Vaccines - North America | Statista Market Forecast

The Vaccines market in North America is projected to reach a revenue of US$31.29bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 6.96%, resulting in a market volume of US$43.81bn by 2029.
When compared globally, United States is anticipated to generate the highest revenue, with US$29.12bn in 2024.
In North America, the demand for vaccines has surged due to increasing awareness about the importance of immunization.

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 North America has been steadily increasing in recent years due to various factors such as rising awareness about the importance of immunization and the increasing prevalence of infectious diseases.

Customer preferences: Customers in North America are increasingly seeking out vaccines that provide protection against a wide range of diseases. This has led to a growing demand for combination vaccines that offer protection against multiple diseases in a single shot. Additionally, there is a preference for vaccines that are easy to administer and have minimal side effects.

Trends in the market: One of the major trends in the North American vaccines market is the increasing adoption of new technologies such as DNA vaccines and recombinant vaccines. These vaccines are designed to be more effective and have fewer side effects compared to traditional vaccines. Another trend is the growing demand for flu vaccines, especially during the flu season. This has led to an increase in the production and distribution of flu vaccines across the region.

Local special circumstances: The North American vaccines market is highly regulated, with strict guidelines and regulations in place to ensure the safety and efficacy of vaccines. Additionally, the high cost of vaccines and the lack of insurance coverage for some vaccines can be a barrier to access for some customers.

Underlying macroeconomic factors: The North American vaccines market is driven by a number of underlying macroeconomic factors, including the increasing prevalence of infectious diseases, rising healthcare expenditure, and growing public awareness about the importance of immunization. Additionally, the presence of major pharmaceutical companies in the region has led to a highly competitive market, with companies constantly innovating and developing new vaccines to meet customer demand.

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.