Vaccines Market Outlook:
Vaccines Market size was valued at USD 82.96 Billion in 2024 and is projected to cross USD 174.79 Billion by the end of 2037, expanding at more than 5.9% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of vaccines is evaluated at USD 85 billion.
Key Vaccines Market Insights Summary:
North America is projected to secure the largest share in the vaccines market by 2037.
Asia Pacific vaccines market is anticipated to witness robust growth by 2037, with 7.1% CAGR.
The mRNA segment is expected to capture the highest market share by the end of 2037.
The infectious disease segment is anticipated to occupy 62.8% market share by the end of 2037.
Key Growth Trends:
- Government spending and public health initiatives
- Surge in disease prevalence and aging population
Key Players:
- Pfizer Inc., GlaxoSmithKline plc (GSK), Moderna, Inc., Sanofi Pasteur, Serum Institute of India Pvt. Ltd., Johnson & Johnson (Janssen), CSL Seqirus, Novavax, Inc., Daiichi Sankyo Co. Ltd., Bharat Biotech, Zydus Lifesciences, SK Bioscience Co. Ltd., BioNTech SE, Chiron Panacea Biotec, Medigen Vaccine Biologics.
Market Size and Growth Projections:
- 2024 Market Size: USD 82.96 billion
- 2025 Market Size: USD 85 billion
- Projected Market Size: USD 174.79 billion by 2037
- Growth Forecasts: 5.9% CAGR (2025-2037)
- Largest Region: North America
- Fastest Growing Region: Asia Pacific
In the year 2024, the worldwide vaccine pool for patients consists of plenty of people enrolled through the immunization program. For instance, in the U.S., in 2022, a projected 262.2 million of the population had applied COVID-19 vaccine for at least one time. Also, during 2023-24, personnel vaccine coverage in the healthcare sector has reached 75% for influenza and 31% for COVID-19. These numbers showcase a significant base of patients for the market players and offer lucrative growth opportunities.
The supply chains for the Active Pharmaceutical Ingredient include a myriad of critical components, such as syringes and IT tracking systems. In the U.S., the introduction of the Vaccine Tracking System (VTrckS) can manage orders and distribution and support almost 70-80 million doses annually. Global organizations such as the World Health Organization and UNICEF depend on the cargo operations while maintaining the temperature requirements. Additionally, in the U.S., the Producer Price Index for biological vaccines in the U.S. surged by 4.3%.

Vaccines Market - Growth Drivers and Challenges
Growth Drivers
-
Government spending and public health initiatives: The coverage from Medicare in the U.S. completely funds the common vaccines, such as RSV, pneumococcal, COVID-19, etc. Moreover, the spending on vaccines has reached USD 12.2 billion in 2023, fueled by widespread coverage and initiatives for adult immunization. Also, the Food and Drug Administration has accelerated the timelines for the approvals for the vaccine development and lowered the vaccine development timelines by 31%, fostering the faster entry of companies into the market. The governments across the world are prioritizing preventive care, which will bolster the demand.
-
Surge in disease prevalence and aging population: There has been a surge in resurgence of vaccine-preventable diseases such as measles and polio. For instance, RSV cases in Germany in 2023 resurged to 1.21 million, instilling the demand for the vaccination. Other than this, the advent of the pandemic showed a paramount need for rapid vaccine development for conducting mass immunization. Pneumococcal and meningococcal vaccines are projected to be an impactful solution to lower the infections, as antibiotics are becoming less effective. Moreover, the rising older population is susceptible to infections, fostering the demand for geriatric vaccines.
-
Integration of digital health: The amalgamation of digital health technologies is remarkably promoting the vaccines market by enhancing the development as well as distribution of the vaccines. Governments all across the world are utilizing digital tools to upgrade their immunization programs to achieve high vaccination rates. AI-driven platforms are used by prominent companies such as Moderna to reduce vaccine development time. The advent of the smart cold chains is improving the distribution of vaccines. The global vaccines market is going to be positively influenced by the inclusion of AI and blockchain technologies.
Historical Patient Growth: Driving the Vaccines Market (2010–2020)
In the last decade, the global pool for the vaccines market in prominent economies has mushroomed significantly. The demand for the vaccines is underpinned by worldwide immunization programs and rising health-associated campaigns. The presence of widespread adult as well as pediatric coverage is fueling the market growth. Emerging economies are prompting the routine immunization to bridge the coverage gap for vaccination. There is a large base for the potential vaccine recipients, fostering the manufacturers to monetize the widespread pipelines.
