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  • Published In : Nov 2023
  • Code : CMI6150
  • Pages :165
  • Formats :
      Excel and PDF
  • Industry : Biotechnology

The global vaccine technologies market size is estimated to be valued at US$ 45.40 Bn in 2023 and is expected to reach US$ 91.50 Bn by 2030, growing at a compound annual growth rate (CAGR) of 10.5% from 2023 to 2030

The vaccine technologies market has witnessed remarkable growth and innovation in recent years, driven by advances in biotechnology and a heightened global focus on healthcare. This dynamic market encompasses a wide array of vaccine development techniques, ranging from traditional approaches involving weakened or inactivated pathogens to cutting-edge methods like mRNA and viral vector vaccines. These innovations have not only revolutionized disease prevention but have also demonstrated their potential during the COVID-19 pandemic, where rapid vaccine development became a beacon of hope. The market's expansion is not limited to vaccines themselves; it extends to manufacturing, distribution, and storage solutions, as well as research into personalized and therapeutic vaccines. As public health awareness increases and governments invest in preparedness, the vaccine technologies market is poised to continue its growth trajectory, shaping the future of preventive medicine.

However, this dynamic landscape also presents challenges. Intellectual property rights, regulatory frameworks, equitable access, and vaccine hesitancy are complex factors influencing the market's evolution. Striking a balance between innovation, affordability, and accessibility will be crucial to ensuring the continued success of the vaccine technologies market.

Global Vaccine Technologies Market Regional Insights

  • North America: North America is the largest market for vaccine technologies, accounting for a share of over 33.5% in 2023. North America, particularly the U.S., is a significant hub for vaccine research and development. Several prominent pharmaceutical and biotechnology companies are headquartered in this region. The push for advanced vaccine technologies, especially during the COVID-19 pandemic, has led to increased investment in research and manufacturing capabilities.
  • Europe: Europe is the second-largest market for vaccine technologies, accounting for a share of over 26.1% in 2023. Europe also plays a crucial role in vaccine development and manufacturing. Many European countries have a history of strong vaccination programs and a supportive regulatory environment. The European Union has been actively involved in promoting vaccine research and has been a key market for various vaccine technologies.
  • Asia Pacific: Asia Pacific is the fastest-growing market for vaccine technologies, accounting for a share of over 20.3% in 2023. The Asia Pacific region has shown remarkable growth in vaccine technologies. Countries like China and India have significant vaccine manufacturing capabilities and are increasingly investing in research and development. These countries often serve as major suppliers of vaccines to both their domestic markets and global markets.

Figure 1. Global Vaccine Technologies Market Share (%), by Region, 2023

VACCINE TECHNOLOGIES MARKET

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Analyst’s View:

  • The global vaccine technologies market is poised to witness significant growth over the next decade driven by rising prevalence of infectious diseases worldwide. Increasing government focus on immunization programs especially in developing nations will boost demand for novel vaccines. Continuous innovation and advancement in vaccine production technologies will help address the unmet needs and spur new product launches. The market is expected to get a major push from the development of vaccines for respiratory infections, malaria and HIV/AIDS. The rising pharmaceutical R&D spending coupled with growing partnerships between drug makers and research institutions will have a positive impact on new vaccine development. Asia Pacific is anticipated to be the fastest growing region benefited by growing healthcare investments, expansion of healthcare infrastructure and large patient pool. North America will continue its dominance backed by presence of major players and availability of favorable research funding.
  • However, high costs associated with vaccine clinical trials and regulatory requirements could hamper market growth to some extent. Long development cycles pose challenges especially for novel vaccines. Furthermore, lack of cold chain infrastructure in developing regions poses significant logistical challenges. Companies will need to focus on affordable pricing and improved supply chain management to expand in emerging markets.
  • Increasing incidence of pandemic outbreaks like COVID-19 necessitates the development of rapid vaccine production technologies. Adoption of advanced manufacturing technologies like artificial intelligence

Global Vaccine Technologies Market Drivers:

  • Global Health Concerns and Pandemics: Outbreaks of infectious diseases, such as the COVID-19 pandemic, drive the need for rapid vaccine development. The urgency to protect populations from deadly diseases creates a demand for innovative vaccine technologies that can expedite the research, development, and production of effective vaccines. For instance, according to data published in January 2021 by the National Library of Medicine, globally, there were 7,039,918 confirmed cases of Covid 19 and 404,396 deaths in 2020. The World Health Organization (WHO) declared severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) a pandemic on March 11, 2020.
  • Increasing adoption of inorganic growth strategies such as agreements: Increasing adoption of inorganic growth strategies such as agreements is expected to drive the growth of the market over the forecast period. For instance, on August 29, 2023, the World Health Organization (WHO) announced the signing of new agreements with Spanish National Research Council (CSIC) for a COVID-19 vaccine prototype. The agreement includes plant visits and training, direct assistance, and ongoing consultation with recipient manufacturers, including on quality and regulatory matters.
  • Rising Government Support to Surge Immunization Campaigns: Various governments have taken initiatives to increase awareness regarding vaccination. Government organizations are focused on launching strategies and public campaigns to eliminate epidemics and raise awareness, which is expected to drive the market growth in the near future. For instance, in July 2022, the government of New Delhi, India, launched a 75-day COVID Vaccination Amrit Mahotsav. During the campaign, citizens above 18 years of age were given precautionary doses free of cost at government COVID vaccination centers.
  • Increasing Research and Development Activities by Key Market Players: Researchers and pharmaceutical companies such as GPN Vaccines Ltd, Merck & Co., Inc., Sanofi, etc. are focused on targeting diseases with no existing vaccine for various age groups to meet the needs of affected people in developing countries. For instance, on August 7, 2023, GPN Vaccines Ltd, a biotechnology company, announced that the Phase I clinical trial of Gamma-PN is fully recruited. The Phase I clinical trial is assessing the safety, tolerability, and immunogenicity of Gamma-PN, a novel broad-spectrum pneumococcal vaccine. 117 healthy volunteers aged 50-69 have been recruited, with the final cohort of 39 participants having received at least one dose of the Gamma-PN vaccine or a placebo or a licensed pneumococcal vaccine currently used in Australia.

Global Vaccine Technologies Market Opportunities:

  • Increasing License Agreement among Key Market Players: Market players are focused on adopting organic growth strategies such as license agreement in order to expand their product portfolio. For instance, in September 2020, Shionogi & Co., Ltd., a pharmaceutical company, and HanaVax Inc., a drug-discovery venture company originating from the University of Tokyo, announced that they had entered into a license agreement for research, development, manufacturing, distribution, and commercialization of HanaVax’s Streptococcus pneumoniae nasal vaccine candidate.
  • Facility Expansion: The key players in the market are highly focused on expanding their healthcare facilities to increase the production capacity and research and development activities for introducing new vaccines, which is expected to drive the market growth over the forecast period. For instance, in July 2022, Pfizer Inc., a pharmaceutical and biotechnology company, spent US$ 470 Bn to expand its vaccine research facilities 25 miles northwest of New York City. The company would construct a new building and renovate existing facilities on its campus in Pearl River, New York, which has been the nexus of laboratory research driving its vaccine programs, including the one for COVID-19 in partnership with BioNTech SE, a biotechnology company.
  • Product Launch: The increasing adoption of organic growth strategies by the key market players, such as product launch, which is expected to drive the market growth over the forecast period. For instance, in March 2022, VBI Vaccines Inc., a biopharmaceutical company, announced the commercial launch of PreHevbrio, the only U.S. Food and Drug Administration-approved 3-antigen hepatitis B virus vaccine for adults. PreHevbrio is the only vaccine that mimics all three surface antigens of the hepatitis B virus and was proven to provide adults with significantly higher seroprotection.
  • Emerging Markets and Global Health Initiatives: Expanding access to vaccines in low- and middle-income countries presents a substantial opportunity. Organizations like Gavi, the Vaccine Alliance, are working to improve vaccine access in these regions, creating a demand for affordable and adaptable vaccine technologies.

