Vaccines Market USD 42 Billion in 2022

The global vaccines market size was USD 42 Billion in 2020 and is expected to register a steady revenue CAGR of 7.3% during the forecast period. Key factors driving global market revenue growth are increasing prevalence of various diseases, government efforts to increase vaccination drives across the globe, and rapid advancements in vaccine technologies.

Vaccines are biological substances that play a crucial role in protecting the human body from various infections. These help in reducing risks of acquiring disease by working with the body’s natural defense system to increase protection levels. Vaccines are usually administered intramuscularly or subcutaneously but some are administered orally or nasally and are prepared using different processes. Some vaccines are made by weakening the virus, inactivating the virus, or using parts of the virus or bacteria. Immunization currently prevents around 2-3 million deaths from diseases such as influenza, pertussis, tetanus, diphtheria, measles every year.

Vaccination schedules are designed in order to protect children from diseases at a young age and at the right time. Most of the vaccines are designed for children from 2 months to 18 years for protecting them from various infectious diseases such as influenza, rotavirus, hepatitis B, DTP, MMR, HPV, whooping cough, meningococcal diseases among others. Childhood vaccinations are crucial as young immune systems are more susceptible to diseases and infections. Governments are focusing on vaccinating every child across the globe and are creating awareness about importance of childhood vaccination. Many public and private sectors are making efforts to reach remote areas to launch awareness campaigns and vaccinate children.

Request a Sample@

The coronavirus pandemic has drastically changed lives of people across the globe. There has been a steady increase in number of COVID-19 cases since the outbreak and community transmission has resulted in high mortality rate. Coronavirus pandemic has increased the demand for novel vaccines. Various companies have been investing and focusing on developing novel vaccines to control the prevalence. Governments and various public sectors such as UNICEF, WHO, GAVI Alliance, Bill & Melinda Gates Foundation are focusing on initiating vaccination drives to vaccinate people worldwide. However, lack of adequate production and supply of coronavirus vaccine amidst the COVID-19 outbreak and inaccessibility to primary healthcare facilities and vaccinations in many developed and developing countries are expected to hamper global revenue growth to a certain extent.

Market Dynamics:
Drivers: Increasing prevalence of infectious diseases across the globe and high focus on developing novel vaccines are key factors fueling global market growth 

Revenue growth of the global market is drastically driven by factors such as increasing prevalence of infectious diseases, rising need for vaccination against infections, and increasing funds by private and public organizations. Other factors such as improving healthcare infrastructure and facilities, increasing healthcare spending, and increasing investments for developing novel and enhanced vaccines are expected to fuel market growth during the forecast period. In addition, ongoing research on vaccinations, increasing government initiatives and immunization programs, and rising number of vaccination drives are expected to drive market revenue growth going ahead.

Restraints: High capital investment and high cost associated with storage and transportation of vaccines are key factors expected to hamper overall market growth 

Though vaccines are designed to protect from infections, there are high chances of some side effects such as sore arm, low-grade fever, nausea, tiredness, headache among others. Factors such as high capital investments, high costs associated with vaccine storage and transportation, and long timelines in vaccine production and manufacturing are key challenges for many low-income countries that are expected to hamper overall market growth during the forecast period.  Moreover, factors such as stringent regulatory norms for product approval in many countries, lack of access to primary healthcare in many parts of the world, and unawareness about immunization in many underdeveloped economies are expected to hamper overall market growth.

Key Takeaways:
Technology Outlook:

The global market is segmented into conjugate, inactivated and subunit, live attenuated, recombinant, and toxoid based on technology. Among these, the conjugate segment is expected to account for largest revenue share during the forecast period owing to high prevalence of viral and bacterial infections in adults and children, high preference for conjugate vaccines due to no risk of pathogenicity, greater immune response, and long term protection. A conjugate vaccine induces a strong immune response against Bacterial Capsular Polysaccharides (CPSs) and reduces asymptomatic carriage of bacteria.

Type Outlook:

Based on type, the global market is segmented into monovalent and multivalent. The multivalent segment is expected to account for significantly larger revenue share between 2021 and 2028 owing to rising relevance of various infections, emergence of infectious diseases, rapid advancements in multivalent vaccine production, and increasing investments in research and development activities. Though vaccines play a vital role in enhancing protection against infectious diseases, some vaccines provide only partial protection. Thus in order to protect effectively, some vaccines require multiple antigens of one or different pathogens in combination.

Disease Indication Outlook:

Based on disease indication, the global market is segmented broadly into viral diseases, bacterial diseases, and others. The viral diseases segment is further segmented into hepatitis, influenza, Human Papilloma Virus (HPV), Measles Mumps Rubella (MMR), rotavirus, herpes zoster, varicella, and polio while the bacterial diseases are segmented into pneumococcal disease, meningococcal disease, and DTP. Among these, the viral diseases segment is expected to account for significantly larger revenue share owing to increasing prevalence of viral infections such as hepatitis, HPV, influenza, COVID-19 across the globe, increasing research and development activities, presence of well-equipped research and laboratory settings, and rising investments by pharmaceutical companies and governments.

Route Of Administration Outlook:

The global market is segmented into intramuscular and subcutaneous administration, oral administration, and others on the basis of route of administration. The intramuscular segment is expected to account for largest revenue share over the forecast period owing to high prevalence of various viral and bacterial infections, rising need for vaccination, easy administration, better immune response, quick absorption, low rate of reactions at injection site. Intramuscular injections are commonly given on the deltoid muscle of the arm as these are absorbed faster than subcutaneous injections as the muscle tissue has higher blood supply and can hold larger volume than subcutaneous tissue.

