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.

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.

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.

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.

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.

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.

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

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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.

What will be the size of the Vaccine Research Market during the forecast period?

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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 Personalized Cancer Vaccines Market with our detailed report. Get insights on key players, market strategies and learn about their market positions and contributions to the industry.

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%

The Market Report Covers Europe Veterinary Vaccine Manufacturers and is Segmented by Animal Vaccine Type (Livestock Vaccines and Companion Animal Vaccines), Technology (Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, Recombinant Vaccines, and Other Technologies), and Geography (Germany, United Kingdom, France, Italy, Spain and Rest of Europe). The value is provided in (USD million) for the above segments.

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.

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%

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In 2020, Merck Sharp & Dohme generated more than 13 billion yuan of revenue with its vaccine products in China. The company performed better than any other vaccine producers in the country, thanks to its highly effective 4-valent and 9-valent human papillomavirus (HPV) vaccines, priced at 798 yuan and 1,298 yuan respectively. The revenue of Sinopharm subsidiaries, including Beijing Institute of Biological Products, Shanghai Institute of Biological Products, and Chengdu Institute of Biological Products, was generated by the large production volumes of mostly Class I vaccines, which were universally covered by the mandatory and free vaccination programs of the Chinese government.

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.

15 Active Global Poultry Vaccine buyers list and Global Poultry Vaccine importers directory compiled from actual Global import shipments of Poultry Vaccine.

The size and share of the market is categorized based on Application (Adults, Children, Competitor Analysis, The report also provides analysis of leading market participants including:, Key companies Covid-19 Vaccine revenues i) and Product (DNA, Non-replicating Viral Vector, Protein Subunit, RNA) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

As of early March 2025, Eli Lilly had a market cap of over 860 billion U.S. dollars and thus was the leader among big pharma companies based on market capitalization. The massive rise of Eli Lilly's market value, which started in 2023, is based in a large part on its strong pipeline. This statistic depicts the top 10 biotech and pharmaceutical companies worldwide based on market capitalization as of 2025. Biotech and pharmaceutical companiesPharmaceutical companies are best known for manufacturing pharmaceutical drugs. These drugs have the aim to diagnose, to cure, to treat, or to prevent diseases. The pharmaceutical sector represents a huge industry, with the global pharmaceutical market being worth more than 1.6 trillion U.S. dollars. Among the best known top global pharmaceutical players are Pfizer, Merck and Johnson & Johnson from the U.S., Novartis and Roche from Switzerland, Sanofi from France, etc. Most of these companies are involved not only in pure pharmaceutical business, but also manufacture medical technology and consumer health products, vaccines, etc. For example, Johnson & Johnson makes most of its revenues through medical devices, diagnostics and consumer health products. There are both pure play biotechnology companies and pharmaceutical companies which, among other products, also produce biotech products within their biotechnological divisions. Most of the leading global pharmaceutical companies have biopharmaceutical divisions. Although not a pure play biotech firm, Roche from Switzerland is among the leaders by revenues from biotech therapies worldwide. In contrast, California-based company Amgen is the world’s largest pure-play biotech company. Amgen made over 33 billion U.S. dollars of revenue in 2024. Biotech companies use biotechnology to generate their products, most often medical drugs or agricultural genetic engineering. The latter segment was dominated by Monsanto, nowadays a part of Bayer CropScience. The United Nations Convention on Biological Diversity defines biotechnology as follows: "Any technological application that uses biological systems, living organisms, or derivatives thereof, to make or modify products or processes for specific use." In fact, biotechnology is thousands of years old, used in agriculture, food manufacturing and medicine.