions and contributions to the industry.

Snapshot img

Vaccines Market Size 2025-2029

The vaccines market size is forecast to increase by USD 193.7 billion at a CAGR of 23% between 2024 and 2029.

The market is experiencing robust growth, driven by several key factors. Increased funding for vaccine development and the launch of new vaccines are major catalysts, particularly for chronic infections where novel solutions are in high demand. Another significant trend is the increasing use of adjuvants in vaccines, which enhance their efficacy and broaden their application. These developments reflect the market's response to the growing demand for advanced, innovative solutions. Moreover, advancements in medical technology and changing consumer preferences are shaping the market landscape. There is a transition towards more efficient systems, better accessibility, and higher industry standards. 
The vaccine market's future growth is underpinned by these drivers, which continue to influence its direction. As the market evolves, efforts to meet the growing demand for advanced solutions are expanding its scope, ensuring long-term growth. The industry's focus on delivering innovative, effective vaccines is a testament to its commitment to addressing global health challenges posed by infectious diseases and improving overall public health.

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Vaccines Market Segmentation

The vaccines market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019 - 2023 for the following segments.TypeHuman vaccineAnimal vaccineEnd-userHospitalsClinicsRoute of AdministrationOralParenteralNasalOralParenteralNasalAge GroupPediatricAdultPediatricAdultTechnologyConjugateRecombinantLive AttenuatedOthersDiseaseViralBacterialParasiticOthersGeographyNorth AmericaUSCanadaEuropeFranceGermanyRussiaUKAsiaRest of World (ROW)

Which is the largest segment driving market growth?

The human vaccine segment is estimated to witness significant growth during the forecast period. The human market encompasses a vast array of products designed to prevent infectious diseases and foster global health. These vaccines function by stimulating the immune system to respond to specific pathogens, thereby conferring immunity against various diseases. Human vaccines can be classified into several types based on their composition, mechanism of action, and target population. One significant category is inactivated or killed vaccines, which utilize heat, chemicals, or radiation to render pathogens non-infectious. Examples include the inactivated polio vaccine (IPV) and influenza vaccine. These vaccines offer increased safety for individuals with compromised immune systems but may necessitate multiple doses to achieve adequate immunity.

Other types of human vaccines include therapeutic vaccines, conjugate vaccines, recombinant vaccines, live attenuated vaccines, toxoid vaccines, and subunit vaccines. These vaccines play a pivotal role in protecting billions of people from diseases and promoting overall health.

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The Human vaccine segment was valued at USD 57.40 billion in 2019 and showed a gradual increase during the forecast period.

Advancements in vaccine development are being driven by cutting-edge technologies such as nanoparticle vaccines and mRNA platforms, which enable highly targeted immune responses. The incorporation of adjuvant systems and immune modulators enhances vaccine efficacy, while viral vectors, DNA vaccines, and synthetic peptides offer diverse strategies for antigen design. Needle-free delivery methods, such as microneedle patches, are improving patient comfort and access, with the potential to revolutionize immunization tech. Innovations in cold chain technology and smart packaging, paired with digital tracking and blockchain records, ensure the safe transport and storage of vaccines. AI diagnostics and machine learning-driven predictive models are accelerating the development and evaluation of vaccines, while bioengineering tools enable precision dosing and rapid production. In addition, recombinant proteins, conjugate systems, and live attenuated or toxoid formulas continue to offer robust options for therapeutic vaccines. The use of sustainable materials and eco-friendly vials further reflects the growing focus on environmentally conscious practices in vaccine production. Data analytics are playing a pivotal role in optimizing vaccine delivery and monitoring outcomes.

Which region is leading the market?

North America is estimated to contribute 39% to the growth of the global market during the forecast period.

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Technavio's analysts have elaborately explained the regio

In 2016, EU vaccines for human medicine market was at 8.0 billion EUR, which was 831 million EUR (or 9%) less than the year before. There was a significant growth by 43% in 2015 due to price increase, after a fluctuations in market volume with an overall upward trend.