Patient Type Outlook:

Based on patient type, the global market is segmented into pediatric and adults. The pediatric segment is expected to account for significantly larger revenue share between 2021 and 2028. Increasing prevalence of various infectious diseases in children, rising vaccination drives against diseases such as polio, DTP, hepatitis A, B, rubella, measles, pertussis, HPV, government initiatives for immunization, and increasing investments for developing novel and effective vaccines for children are key factors driving revenue growth of the segment. Childhood vaccinations are very important as young immune systems are more vulnerable to infections and diseases. These vaccinations eliminate the risk of disease complications and also prevent children from infecting other children in their surroundings. However, the immunization schedules differ from country to country depending on prevalence of the disease.

Regional Outlook:

Based on region, the vaccines market in North America is expected to account for largest revenue share during the forecast period owing to increasing prevalence of various infectious diseases, increasing number of vaccination drives, high public awareness about vaccination, and presence of leading market players. Other factors such as increasing investments by public and private sectors for vaccine development, presence of well-developed healthcare facilities and research centers, and ongoing research on developing novel and more effective vaccines are expected to continue to drive market revenue growth in North America.

Asia Pacific market is expected to register fastest revenue CAGR between 2021 and 2028 owing to rising incidence of viral and bacterial diseases, rapidly expanding population, increasing investments by public and private sectors, and improving healthcare infrastructure. Increasing disposable income, increasing public awareness about vaccination and increasing government initiatives and vaccination campaigns, rising demand for vaccination in pediatric and adult patients, and increasing vaccination production capacity are other factors fueling market growth in Asia Pacific.

Competitive Landscape: 

The global vaccines market is extremely competitive and comprises of key players at global and regional levels. Major players in the market are focused on product development and are adopting various strategies such as mergers and acquisitions, partnerships, license agreements, joint ventures, and collaborations to expand their product base and strengthen their market. GlaxoSmithKline plc, Pfizer, Inc., Merck & Co., Inc. Sanofi Pasteur, CSL Limited, Emergent BioSolutions, Inc., Johnson & Johnson, Serum Institute of India Pvt. Ltd., AstraZeneca, Bavarian Nordic, Mitsubishi Tanabe Pharma Corporation, Daiichi Sankyo Company, Limited, Biological E Ltd., Bharat Biotech, Sinovac Biotech Ltd., Incepta Vaccine Ltd., Valneva SE, and VBI Vaccines Inc. are major companies profiled in the global market report.

Strategic Development:

  • In September 2021, Pfizer Inc. and BioNTech SE announced agreement expansion with US government and provide additional 500 million COVID-19 doses at a non-profit price for donating these to low and lower middle economies. This agreement expansion brings the total number of doses to one billion.

Pipeline Analysis:

In December 2020, Pfizer Inc. and BioNTech SE announced that Medicines and Healthcare Products Regulatory Agency (MHRA), UK granted temporary authorization for COVID-19 mRNA vaccine for emergency use under regulation 174. Later, they also received a US FDA approval for COVID-19 mRNA vaccine and are expected to receive full regulatory approval in 2021.

In August 2021, Pfizer Inc. and BioNTech SE received a full US FDA approval for COMIRNATY, (COVID-19 Vaccine, mRNA) for individuals aged 16 years and above. This is the first coronavirus vaccine approved by US FDA.

GlaxoSmithKline plc and CureVac announced a new €150 million collaboration to develop next generation mRNA vaccines for coronavirus infection. GSK and CureVac will contribute resources for research, development and manufacturing of new mRNA monovalent and multivalent vaccines. The development program has begun with an aim to introduce the vaccine in 2022, subject to regulatory approvals.

In November 2021, Serum Institute of India announced that it has restarted global distribution of Covishield vaccine via COVAX mechanism to low- and middle-income countries and the supply of doses via COVAX is expected to substantially increase in 2022. In addition, Serum Institute of India also passed 1 billion vaccination milestone.

Segments Covered in the report

This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the sub-segments from 2019 to 2030. For the purpose of this report, Reports and Data has segmented the global vaccines market on the basis of technology, type, disease indication, route of administration, patient type, and region:

Vaccines Market Report Scope

Segments covered By Technology Outlook, Type Outlook, Disease Indication Outlook, Route Of Administration Outlook, Patient Type Outlook ,Regional Outlook

By Technology Outlook


Inactivated And Subunit

Live Attenuated



By Type Outlook             

Monovalent Vaccines

Multivalent Vaccines

By Disease Indication Outlook  

Viral Diseases



Human Papilloma Virus (HPV)

Measles Mumps Rubella (MMR)


Herpes Zoster



Bacterial Diseases

Pneumococcal Disease

Meningococcal Disease


Other Diseases

By Route Of Administration Outlook     

Intramuscular Administration

Subcutaneous Administration

Oral Administration


By Patient Type Outlook             

Pediatric Patients

Adult Patients

Regional scope

North America


Asia Pacific

Latin America

Middle East & Africa

Buy quantitative research Report at discounted price – USD 1500

You can place an order or ask any questions, please feel free to contact | +1 9197 992 333



About Us

QYResearch Medical has more than 4000 global well-known customers, covering more than 30 industries including pharmaceuticals, medical technology & devices, healthcare services etc. Company services cover one-stop solution as Data-Analysis-Suggestion-Consulting Implementation. Research regions cover North America, Europe, Latin America, Middle East and Africa, Asia- Pacific.

For Latest Update Follow Us:


Leave a Comment

Your email address will not be published. Required fields are marked *