Vaccine Market To Reach $151.96 Billion By 2033 | CAGR: 7.8%

Vaccine Market Growth & Trends

The global vaccine market size is expected to reach USD 151.96 billion by 2033, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.8% from 2025 to 2033. The growth is attributed to the rising immunization programmes, and the development of vaccines for diseases, such as RSV and Chlamydia amongst others. There has been significant progress in improving access to vaccines for diseases of public health concern. Many new vaccines have been developed and distributed globally, resulting in the saving of countless lives and the prevention of various illnesses.

Furthermore, there are several initiatives in the vaccine market aimed at improving access to vaccines, developing new vaccines, and ensuring vaccine safety. These initiatives involve international organizations, governments, private sector entities, and philanthropic organizations. Through collaboration and innovation, these initiatives are helping to address global health challenges and improve public health outcomes. For instance, COVAX is a global initiative aimed at ensuring equitable access to COVID vaccines. The initiative is co-led by Gavi, the Vaccine Alliance, the World Health Organization (WHO), and the Coalition for Epidemic Preparedness Innovations (CEPI).

Although there are over 90 vaccine manufacturers supplying vaccines to World Health Organization Member States in 2021, supply remains highly dependent on fewer than 10 manufacturers with diverse deployable technology and global reach. This concentration leads to regional supply insecurity and market health issues, particularly in the African and Eastern Mediterranean regions. It is anticipated that the COVID vaccine market could go private in the second half of 2023 in the U.S. This privatization may lead to an increase in prices of COVID vaccines and open up the market for other players as well. For instance, both Moderna and Pfizer BioNTech have announced that the prices of their respective mRNA COVID vaccines could increase to around USD 110 to USD 130 per shot.

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Vaccine Market Report Highlights

• The subunit Vaccines segment dominated the vaccine market with a share of 44.30% in 2024 and is expected to experience rapid growth during the forecast period.

• Parenteral administration is highly preferred for administering vaccines and hence the segment dominated the vaccine market with a share of 96.65% in 2024.

• The viral diseases segment dominated the vaccine market with a share of 63.79% in 2023, majorly attributed to COVID-19 vaccines.

• Adult accounted for a share of 55.73% in the vaccine market in 2024. Adult vaccination, including those for COVID-19, comprised 75% in terms of volume globally, while pediatric vaccines accounted for about 20%.

• Government suppliers dominated the vaccine market in 2024 with a share of 54.81%.

• North America vaccines market is estimated to grow at the fastest CAGR over the forecast period.

Vaccine Market Segmentation

Grand View Research has segmented the global vaccine market on the basis of type, route of administration, disease indication, age group, distribution channel, and region:

Vaccine Type Outlook (Revenue, USD Billion, 2021 - 2033)

• Subunit Vaccines

  • Recombinant vaccines

  • Conjugate Vaccines

  • Toxoid vaccines

• Inactivated

• Live Attenuated

• mRNA vaccines

• Viral vector vaccines

Vaccine Route of Administration Outlook (Revenue, USD Billion, 2021 - 2033)

• Oral

• Parenteral

• Nasal

Vaccine Disease Indication Outlook (Revenue, USD Billion, 2021 - 2033)

• Viral Diseases

  • Hepatitis

  • Influenza

  • HPV

  • MMR

  • Rotavirus

  • Herpes Zoster

  • Covid-19

  • Others

• Bacterial Vaccines

  • Meningococcal Diseases

  • Pneumococcal diseases

  • DPT

  • Others

• Cancer Vaccines

• Allergy Vaccines

Vaccine Age Group Outlook (Revenue, USD Billion, 2021 - 2033)

• Pediatric

• Adult

Vaccine Distribution Channel Outlook (Revenue, USD Billion, 2021 - 2033)

• Hospital & Retail Pharmacies

• Government Suppliers

• Others

Vaccine Regional Outlook (Revenue, USD Billion, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Thailand

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players of Vaccine Market

• Serum Institute of India Pvt. Ltd.

• Seqirus

• Sanofi

• GSK Plc.

• Merck & Co., Inc.

• Pfizer Inc.

• Moderna Inc.

• Sinovac

• BioNTech SE

• AstraZeneca