Global Vaccine Market Size, Share, and COVID-19 Impact Analysis, By Type (Subunit Vaccines, Inactivated, Live Attenuated, mRNA Vaccines, and Viral Vector Vaccines), By Route of Administration (Oral, Parenteral, and Nasal), By Distribution Channel (Hospital & Retail Pharmacies, Government Suppliers, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 - 2035

Global Vaccine Market Insights Forecasts to 2035

• The Global Vaccine Market Size Was Estimated at USD 86.80 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of around 7.75% from 2025 to 2035
• The Worldwide Vaccine Market Size is Expected to Reach USD 197.20 Billion by 2035
• Asia Pacific is expected to grow the fastest during the forecast period.

According to a research report published by Spherical Insights and Consulting, The Global Vaccine Market Size was worth around USD 86.80 Billion in 2024 and is predicted to Grow to around USD 197.20 Billion by 2035 with a compound annual growth rate (CAGR) of 7.75% from 2025 to 2035. Government immunization programs, growing awareness of preventative healthcare, technical improvements, and rising worldwide demand are all opportunities for the vaccine market. The vaccine market potential for sustainable expansion and investment is further improved by developing markets and growing healthcare infrastructure.  

Global Vaccine Market Forecast and Revenue Outlook

• 2024 Market Size: USD 86.80 Billion
• 2035 Projected Market Size: USD 197.20 Billion
• CAGR (2025-2035): 7.75%
• North America: Largest market in 2024
• Asia Pacific: Fastest growing market

Market Overview

The global ecosystem of research, development, production, regulatory approval, distribution, and commercialization of immunobiological products intended to provide immunization against infectious diseases, thereby promoting public health and economic resilience, is encompassed in the vaccine market. It focuses on a diverse range of stakeholders, including government organizations, international health organizations, biotechnology companies, pharmaceutical firms, and healthcare providers. In August 2025, the supplemental biologics license application (sBLA) for Pfizer Inc. and BioNTech SE's LP.8.1-adapted monovalent COVID-19 vaccine (COMIRNATY® LP.8.1; COVID-19 Vaccine, mRNA) has been approved by the U.S. Food and Drug Administration (FDA) for use in adults 65 years of age and older, as well as in people aged 5 to 64 that suffer from at least one underlying condition that sets them at high risk for severe COVID-19.2. The market for vaccines is expanding significantly, mostly due to a constant rise in new vaccine approvals, label expansions, and initial rollouts that open up new patient groups and geographical areas. Population expansion, the increase in infectious disease prevalence, public health campaigns, technology developments, and growing knowledge of the advantages of vaccinations are some of the factors driving the vaccine market.    

Key Market Insights

• North America is expected to account for the largest share in the vaccine market during the forecast period.
• In terms of type, the subunit vaccines segment is projected to lead the vaccine market throughout the forecast period.
• In terms of route of administration, the parenteral segment captured the largest portion of the market
• In terms of distribution channel, the government suppliers segment captured the largest portion of the market   

Vaccine Market Trends

• In vaccine R&D, artificial intelligence (AI), big data, and computational methods are being employed more and more for things like immune response prediction and antigen/epitope identification.
• Although financial cuts in some sectors run the risk of slowing down some research fields, governments are firmly supporting immunisation programs.
• Issues with equitable access and vaccination coverage: vaccine hesitancy and disinformation continue to be problems, and despite advancements, childhood vaccination coverage has stagnated or even reversed in some areas.
• To increase compliance and lessen logistical burdens, combination and multivalent vaccines that protect against numerous diseases or strains in a single shot are becoming more popular.

Report Coverage

This research report categorizes the vaccine market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyzes the key growth drivers, opportunities, and challenges influencing the vaccine market. Recent market developments and competitive strategies, such as expansion, product launch, development, partnership, merger, and acquisition, have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyzes their core competencies in each sub-segment of the vaccine market.  

