Vaccines - Europe | Statista Market Forecast

In Europe, the Vaccines market is anticipated to achieve a revenue of US$16.29bn by 2024.
This projection indicates a steady annual growth rate (CAGR 2024-2029) of 1.35%, leading to a market volume of US$17.42bn by 2029.
When considering the global landscape, it is noteworthy that United States is expected to generate the highest revenue of US$29.12bn in 2024.
In Europe, Germany is leading the way in vaccine research and development, with several pharmaceutical companies based in the country working on innovative vaccine solutions.

Definition:
This market covers vaccines against infectious diseases. They help to prevent diseases, usually through active immunization. Vaccines against infectious diseases transmitted by viruses (e.g., hepatitis A and B or COVID-19) and bacteria (e.g., typhoid fever or meningococcus) are included.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Pfizer, GlaxoSmithKline, Merck & Co, Sanofi, Moderna, AstraZeneca

Vaccines against infectious diseases
Prophylactic and therapeutic vaccines
Flu vaccines
COVID-19 vaccines

Sera and gammaglobulins
Antivirals
Antibiotics

The demand for vaccines in Europe has been increasing steadily in recent years, driven by factors such as the aging population, the rise of chronic diseases, and the growing awareness of the importance of preventative healthcare.

Customer preferences: Customers in Europe are increasingly seeking vaccines that offer protection against a wide range of diseases, including those that are not traditionally covered by routine immunization programs. There is also a growing demand for combination vaccines that provide protection against multiple diseases in a single shot. In addition, customers are increasingly interested in vaccines that are more effective and have fewer side effects.

Trends in the market: One of the key trends in the European vaccines market is the increasing focus on research and development of new vaccines. Many pharmaceutical companies are investing heavily in the development of new vaccines, particularly those that offer protection against emerging infectious diseases such as Zika and Ebola. Another trend is the growing use of technology in vaccine development and delivery, such as the use of DNA-based vaccines and needle-free delivery systems.

Local special circumstances: The vaccines market in Europe is highly regulated, with strict rules governing the development, testing, and approval of new vaccines. This has led to a high level of quality and safety in the vaccines that are available in the market. However, it has also made it more difficult and expensive for companies to bring new vaccines to market. In addition, there are significant differences in vaccination rates and practices across different countries in Europe, which can make it challenging for companies to develop vaccines that are suitable for all markets.

Underlying macroeconomic factors: The vaccines market in Europe is influenced by a range of macroeconomic factors, including demographic trends, healthcare spending, and government policies. The aging population in Europe is driving demand for vaccines that offer protection against diseases such as influenza and pneumococcal disease. Healthcare spending in Europe is also increasing, which is providing more funding for vaccine research and development. Government policies, such as vaccination mandates and reimbursement policies, can also have a significant impact on the vaccines market in Europe.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

As of March 2023, more than 13 billion COVID-19 vaccine doses had been administered worldwide. Wide-spread vaccine availability, increasing herd immunity, and lower case numbers led to renewed hope and a feeling of normality in 2023. However, especially during the winter seasons and with the potential emergence of new variants of the virus (like Omicron in 2021-2022), tracking of coronavirus cases repeatedly becomes a focus for the public. Thus, there is a level of uncertainty about what developments the winter season 2023/2024 might bring.