In 2023, the vaccines market was valued at $43.2 billion. Projections indicate that by 2035, the market will expand to $90.7 billion, reflecting a compound annual growth rate (CAGR) of 6.4% from 2024 to 2035. Vaccines play a crucial role in preventing infectious diseases and alleviating their impact on public health. Government-led immunization programs, public health campaigns, and vaccination initiatives emphasize disease prevention, which in turn drives the demand for vaccines and supports market growth.
For example, the World Health Organization (WHO) reported in January 2023 that 64 infectious diseases were documented globally, impacting 235 countries and regions. Furthermore, WHO estimated that rotavirus infections alone resulted in over 25 million outpatient visits and more than 2 million hospitalizations annually.
Key Takeaways
• By technology, the recombinant and conjugate vaccines segment dominated the global vaccines market share in terms of revenue in 2023 and is expected to register the highest CAGR during the forecast period.
• By indication, the human papilloma virus segment dominated the global market in terms of revenue in 2023 and is expected to register the highest CAGR during the forecast period.
• By end user, the pediatric segment dominated the global vaccines market in terms of revenue in 2023.
• By region, North America dominated the market in terms of revenue in 2023. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
