Vaccines - Worldwide | Statista Market Forecast

The Vaccines market worldwide is projected to reach a revenue of US$74.12bn by 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 3.64%, resulting in a market volume of US$88.61bn by 2029.
In global comparison, United States is anticipated to generate the highest revenue in the Vaccines market, with US$29.12bn in 2024.
Worldwide, there is a growing demand for vaccines as countries prioritize public health and work towards achieving herd immunity.

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 Vaccines market has been witnessing significant growth worldwide due to the increasing prevalence of infectious diseases and the rising demand for immunization.

Customer preferences: Customers are becoming more aware of the importance of vaccines in preventing diseases, leading to a higher demand for vaccination. Additionally, governments are promoting vaccination programs to prevent the spread of diseases, especially in developing countries.

A few new players have entered the market due to COVID-19 vaccines, and these vaccines have led to a major growth boost. They were developed under high time pressure but prove to be highly effective, and billions of doses have been produced. Demand for COVID-19 vaccines is expected to continue throughout the coming years. The mRNA-based COVID-19 vaccines are the first approved drugs of their kind, boosting this research area. There are very promising prospects regarding a large range of diseases, such as cancer, psoriasis, malaria, HIV, osteoarthritis, and Alzheimer's disease, but also when it comes to vaccines against other infectious diseases.

Local special circumstances: In China, the government plays a significant role in vaccine distribution. The Indian vaccines market is witnessing growth due to the increasing demand for affordable vaccines and the rising prevalence of infectious diseases. In Brazil, the vaccines market is expected to grow due to the government's efforts to increase vaccination coverage.

Underlying macroeconomic factors: The increasing healthcare expenditure, rising prevalence of chronic diseases, and the growing awareness about the importance of vaccination are the key macroeconomic factors driving the growth of the vaccines market worldwide. Additionally, the increasing government initiatives to promote vaccination programs and the rising demand for preventive healthcare are also contributing to the growth of the vaccines market.

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.