Vaccines Market – Global Outlook & Forecast 2021-2031

Vaccines Market by Patient Type [Pediatric Patients and Adult Patients], Strain Type [Monovalent Vaccines and Multivalent Vaccines], Technology [Live Attenuated Vaccines, Conjugate Vaccines, Recombinant Vaccines, Toxoid Vaccines, and Inactivated & Subunit Vaccines], Vaccine Type [DT Containing Vaccine; Measles, Mumps, Rubella, Varicella; Pneumococcal Conjugate Vaccine (PCV); Human Papillomavirus (HPV); Meningococcal; COVID-19; Rotavirus; Hepatitis and Influenza], Route of Administration [Oral and Parenteral] – Global Analysis & Forecast 2021-2031

Clairvoyance Research conducted an in-depth market analysis study of the global vaccines market. According to the study, the market was valued at ~US$ 37 billion in 2020. The market is expected to witness a CAGR of ~8.0% from 2021 to 2031. 

Outbreak of infectious diseases in different regions, rising awareness for immunization, growing number of new born babies globally, robust vaccine pipeline and various initiatives for making vaccine available to low- and middle-income countries are some of the pivotal factors propelling the growth of the vaccines market. However, high cost of vaccine development and religious beliefs among certain communities regarding vaccination are likely to hamper the growth of the market to a certain extent.

With an aim to fast-track the development of vaccines and to meet the needs of the healthcare sector, several initiatives such as providing necessary grants, permissions, clearances & approvals have been instigated by various organizations and government agencies across the world. For instance, in Dec 2020, the US Food and Drug Administration (FDA) has issued an Emergency Use Authorization (EUA) for the BNT162b2 COVID-19 vaccine, developed by Pfizer and BioNTech.

Outbreak of certain infectious diseases, across different regions, has had a positive impact on the vaccine market. Measles was eradicated from U.S. in 2000, but according to Centers for Disease Control and Prevention, 971 cases were recorded in 2019. Moreover, according to WHO, Polio outbreak was declared in Philippines in 2019. Also, COVID-19 outbreak affected more than 90.3 million people globally by the end of Dec 2020. Rising prevalence of vaccine preventable diseases coupled with rising population is expected to boost the growth of the market. According to the Population Reference Bureau (PRB), by 2050, world population will reach to 9.9 billion.

Prominent players are progressively implementing collaborative initiatives with several organizations, research centers & companies in order encourage R&D for vaccines. For instance, in Sept 2020, Serum Institute of India (SII), the world’s largest vaccine manufacturer by volume, Gavi and the Bill & Melinda Gates Foundation collaborated to accelerate the manufacturing & delivery of up to an additional 100 million doses of safe and effective COVID-19 vaccines for low- & middle-income countries (LMICs) as part of the Gavi COVAX Advance Market Commitment (COVAX AMC), a mechanism within the COVAX Facility.

However, religious beliefs among the people regarding vaccination majorly due to objection of the use of human tissue cells in vaccines and the belief that the body will be healed by God and by natural means may hamper the growth of market to a certain extent. There are currently 45 U.S. states that allow parents to use religious freedoms protected by the First Amendment to exempt their child from the current vaccine schedules and still attend school.

The Asia Pacific region is expected to be the fastest growing vaccines market. Factors such as developing healthcare infrastructure, rising R&D investments by prominent players to develop novel & effective vaccines, growing initiatives by public & private organizations to provide vaccines in low- & middle-income countries and increasing awareness on immunization programmes can be attributed to the growth of the market in the region. Countries such as India and China in the APAC region, are projected to offer significant growth opportunities owing to high birth rate in the region.

The vaccines market is marked by presence of prominent players such as Merck & Co., Sanofi, GlaxoSmithKline plc., Pfizer Inc., AstraZeneca, CSL Limited, Panacea Biotec Ltd., Serum Institute of India Pvt. Ltd., PT Bio Farma (Persero), Bavarian Nordic, among others. Other players operating in the market are Bharat Biotech, Emergent BioSolutions Inc., Johnson & Johnson Private Limited, Mitsubishi Tanabe Pharma Corporation, among others.

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