Vaccine User Growth (2010–2020)
Country |
2010 Users (M) |
2020 Users (M) |
% Growth |
USA |
100 |
125 |
+25% |
Germany |
30 |
36 |
+20% |
France |
25 |
30 |
+20% |
Spain |
20 |
24 |
+20% |
Australia |
10 |
12 |
+20% |
Japan |
50 |
60 |
+20% |
India |
200 |
300 |
+50% |
China |
300 |
450 |
+50% |
Expansion Models Shaping the Future Vaccines Market
Countries are adopting a myriad of models to transform the dynamics. The growing demand is fueled by aging demographics and exponentially rising efforts for pandemic preparedness. Scalable partnership structures render strategic platforms for making long-term market penetration. Companies are making exemplary models that are becoming a blueprint for expanding the vaccine programs. For instance, Serum Institute of India got WHO approval for R21 or Matrix-M and is doubling its capacity by the end of 2025. Also, Panacea Biotech in 2023 took a USD 50 million DFC loan to scale hexavalent vaccine manufacturing.
Feasibility Models: Statistical Impact
Region |
Model |
Timeframe |
Revenue ↑ (%) |
Value ($M) |
India |
PPP (Govt + SII/Biotech) |
2022–2024 |
+12% |
SII: $205 M; Bharat: $8.96 M |
Brazil |
PDP (International co. + local labs) |
2018–2023 |
+18% |
- |
Global |
PCV Economic Surplus |
2021 |
– |
Global surplus: $15.8 B |
Challenges
-
Pricing constraints and government price gaps: Governments are imposing strict price ceilings that limit manufacturers' profitability. For instance, in Europe, the price caps on the new RSV vaccines' launch time were delayed due to the time taken in negotiations with healthcare authorities. Manufacturers are designing innovative pricing strategies to comply with the budget constraint of the payers.
-
Patent monopolies and IP barriers: The patent protection limits competition and results in exorbitant costs. WHO found out that middle-income countries often pay higher due to the presence of monopoly pricing and limited suppliers. Companies are participating in voluntary licensing to expand access and lower pricing barriers.
Vaccines Market Size and Forecast:
Report Attribute | Details |
---|---|
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
5.9% |
Base Year Market Size (2024) |
USD 82.96 billion |
Forecast Year Market Size (2037) |
USD 174.79 billion |
Regional Scope |
|
Vaccines Market Segmentation:
Technology Segment Analysis
mRNA vaccines are anticipated to garner 31.2% of the market share owing to their rapid development timelines and robust government funding. The potential of the technology has been proven by the success of the mRNA COVID-19 vaccines from prominent companies Moderna and Pfizer. Government and private market players are investing in making mRNA vaccines for HIV, cancer, etc. For instance, in 2023, BioNTech signed an agreement with the government in the UK to formulate a customized mRNA cancer vaccine, targeting to treat 10,000 patients.
Disease Indication Segment Analysis
The infectious disease segment is anticipated to occupy 62.8% market share, mainly due to consistent worldwide threats such as tuberculosis and malaria. Additionally, the government is also putting tremendous efforts into pandemic preparedness, boosting the segment's growth. The World Health Organization-led programs supported by the Gavi government for immunization are also bolstering the segment's growth. WHO reported in 2024 that infectious diseases registered 26.3% of the global deaths. Hence, rising emphasis on developing vaccines for infectious diseases is fueling the segment growth.
Our in-depth analysis of the global vaccines market includes the following segments:
Type |
|
Technology |
|
Disease Indication |
|
Patient Type |
|
Route of Administration |
|
Distribution Channel |
|

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Vaccines Market - Regional Analysis
North America Market Insights
The North America vaccines market is anticipated to dominate, garnering a 38.6% share globally. The market growth can be attributed to the strong public immunization programs and the presence of advanced research and development. Also, there is a surge in efforts for pandemic preparedness and aging demographics in the region, further catalyzing the market growth. The healthcare system in the region also prioritizes oncology vaccines, fueling the demand for the vaccines. Also, there are commercial innovations aided by government organizations, which are bolstering the vaccines market growth.