Vaccine Technologies Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2023: US$ 45.40 Bn
Historical Data for: 2018 to 2022 Forecast Period: 2023 - 2030
Forecast Period 2023 to 2030 CAGR: 10.5% 2030 Value Projection: US$ 91.50 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa: GCC Countries, Israel, South Africa, North Africa, and Central Africa and Rest of Middle East
Segments covered:
  • By Technology: Live-attenuated vaccines, Inactivated vaccines, Subunit vaccines, Toxoid vaccines, Viral vector vaccines, and Messenger RNA (mRNA) vaccines
  • By Disease Indication: Infectious Diseases and Non-Infectious Diseases
  • By Route of Administration: Parenteral, Oral, and Nasal 
  • By Age Group: Pediatric and Adult 
  • By Distribution Channel: Public Sector and Private Sector
Companies covered:

Pfizer-BioNTech, Moderna, Johnson & Johnson, AstraZeneca, Sanofi, Novavax, GSK, Sinovac Biotech, Bharat Biotech, Emergent BioSolutions, Dynavax Technologies, CureVac, Valneva Takeda Pharmaceutical Company Limited.

Growth Drivers:
  • Global Health Concerns and Pandemics
  • Increasing adoption of inorganic growth strategies such as agreements
  • Rising Government Support to Surge Immunization Campaigns
  • Increasing Research and Development Activities by Key Market Players
Restraints & Challenges:
  • Regulatory Challenges
  • High Development Costs
  • Supply Chain Disruptions

Global Vaccine Technologies Market Trends:

  • Product Licensing: Key companies are focusing on obtaining product license from regulatory authorities in order to provide high quality meningitis vaccines around the globe, which is expected to boost the market growth over the forecast period. For instance, in December 2020, China National Medical Products Administration approved and issued a product license for the 23-valent pneumococcal polysaccharide vaccine of Sinovac Biotech Ltd., a China-based biopharmaceutical company. This vaccine is indicated for the prevention of blood infection (bacteremia), pneumonia, and meningitis (infection of the covering of the brain) due to bacteria – Streptococcus pneumoniae.
  • Technology Advancement: Various technological advancements such as Electronic Immunization Registries in immunization programs play an important role in tracking immunization records and patient registries, viewing vaccination histories, and also in sending reminders to registered patients for their next vaccination. Such technological advancements support healthcare workers in regular reporting of vaccine stock levels and refrigerator temperatures and improving critical supply chain and cold chain management.
  • Robust Supply Chain: The market players are focused on delivering and transporting vaccines through the supply chain from manufacturers, which in turn may act as an opportunity for the market growth over the forecast period. For instance, in June 2020, Serum Institute of India Pvt. Ltd., a global biotechnology company, announced a supply agreement with UNICEF, a humanitarian aid organization. Under the supply agreement, Serum Institute of India Pvt. Ltd. will provide ten Bn doses of pneumococcal conjugate vaccine, which helps prevent severe pneumonia, every year to lower-income countries for the next decade.
  • Personalized and Precision Vaccines: Advances in genomics and immunology were driving the development of personalized and precision vaccines. Tailoring vaccines to individual genetic and immune profiles could lead to improved efficacy and safety.

Global Vaccine Technologies Market Restraints:

  • Regulatory Challenges: Stringent regulatory processes for vaccine approval and post-marketing surveillance can slow down the development and commercialization of new vaccine technologies. Navigating complex regulatory pathways can be time-consuming and costly. Stringent regulations also limit the scope of improvements in existing vaccines. Regulatory agencies cautiously evaluate any change in established vaccines, even if the change is minor. This regulatory caution is justified given the sensitivity involved with public health vaccines. However, it also discourages iterative innovation. Vaccine developers are reluctant to invest in incremental vaccine improvements due to high costs and risks of restarting the long approval process from the beginning.
  • High Development Costs: The high development costs associated with vaccine technology are a major barrier restraining the growth of the vaccine market. There are extensive research and development costs associated with discovering the pathogen, developing the vaccine candidate, conducting pre-clinical testing on animals, and then progressing through multiple phases of human clinical trials to establish safety and efficacy. For instance, according to data published in September 2020, by INTERNATIONAL MONETARY FUND, Vaccine research and development and manufacturing are expensive. Estimates of total research and development costs range from roughly US$ 200 Bn to US$ 500 Bn per successful vaccine, inclusive of sunk costs for failures.
  • Supply Chain Disruptions: The COVID-19 pandemic exposed vulnerabilities in global supply chains for vaccine production and distribution. Supply chain disruptions can impact the availability of critical components and hinder timely vaccine manufacturing.
  • Counterbalance: Adopting strategies such as multi-site sourcing and demand allocation, Contingency planning and efficiency improvement, Supplier development and information sharing, etc. can help overcome supply chain disruptions.

