Vaccines Market worth $93.8 billion by 2028

Vaccines Market in terms of revenue was estimated to be worth $77.6 billion in 2023 and is poised to reach $93.8 billion by 2028, growing at a CAGR of 3.9% from 2023 to 2028 according to a new report by MarketsandMarkets.

The global vaccines market is expected to grow at a CAGR of 3.9% during the forecast period. The growth of the market is projected to be driven by factors such as leveraging the increasing prevalence of infectious diseases, expanding immunization initiatives, robust government support & investment for vaccines development, launch of novel vaccines and harnessing advancements in vaccine technology.

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The conjugate vaccines segment is expected to have the dominant share of the vaccines market in 2022.

Based on technology, the global vaccines market is segmented into recombinant vaccines, conjugate vaccines, live attenuated vaccines, toxoid vaccines mRNA vaccines, inactivated & subunit vaccines, viral vector vaccines and others (subunit vaccines, peptide vaccines, DNA vaccines) . In 2022, the m-RNA vaccines segment held the largest share of the vaccines market. conjugate vaccines segment is likely to grow at significant CAGR during the forecast period. The amplified government support coupled with heightened corporate investment in the realm of conjugate vaccine development are the driving factor for the growth of the conjugate vaccines segment during the forecast period.

The pneumococcal segment accounted for the largest share of the disease indication segment in the vaccines market in 2022.

Based on disease indication, the vaccines market is segmented into, influenza, combination vaccines, pneumococcal disease, HPV, meningococcal disease, herpes zoster, rotavirus, MMR, varicella, hepatitis, DTP, polio and other disease indications (COVID-19, dengue, tuberculosis, typhoid, japanese encephalitis, rabies, yellow fever, allergies, and cancer). The pneumococcal disease segment is anticipated to grow at significant CAGR during the forecast period owing to various factors such as surge in pneumococcal disease prevalence, paralleled by a substantial rise in government investment in pneumococcal vaccination programs.

The Asia Pacific region is the fastest-growing region of the vaccines market in 2022.

The Asia Pacific is accounted to be the fastest-growing segment of the market. The growth of the vaccines markets in the region is driven by escalating corporate investments within the Asia-Pacific region, driven by a rising tide of government backing for vaccine development, emergence and re-emergence of communicable diseases, rising disposable income and establishing specialized department for vaccines research and development. For instance in 2023, Japan has set up a new vaccine research funding unit for future pandemics to make a safe and effective vaccine available within 100 days of an outbreak

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Vaccines Market Dynamics:

Drivers:

1. Rising prevalence of infectious diseases

Restraints:

1. Development Cost

Opportunities:

1. Increased focus on therapeutic vaccines

Challenge:

1. Stringent Regulatory Processes

Key Market Players of Vaccines Industry:

The vaccines market is consolidated, with a small number of players competing for market shares. GSK plc (UK), Merck & Co., Inc (US) Pfizer Inc. (US), Sanofi (France), CSL (Australia), Emergent (US), Johnson & Johnson Services, Inc (US), Astrazeneca (UK), Serum Institute Of India Pvt. Ltd (India), Bavarian Nordic (Denmark), Mitsubishi Tanabe Pharma Corporation (Japan), Daiichi Sankyo Company Limited (Japan), Panacea Biotec (India), Biological E Limited (India), Bharat Biotech (India) are some of the leading players in this market. Most companies in the market focus on organic and inorganic growth strategies, such as product launches, expansions, acquisitions, partnerships, agreements, and collaborations, to increase their product offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.

The primary interviews conducted for this report can be categorized as follows:

By Respondent: Supply Side- 80%, and Demand Side - 20%
By Designation (Supply Side): Managers - 45%, CXOs & Directors - 30%, Executives- 25%
By Region: North America -40%, Europe -25%, Asia-Pacific -20%, Latin America -10%, Middle East-4% and Africa -1%

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