Vaccines Market to Reach USD 108.82 Billion by 2032 | CAGR 3.9% | Asia-Pacific Leads with 35% Share | Key Players: Pfizer, GSK, Merck, CSL, Moderna, Serum Institute of India, AstraZeneca, Johnson & Johnson

The global vaccines market was valued at US$ 77.01 billion in 2024 and is projected to reach US$ 108.82 billion by 2032, growing at a CAGR of 3.9% during the forecast period 2025-2032. Vaccines are biological substances designed to stimulate the body's immune system to recognize and combat specific pathogens, such as viruses or bacteria. They typically contain weakened or inactivated pathogens, or pathogen components like proteins, which trigger an immune response without causing illness, thereby preparing the body for future encounters. The market growth is driven by the critical role of vaccines in preventing infectious diseases, reducing disease spread, and protecting vulnerable populations. Increasing immunization coverage, supported by government initiatives targeting unvaccinated populations, further fuels demand. For instance, annually, approximately 26 million newborns and 34 million pregnant women are targeted for immunization, with over 13 million immunization sessions conducted worldwide to ensure protection against preventable diseases.

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Recent Developments:

✅ November 2025: Gavi and UNICEF announced an equitable pricing agreement for the R21/Matrix‐MTM malaria vaccine, lowering the future price per dose to approximately US$ 2.99, enabling procurement of 30 million additional doses and potentially protecting nearly 7 million more children over the next five years.

✅ December 2025: Moderna secured up to US$ 54.3 million in funding from CEPI to advance its experimental mRNA‐based bird flu vaccine, mRNA‐1018, into late‐stage development, positioning it to enter pivotal trials in 2026 and expand rapid response vaccine capabilities.

✅ September 2025: Zydus launched India's first trivalent influenza vaccine, VaxiFlu, for seasonal flu protection, supporting expanded immunization efforts in a major emerging market.

✅ August 2025: AstraZeneca unveiled FLUMIST, a live intranasal influenza vaccine, enhancing non‐injection seasonal vaccine options and supporting broader uptake in national immunization schedules.

✅ February 2025: The FDA approved the MenABCWY pentavalent meningococcal conjugate vaccine, offering broad protection against five meningococcal serogroups (A, B, C, W, Y) with a simplified immunization schedule, marking a significant advance in meningococcal disease prevention.

Mergers & Acquisitions:

✅ October 2025: Pfizer completed the acquisition of Vaxcyte, Inc. to enhance its portfolio of next‐generation vaccines targeting pneumococcal and other bacterial diseases, strengthening its long‐term immunization pipeline.

✅ August 2025: Merck & Co. acquired Affinivax, Inc., gaining access to its proprietary pneumococcal vaccine platform and multi‐serotype candidate, expanding global vaccine coverage potential.

✅ June 2025: Sanofi announced the acquisition of Tidal Therapeutics, a biotech focused on viral immunology and innovative antigen design, to boost its vaccine R&D capabilities.

✅ April 2025: AstraZeneca finalized the acquisition of Moderna's influenza vaccine platform, aiming to broaden its seasonal and pandemic vaccine offerings and accelerate technology transfer.

✅ March 2025: GlaxoSmithKline (GSK) completed its acquisition of a majority stake in CureVac's mRNA vaccine unit, expanding its mRNA vaccine capabilities beyond infectious diseases into emerging immunization areas.

Key Players:
Pfizer | GSK | Merck | CSL | Moderna | Serum Institute of India | AstraZeneca | Johnson & Johnson

Key Highlights:

• Pfizer - Leading global vaccine manufacturer, known for mRNA-based COVID-19 vaccines and extensive pediatric and adult immunization portfolio.

• GSK (GlaxoSmithKline) - Offers vaccines against influenza, shingles, meningitis, and other infectious diseases, with strong R&D in adjuvanted and combination vaccines.

• Merck - Focused on viral and bacterial vaccines, including HPV, measles-mumps-rubella, and pneumococcal vaccines, with global distribution and immunization programs.

• CSL - Specializes in influenza vaccines, and plasma-derived biologics, and is expanding into pandemic and next-generation vaccines.

• Moderna - Innovator in mRNA-based vaccines, including COVID-19 and emerging influenza and RSV vaccines, leveraging rapid design and scalable manufacturing platforms.

• Serum Institute of India - Largest vaccine manufacturer by volume, supplying low-cost vaccines globally, including COVID-19, DTP, and measles vaccines.

• AstraZeneca - Expanding seasonal and pandemic vaccine offerings, including influenza and experimental viral vaccines, with global immunization partnerships.

• Johnson & Johnson - Provides viral vector-based vaccines, including COVID-19 and Ebola, and invests in global vaccine access initiatives.

