Vaccines market to grow by USD 193.7 Billion (2025-2029), driven by rising medical technology, with AI driving market transformation - Technavio

The global vaccines market is set for substantial expansion, with projections indicating an increase of USD 193.7 billion at a CAGR of 23% between 2024 and 2029. This growth is driven by rising investments in vaccine development, the launch of new immunization solutions, and the increasing use of adjuvants to enhance vaccine efficacy. Advances in vaccine technology and shifting consumer preferences are further shaping the market, leading to more efficient, accessible, and high-standard vaccine solutions.The COVID-19 vaccine and influenza vaccine remain at the forefront of global immunization efforts, with vaccine manufacturers expanding their vaccine pipeline to address emerging health threats. Vaccine trials are playing a crucial role in ensuring vaccine safety, while vaccine regulation continues to evolve to streamline approvals. Additionally, vaccine distribution strategies are being optimized to enhance accessibility. As the demand for innovative immunization strategies continues to rise, the industry remains committed to addressing global health challenges and ensuring long-term market expansion.AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Market Segmentation

By Type:

• Human Vaccine
• Animal Vaccine

By End-User:

• Hospitals
• Clinics

By Geography:

• North America:
  • Canada
  • US
• Europe:
  • Germany
  • UK
  • France
• Asia:
  • China
  • India
  • Japan
• Rest of the World (ROW)

Market Insights

Leading Segment Driving Growth

The human vaccine segment is expected to experience significant growth during the forecast period. Human vaccines play a vital role in preventing infectious diseases and enhancing global health. These vaccines work by stimulating the immune system, enabling immunity against targeted pathogens.

Key classifications within human vaccines include:

• Inactivated or killed vaccines – Render pathogens non-infectious using heat, chemicals, or radiation. Examples: Inactivated Polio Vaccine (IPV), Influenza Vaccine
• Other human vaccine types – Therapeutic, conjugate, recombinant, live attenuated, toxoid, and subunit vaccines.

The human vaccine segment was valued at USD 57.40 billion in 2019 and has shown steady growth.

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Regional Market Trends

North America (39% Market Contribution)

The North American vaccines market is driven by the rising prevalence of infectious and non-infectious diseases such as influenza, hepatitis A & B, HIV, measles, malaria, tuberculosis, and cancer. Immunization programs are widely implemented across the region, contributing to its dominant market share.

• In the US, influenza cases peak annually from November to February, increasing demand for influenza vaccines.
• The presence of key players and a competitive vaccine pipeline further support market expansion.
• High vaccine production and distribution costs remain a significant challenge.

Market Dynamics

Drivers

• Increased funding for vaccine development
• Launch of new vaccines targeting chronic infections
• Advancements in medical technology
• Growing consumer preference for advanced solutions

Trends

• Increasing use of adjuvants in vaccines to enhance efficacy
• Development of nanoparticle vaccines
• Emerging therapeutic vaccines for diseases such as cancer and allergies

Challenges

• High costs associated with research, development, and manufacturing
• Regulatory hurdles and approval processes
• Limited accessibility and affordability in least-developed regions

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Key Players

The market includes established companies that dominate vaccine production and distribution. Key players include:

• Astellas Pharma Inc.
• AstraZeneca Plc
• Bavarian Nordic AS
• Bharat Biotech Ltd.
• BrightPath Biotherapeutics Co., Ltd.
• CSL Ltd.
• Daiichi Sankyo Co. Ltd.
• Emergent BioSolutions Inc.
• GSK Plc
• Gradalis Inc.
• Inovio Pharmaceuticals Inc.
• Johnson & Johnson Inc.
• Merck KGaA
• Mitsubishi Chemical Group Corp.
• Novavax Inc.
• Pfizer Inc.
• Sanofi SA
• Serum Institute of India Pvt. Ltd.
• Takeda Pharmaceutical Co. Ltd.
• Valneva SE

Recent Developments

• January 2025 – Pfizer launched an mRNA-based flu vaccine designed for broader protection against seasonal influenza.
• December 2024 – Moderna introduced a combined COVID-19 and flu vaccine, simplifying the vaccination process.
• November 2024 – Johnson & Johnson announced the approval of an RSV vaccine for older adults, developed using protein-based technology.
• October 2024 – AstraZeneca launched an updated pneumonia vaccine, incorporating additional strains to broaden bacterial infection protection.