Figure 2. Global Vaccine Technologies Market Share (%), by Technology, 2023

VACCINE TECHNOLOGIES MARKET

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Recent Developments

New product launches/approval

  • In January 2022, GlaxoSmithKline plc, a multinational pharmaceutical and biotechnology company, launched a new vaccine, Shingrix, a non-live, recombinant subunit adjuvant vaccine, given intramuscularly in two doses to help protect against shingles (herpes zoster) in Singapore. It is the first shingles vaccine indicated for use in those who are at increased risk of the disease due to immunodeficiency or immunosuppression caused by known disease or therapy.
  • In September 2022, the U.S. President Joe Biden announced the launch of an annual COVID-19 vaccine for all citizens of the country above 12 years of age to protect people from the disease and its variants. The new vaccine will provide protection from the new omicron strain of the COVID-19 virus, which did not exist when the original vaccine was developed.
  • In July 13, 2022, the U.S. Food and Drug Administration (FDA) granted an emergency use authorization (EUA) for Novavax COVID-19 Vaccine, indicated for the prevention of COVID-19 caused by SARS-CoV-2 in patients 18 years of age and older. The EUA was issued to Novavax Inc., a U.S.-based biotechnology company. Moreover, on June 18, 2022, the Centers for Disease Control and Prevention (CDC) approved COVID-19 vaccination for young children who are at least 6 months old. i.e. around 20 Bn children in the U.S. under 5 years are newly eligible for vaccination.

Acquisition and partnerships

  • In 2022, Pfizer acquired ReViral, a U.K.-based biotech company that is developing a new type of influenza vaccine. The acquisition will give Pfizer access to ReViral's proprietary technology, which uses gene editing to create more effective influenza vaccines.
  • In 2022, Moderna, Inc., a biopharmaceutical company, acquired Kymera Therapeutics, a U.S.-based biotech company that is developing new cancer vaccines. The acquisition will give Moderna access to Kymera's proprietary technology, which uses messenger RNA (mRNA) to create personalized cancer vaccines.
  • In 2022, GSK, a pharmaceutical company entered into a partnership with CureVac, a Germany-based biotech company, to develop and commercialize mRNA vaccines. The partnership will combine GSK's expertise in vaccine development and manufacturing with CureVac's proprietary mRNA technology.
  • On August 14, 2020, the U.S. Department of Health and Human Services (HHS) and Department of Defense (DoD) entered into an agreement with Moderna, Inc., a biotechnology company, to manufacture and deliver 100 Bn doses of COVID-19 vaccines produced by the company in the U.S. by 2021

Top Companies in Vaccine Technologies Market

  • Pfizer-BioNTech
  • Moderna
  • Johnson & Johnson
  • AstraZeneca
  • Sanofi
  • Novavax
  • GSK
  • Sinovac Biotech
  • Bharat Biotech
  • Emergent BioSolutions
  • Dynavax Technologies
  • CureVac
  • Valneva
  • Takeda Pharmaceutical Company Limited

*Definition: Vaccine technologies encompass a diverse range of scientific approaches and methods used to develop vaccines, which are biological preparations designed to stimulate the immune system and provide immunity against specific diseases. Vaccines are any preventive preparation used to stimulate the body’s immune response against a specific disease, using either messenger RNA or killed or weakened bacteria or viruses to prepare the body to recognize a disease and produce antibodies.

Frequently Asked Questions

Regulatory challenges, high development costs and supply chain disruptions are the factors hampering the growth of the market over the forecast period

Global health concerns and pandemics, increasing adoption of inorganic growth strategies such as agreements, rising government support to surge immunization campaigns, and increasing research and development activities by key market players are the major factors driving the growth of the market over the forecast period.

The leading technology segment is Live-attenuated vaccines.

Pfizer-BioNTech, Moderna, Johnson & Johnson, AstraZeneca, Sanofi, Novavax, GSK, Sinovac Biotech, Bharat Biotech, Emergent BioSolutions, Dynavax Technologies, CureVac, Valneva, and Takeda Pharmaceutical Company Limited.

North America is currently leading the market, followed by Europe and the Asia Pacific region.

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