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Market Segmentation:

➥By type, live attenuated vaccines dominate with an estimated 35% share, driven by high efficacy against viral infections like measles, mumps, and rubella. Inactivated vaccines hold approximately 25%, widely used for influenza, polio, and hepatitis A prevention. Subunit, recombinant, and conjugate vaccines account for 20%, supported by their safety profile and use in diseases such as hepatitis B, HPV, and pneumococcal infections, while mRNA and DNA-based vaccines contribute around 10%, fueled by COVID-19 innovations and pipeline expansions. Other types, including viral vector vaccines, represent the remaining 10%.

➥By category, routine pediatric vaccines lead with a 40% share, reflecting global immunization programs targeting newborns and children. Adult vaccines hold about 30%, driven by influenza, shingles, and COVID-19 vaccinations. Travel and occupational vaccines account for 20%, while emerging pandemic vaccines represent 10%, supported by ongoing R&D in mRNA and viral vector technologies.

➥By disease indication, respiratory infections dominate with 35%, including influenza, COVID-19, and RSV. Hepatitis vaccines hold 20%, HPV and other sexually transmitted infections account for 15%, malaria and tropical disease vaccines represent 10%, and other indications such as meningitis, rabies, and emerging infectious diseases contribute 20%.

➥By route of administration, injectable vaccines dominate with 85%, as the majority of biologics are delivered via intramuscular or subcutaneous injection. Oral vaccines hold 10%, mainly for polio and rotavirus, while nasal or inhaled vaccines account for 5%, including innovative flu and COVID-19 candidates.

➥By end user, hospitals and clinics lead with 50%, reflecting routine and large-scale immunization programs. Government vaccination centers account for 25%, supporting national immunization drives. Private practices and specialty clinics represent 15%, and home care or community-based administration contributes 10%.

➥By distribution channel, hospital pharmacies hold 45%, retail pharmacies account for 25%, wholesalers and distributors represent 20%, and online or direct-to-consumer channels make up 10%, reflecting growing adoption of digital health solutions.

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Market Dynamics:

Drivers:
The rising development of vaccines is a major driver for the global vaccines market, leading to the introduction of new and improved vaccines that target a broader range of diseases. Scientific advancements are enabling researchers to develop vaccines for previously hard-to-target illnesses, including certain cancers, malaria, and emerging infectious diseases. This expansion increases market demand as more individuals seek protection against a wider spectrum of illnesses. The growing number of global approvals for new vaccine solutions further contributes to market growth. For example, in September 2023, Pfizer Inc. and BioNTech SE announced that the U.S. FDA approved a supplemental Biologics License Application for their Omicron XBB.1.5-adapted monovalent COVID-19 vaccine, with emergency use authorization for children aged 6 months through 11 years and a single-dose recommendation for individuals aged 5 years and older.

Restraints:
The need for new vaccines is also rising due to increasing incidences of infectious diseases. According to estimates from the WHO and U.S. CDC, there were approximately 10.3 million cases of measles worldwide in 2023, a 20% increase from 2022, largely due to disruptions in routine immunization during the COVID-19 pandemic. To meet this demand, companies are innovating advanced vaccine solutions, including mRNA vaccines, which are more effective, quicker to produce, and easier to distribute. These technological innovations not only enhance public health outcomes but also attract investment, fueling further market growth.

Regional Insights:

North America leads the market with an estimated 30% share, driven by high adoption of routine and adult immunizations, strong public-private vaccination programs, and the presence of major vaccine manufacturers such as Pfizer, Moderna, and Johnson & Johnson.

Europe holds around 25%, supported by well-established national immunization programs, high healthcare expenditure, and rapid uptake of advanced vaccine technologies, including mRNA and recombinant vaccines. Asia-Pacific accounts for approximately 35%, fueled by large populations, increasing healthcare spending, and the expansion of vaccine manufacturing hubs in India, China, and Japan, as well as government-driven immunization initiatives.

Latin America represents about 5%, with market growth supported by public vaccination campaigns and improving healthcare access. Middle East & Africa contributes roughly 4%, driven by rising awareness of preventable diseases and partnerships with global vaccine suppliers. Oceania makes up the remaining 1%, with moderate adoption supported by smaller populations and high access to advanced vaccines.

Key Developments:

In October 2024, the Ministry of Health of the Kingdom of Cambodia launched nationwide measles-rubella supplementary immunization activities (MR SIA) to protect over 1.5 million children aged 9 to 59 months across 25 provinces. The campaign was funded by Gavi, the Vaccine Alliance, with technical support from the WHO, UNICEF, and the Clinton Health Access Initiative (CHAI).

In September 2024, Zambia initiated a measles vaccination campaign aimed at reaching four million children aged nine months to five years, following a decline in immunization coverage during the COVID-19 pandemic.

In January 2024, the NHS in England launched a catch-up campaign for missed MMR vaccines, urging millions of parents and carers to schedule vaccinations for their children amid rising measles cases nationwide.

In June 2024, Moderna, Inc. announced that its Phase 3 trial of mRNA-1083, an investigational combination vaccine against influenza and COVID-19, successfully met its primary endpoints, eliciting a higher immune response compared to licensed comparator vaccines used in the trial.

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