The Vaccine Technologies Market is estimated to be valued at US$ 45.40 Bn In 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Vaccine technologies involve various scientific approaches for developing vaccines for infectious diseases, cancer, and other illnesses. The main vaccine technologies include inactivated and live-attenuated viral and bacterial vaccines, subunit and recombinant vaccines, conjugate vaccines, viral vector vaccines, DNA vaccines, and mRNA vaccines. These technologies are applied for developing vaccines for diseases such as influenza, measles, mumps, rubella, poliomyelitis, hepatitis B, chickenpox, rotavirus gastroenteritis, pneumococcal disease, human papillomavirus, meningococcal disease, and others.
The vaccine technologies market is primarily driven by growing prevalence of infectious diseases such as influenza, pneumonia, meningitis, tuberculosis, hepatitis, and others globally. According to World Health Organization (WHO), infectious diseases accounted for approximately 26% of total global deaths in 2019. Moreover, surge in funding for vaccine research and development by governments and private organizations is also expected to fuel the market growth during the forecast period. For instance, in June 2020, Coalition for Epidemic Preparedness Innovations (CEPI), announced a funding of US$ 779 million for the development of vaccines against infectious diseases such as COVID-19, MERS, Lassa Fever, and Nipah virus. On other hand, challenges associated with developing new vaccine and high cost involved in clinical trials might hamper the market growth.
The global Vaccine Technologies Market is segmented based on technology, disease indication, type, and geography. Detailed analysis on each segment is covered below:
The technology segment is further classified into recombinant & conjugate vaccines, live-attenuated vaccines, toxoid vaccines, inactivated vaccines, and others. Among these, the inactivated vaccine segment holds the largest market share as it does not replicate in the body and thus causes no harm. However, the live-attenuated vaccine segment is expected to witness the highest CAGR during the forecast period due to its ability to elicit strong and long-lived immune response.
- Political: Government funding and initiatives for vaccination programs play a key role in market growth. Favorable regulations also support product development and commercialization.
- Economic: Growing healthcare expenditures and strong economy has increased demand for advanced preventive healthcare solutions like vaccines.
- Social: Increasing awareness about benefits of vaccination, rising pandemic threat perception are driving more people towards vaccination.
- Technological: Continuous innovation in vaccine production technology like use of recombinant DNA, 3D bioprinting is helping new product development and upscaling of existing vaccines.
The Global Vaccine Technologies Market Growth is expected to witness high, exhibiting 11% CAGR over the forecast period, due to rising prevalence of infectious diseases and introduction of new vaccines.
The North American region accounted for the largest market share in 2023, owing to presence of key players, developed healthcare system, and high adoption of advanced technologies. Asia Pacific is expected to witness fastest growth during the forecast period, growing at a CAGR of over 12%, due to large population base, increased healthcare spending and rising focus of key players in emerging Asian countries.
Some key players operating in the Vaccine Technologies Market are Pfizer-BioNTech, Moderna, Johnson & Johnson, AstraZeneca, Sanofi Pasteur, Novavax, GlaxoSmithKline (GSK), Sinovac Biotech, Sinopharm, Bharat Biotech, Emergent BioSolutions, Dynavax Technologies, CureVac, Valneva, and Takeda. Strategic collaborations, new product launches, and increased focus on developing vaccines for infectious diseases prevalent in developing regions are some trends witnessed among the leading players in this market.
The key objective of the segmentation analysis is to highlight the dominating sub-segment in each segment and identify factors contributing to its dominance. You have analyzed the sub-segments for technology segment of Vaccine Technologies market and identified the largest sub-segment ‘inactivated vaccines’ along with factors supporting its dominance over other sub-segments.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it