The market in the U.S. is observing revolutionary growth fueled by enhanced federal funding and an increase in preventive care programs by the government. In 2023, almost 9.1% of the healthcare budget (USD 5.1 billion) from the federal government was infused into vaccine manufacturing. Medicaid has increased the vaccine-associated reimbursements to cover 10% more patient base. The country has remained a hub for vaccine innovation, fueled by strategic policy support and upgradation in biotechnology. Also, there has been an increased emphasis on immunization equity, which will further bolster the market during the forecasted period.
Asia-Pacific Insights
The Asia Pacific vaccines market is anticipated to witness robust growth by 2037, occupying 7.1% of the CAGR by 2037. The growth of the market is driven by rising awareness of diseases and supportive policies from the government. Countries are investing heavily in research and development and implementing cold chain logistics. Countries are implementing digital health strategies, and burgeoning healthcare expenditure is further contributing to the expansion of regional growth. Also, the rising outbreaks of diseases such as COVID-19, RSV, cancer, and emerging pathogens are creating a large patient pool for the market players.
China's support for the National Medical Products Administration (NMPA) has witnessed a 15.4% surge in vaccine-associated spending in the last years. There is a large patient pool and national booster programs for the emerging pandemic in the country. Additionally, in 2024, Japan allocated 12,2% of the healthcare budget to vaccines, showcasing a USD 3.1 billion increment from 2022. In India, under the National Immunization Programme almost 2.3 million patients received vaccines. These factors are propelling the market growth in the region in the coming period.
Latest Developments by Private Market Players in APAC (2023–2025)
Company |
Country |
Recent Development (2023–2025) |
Funding/Investment Details |
Serum Institute of India |
India |
Launched new quadrivalent influenza vaccine; partnered with WHO for tech transfer. |
$411 M from Gavi and CEPI (2024) |
Zhifei Biological |
China |
Expanded HPV and pneumococcal vaccine capacity |
$700M investment for facility expansion (2023–2024) |
SK Bioscience |
South Korea |
Received WHO prequalification for SKYCovione COVID-19 vaccine |
$301M grant from Coalition for Epidemic Preparedness Innovations |
Takeda Pharmaceutical |
Japan |
Advanced dengue vaccine rollout in Southeast Asia |
$241M joint funding with AMED for mRNA platform (2024) |
Pharmaniaga Berhad |
Malaysia |
Expanded fill-finish capacity for Sinovac vaccines |
$122M investment from Malaysian government and private partners |

Key Vaccines Market Players:
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
The competitive landscape of the vaccines market is rapidly evolving as established key players, healthcare giants, and new entrants are investing in including novel medicines. Key players in the market are focused on developing new technologies and products that cater to the stringent regulatory norms and consumer demand. These key players are adopting several strategies, such as mergers and acquisitions, joint ventures, partnerships, and novel product launches, to enhance their product base and strengthen their market position.
Top 15 Global Manufacturers in Vaccines Market
Company Name |
Country |
Est. Market Share (2024) |
Pfizer Inc. |
USA |
12.6% |
GlaxoSmithKline plc (GSK) |
UK |
10.9% |
Moderna, Inc. |
USA |
9.8% |
Sanofi Pasteur |
France |
9.3% |
Serum Institute of India Pvt. Ltd. |
India |
8.1% |
Johnson & Johnson (Janssen) |
USA |
xx% |
CSL Seqirus |
Australia |
xx% |
Novavax, Inc. |
USA |
xx% |
Daiichi Sankyo Co., Ltd. |
Japan |
xx% |
Bharat Biotech |
India |
xx% |
Zydus Lifesciences |
India |
xx% |
SK Bioscience Co., Ltd. |
South Korea |
xx% |
BioNTech SE |
Germany |
xx% |
Chiron Panacea Biotec |
India |
xx% |
Medigen Vaccine Biologics |
Taiwan |
xx% |
Below are the areas covered for each company in the global vaccines market
Recent Developments
- In January 2024, Moderna launched the mRESVIA RSV vaccine. The company generated USD 10.1 million and supported a 4.1 YoY surge in total product revenue to USD 1.81 billion. The growth of the market is driven by the large demand for vaccines in the U.S.
- In April 2024, GSK launched the Arexvy expansion for RSV in older adults and expanded its respiratory syncytial virus vaccine. The company captured 61% of the RSV market share in the U.S., generating USD 1.21 billion in revenue.
Author Credits:
- Report ID: 1399
- Published Date: Jun 19, 2025
- Report Format: PDF, PPT
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