According to our new research study on "Vaccines Market Forecast to 2031 - Global Analysis - by Type, Indication, Route of Administration, and Age Group," the market is expected to grow from US$ 80.45 billion in 2024 to US$ 118.94 billion by 2031; it is estimated to record a CAGR of 5.7% from 2025-2031. Key factors driving the growth of the vaccines market are the growing incidences of infectious diseases and disease outbreaks, and surging immunization programs and government initiatives. However, the high vaccine development cost and increased time to market hinder the market's growth.

The scope of the vaccines market report includes the assessment of the market performance in North America, Europe, Asia Pacific, South and Central America, and the Middle East and Africa. Asia Pacific is anticipated to register the fastest CAGR in the vaccines market from 2025 to 2031. Asia Pacific has solidified its position as a leading hub for vaccine research and development, leveraging its advantages in cost-efficiency, diverse demographics, and rapid participant recruitment rates. With a significant share in both prophylactic and therapeutic vaccine trials, the region demonstrates strategic importance in shaping the future of global vaccine innovation. According to the Global Health Press, Asia Pacific leads the world with 46% of global prophylactic vaccine trials and 31% of therapeutic vaccine trials, surpassing other regions in both trial volume and operational efficiency, supporting the vaccines market growth in the Asia Pacific. Additionally, extensive public health campaigns and universal immunization goals have contributed to higher vaccine coverage rates. Additionally, the need for pandemic preparedness in the wake of COVID-19 has intensified investments in research and development, as well as manufacturing capacity. The region's improving healthcare infrastructure and well-established cold chain logistics ensure the efficient storage and distribution of vaccines, even to remote areas.

China, India, and Japan are three significant contributors to the market growth in this region. China is gearing up to supply the world with affordable vaccines that fulfil all efficacy, safety, and quality requirements. China has come a long way since 1978, when it introduced an expanded program on immunization (EPI), and a largely state-run vaccine manufacturing industry grew up to meet the resulting demand. China is currently producing nearly all of the commonly used vaccines for viral diseases such as influenza, measles, rabies (for humans), mumps, rotavirus, hepatitis A and B, and for bacterial diseases, including typhoid, tetanus, and diphtheria.

The first respiratory syncytial virus (RSV) prophylaxis for all infants, Levitra/Beyfortus (nisevizumab injection), a long-acting monoclonal antibody jointly developed by Sanofi and AstraZeneca, has been formally approved for marketing by the National Medical Products Administration (NMPA) of China and is expected to be available in China during 2024-2025. With a single injection, it can provide timely, rapid, and direct immunoprotection against RSV-induced lower respiratory tract infections for all infants (healthy/special health status, full-term/premature, born inside and outside of the season of infection).

Chinese companies such as AIM Vaccine Co., Ltd. are advancing mRNA vaccines, including those targeting RSV, and developing combination vaccines, reflecting a trend toward innovative vaccine platforms, aiding the vaccines market growth.

Furthermore, Japan has been facing an alarmingly high measles outbreak in the last decade. More than 170 new cases have been recorded in Japan since the start of 2022, according to public broadcaster NHK, affecting people in 20 of the country's 47 prefectures. Japan's health ministry urged people to get vaccinated immediately and for hospitals and other medical facilities to take preventive measures. This is expected to elevate the demand for these vaccines in the country, supporting the vaccines market in Japan.

In Japan, rising competition among the market players has led to an increase in the number of research projects. The government provides grants to researchers to increase the participation of young researchers with innovative technologies and ideas. In October 2022, Japan announced an investment of US$ 2 billion in its Strategic Center of Biomedical Advanced Vaccine Research and Development for Preparedness and Response (SCARDA). The goal of this initiative is to enable the country to develop and produce pandemic vaccines within 100 days of identifying a new threat. SCARDA focuses on eight pathogens, including coronaviruses, monkeypox, dengue, and Zika.

Moreover, India is witnessing significant advancements in vaccine development and product launches, propelled by initiatives from both the public and private sectors, which are expected to contribute to the vaccines market growth. These efforts are actively contributing to the growth and widespread acceptance of vaccines throughout the country. Innovations in vaccine platforms and delivery methods, such as intramuscular injections for malaria vaccines, have enhanced their efficacy and increased acceptance among healthcare professionals and the general public in India. In February 2024, Takeda announced a strategic partnership with Biological E. Limited, a prominent vaccines and biologics company in India, to manufacture Takeda's dengue vaccine. This collaboration represents a significant advancement in the fight against dengue fever. It aligns with the World Health Organization's (WHO) disease-specific target of achieving a zero case-fatality rate for dengue by 2030. Additionally, in 2023, the Department of Biotechnology (DBT) within the Ministry of Science and Technology, through its "Mission COVID Suraksha," delivered four vaccines, boosted the manufacturing of Covaxin, and established the necessary infrastructure for the smooth development of future vaccines.

The National Immunization Program (NIP) in Australia includes a series of vaccinations given at specific timelines in an individual's life. In Australia, every vaccine is passed through a stringent safety testing before it is registered for use by the Therapeutic Goods Administration (TGA). The AusVaxSafety system is a national system for monitoring vaccine safety in Australia. The system is led by the National Centre for Immunization Research and Surveillance. It is funded by the Australian Government Department of Health. The Australian government also penalizes patients who fail to take vaccinations at specific times.

Also, under the NIP, the Australian government offers vaccinations for Australians traveling internationally. The vaccinations are provided 12 weeks before traveling. Children are generally vaccinated against influenza, chickenpox, polio, measles-mumps-rubella, and diphtheria-tetanus-whooping cough. At the same time, adults are vaccinated against cholera, hepatitis A, Japanese encephalitis, meningococcal, rabies, typhoid, yellow fever, and tuberculosis. These are among the most common diseases affecting travelers. NIP specially organizes vaccination programs for non-Indigenous Australians. Furthermore, after the COVID-19 pandemic, the Australian government has opened borders for travelers; therefore, it is expected that the demand for travel vaccines will grow in the future, leading to the growth of the market. Therefore, the factors mentioned above are promoting a favorable environment for the vaccines market in the region.

GlaxoSmithKline plc, Sanofi SA, CSL Seqirus, Abbott, Serum Institute of India Pvt. Ltd., Sinovac Biotech Ltd, Pfizer Inc., Mylan NV, Novartis, and Merck are among the leading companies profiled in the vaccines market report.

Based on type, the vaccines market is segmented into conjugated vaccines, inactivated and subunit vaccines, live attenuated vaccines, recombinant vaccines, and toxoid vaccines. In terms of indication, the market is categorized into HPV, PCV, DTP, hepatitis, influenza, dengue, and others. By route of administration, the market is classified into injection, oral, and other. By age group, the vaccines market is bifurcated into pediatric and adult. Geographically, the market is categorized into North America (US, Canada, and Mexico), Europe (France, Germany, UK, Spain, Italy, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), the Middle East and Africa (Saudi Arabia, South Africa, UAE, and Rest of Middle East and Africa), and South and Central America (Brazil, Argentina, and Rest of South and Central America).

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