The global conjugate vaccines market is experiencing robust growth, driven by increasing prevalence of vaccine-preventable diseases, rising government initiatives promoting vaccination programs, and continuous advancements in vaccine technology leading to improved efficacy and safety profiles. The market is segmented by vaccine type (e.g., pneumococcal, meningococcal, Hib) and application (e.g., pediatric, adult). While precise market size figures are not provided, considering a typical CAGR for the pharmaceutical industry (let's assume a conservative 7% for this example) and a reasonable starting point of $10 billion in 2025, the market could potentially reach approximately $12.5 billion by 2026 and continue this upward trajectory in the following years. This growth is propelled by a higher demand for conjugate vaccines in developing economies, where the burden of vaccine-preventable diseases is substantial. However, challenges such as high vaccine costs, stringent regulatory approvals, and potential vaccine hesitancy act as restraints to full market potential. Major players like Pfizer, Sanofi, and Merck & Co. are actively involved in research and development, aiming to broaden the vaccine portfolio and expand into new markets, ensuring continued innovation in conjugate vaccine development. The market is geographically diverse, with North America and Europe currently holding significant market shares due to high healthcare expenditure and well-established vaccination programs. However, Asia-Pacific is expected to witness substantial growth in the coming years owing to rising disposable incomes, improved healthcare infrastructure, and increased awareness about vaccination. The competitive landscape is characterized by the presence of both large multinational pharmaceutical companies and smaller specialized vaccine manufacturers. Strategic alliances, mergers and acquisitions, and geographical expansion are key strategies employed by market participants to strengthen their market positions. Continuous monitoring of disease prevalence, technological advancements, and regulatory changes will be crucial for sustained growth in this vital sector of the healthcare industry.

As of May 2021, U.S. investor Blackrock Inc owned more than seven percent of total shares of pharmaceutical companies AstraZeneca, Pfizer, Novavax, and Johnson & Johnson, respectively. The statistic illustrates major shareholdings iat select pharmaceutical companies which are involved in the development and production of COVID-19 vaccines as of May 2021, by investor.

The Middle East veterinary vaccine industry size is projected to expand at a 4% CAGR through 2033. The demand outlook for veterinary vaccines in the Middle East is US$ 627.1 million in 2023. By 2033, sales of veterinary vaccines in the Middle East are anticipated to cross a valuation of US$ 973.8 million.

Attributes	Details
Middle East Veterinary Vaccine Industry Size in 2023	US$ 627.1 million
Expected Industry Size by 2033	US$ 973.8 million
Value-based CAGR from 2023 to 2033	4%

Historical Performance of the Middle East Veterinary Vaccine Industry

Attributes	Details
Middle East Veterinary Vaccine Industry Size (2018)	US$ 510.8 million
Middle East Veterinary Vaccine Industry Size (2022)	US$ 627.1 million

Category-wise Insights

Leading Vaccine Technology in the Middle East	Attenuated Live Vaccines Technology
Total Value Share (2023)?	34.20%

Leading Animal Type in the Middle East	Livestock Animals
Total Value Share (2023)	74.40%

Country-wise Insights

Countries	Value-based CAGR (2023 to 2033)
KSA	4.9%
UAE	5.1%
Iran	4.3%
Israel	4.0%
Egypt	5.3%

Moderna records a larger-than-expected quarterly loss as demand for COVID-19 vaccines decreases, prompting a reduction in manufacturing and impacting financial performance.

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While the global vaccine market is currently lead by GSK, Sanofi, Merck & Co, and Pfizer, various Chinese biotechnology companies have joined the race. Chongqing Zhifei, Hualan Biological Engineering, and Beijing Tiantan Biological Products were among the top Chinese vaccine manufacturers in terms of revenues in the first three quarters of 2019.