Driving factors

The vaccine market is driven by a number of important elements that, taken together, support its steady expansion and worldwide significance. The vaccine market has been growing internationally as more vaccinations are being developed to combat diseases that primarily afflict nations with poorer incomes. The Serum Institute of India announced in March 2023 that it is going to boost its portfolio beyond COVID-19 vaccines by creating new vaccines against dengue and malaria. The market demand was fueled by technological developments that have shortened vaccine production timelines and enhanced efficacy and safety profiles, such as the creation of mRNA and vector-based vaccination platforms. The growing incidence of infectious diseases, including influenza, hepatitis, human papillomavirus (HPV), and new viral threats like COVID-19, is one of the main factors, as it has highlighted the urgent need for adequate vaccination.  

Restraining Factor

High R&D costs, intricate regulatory approval procedures, cold chain logistics issues, restricted access in low-income areas, and vaccine hesitancy brought on by false information are some of the restraining factors facing the vaccine market, which prevent widespread adoption and distribution.

Market Segmentation      

The global vaccine market is divided into type, route of administration, and distribution channel.

Global Vaccine Market, By Type:  

• The subunit vaccines segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period.      

Based on type, the global vaccine market is segmented into subunit vaccines, inactivated, live attenuated, mRNA vaccines, and viral vector vaccines. Among these, the subunit vaccines segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. A number of factors, such as the increased incidence of infectious illnesses, the need for safe and efficient vaccinations, and the expanding focus on preventative healthcare, are driving the expansion of the subunit vaccinations segment. These vaccinations, which are widely used to prevent diseases like hepatitis B, HPV, and pertussis, have received high regulatory and commercial acceptability.   

The mRNA vaccines segment in the vaccine market is expected to grow at the fastest CAGR over the forecast period. The capacity to swiftly modify antigen design and combine sequences from several variants to address novel alterations in the viral genome is just two of the many benefits that the mRNA vaccine segment offers over conventional vaccinations.

Global Vaccine Market, By Route of Administration:

• The parenteral segment accounted for the largest share in 2024 and is anticipated to grow at a significant CAGR during the forecast period.     

Based on the route of administration, the global vaccine market is segmented into oral, parenteral, and nasal. Among these, the parenteral segment accounted for the largest share in 2024 and is anticipated to grow at a significant CAGR during the forecast period. Parenteral administration, which entails injecting the drug into the body, is recommended due to its increased effectiveness, quicker absorption, and lower chance of contamination and deterioration. Vaccines are best administered parenterally due to their proven effectiveness, quick immune response, and accurate dosage control.    

The oral segment in the vaccine market is expected to grow at the fastest CAGR over the forecast period. The benefits of oral vaccinations, such as the promotion of systemic and mucosal immunity and the removal of injection-related side effects, are responsible for the expansion of the oral administration market.    

Global Vaccine Market, By Distribution Channel:

• The government suppliers segment accounted for the largest share in 2024 and is anticipated to grow at a significant CAGR during the forecast period.     

Based on distribution channel, the global vaccine market is segmented into hospital & retail pharmacies, government suppliers, and others. Among these, the government suppliers segment accounted for the largest share in 2024 and is anticipated to grow at a significant CAGR during the forecast period. Government suppliers are motivated by robust public health infrastructure, extensive immunization campaigns, and pandemic preparedness activities. Vaccines, in contrast to other pharmaceutical products, are mostly funded by public monies through government and pooled procurement agreements, with just a small amount coming from private sector procurement.

The hospital & retail pharmacies segment in the vaccine market is expected to grow at the fastest CAGR over the forecast period. Increased accessibility, convenience, and public trust are the reasons behind hospital and retail pharmacies. This expansion is occurring in both developed and emerging markets due to the growing demand for travel vaccines, adult immunizations, and seasonal flu injections, as well as the expansion of pharmacy-based vaccination services.  

Regional Segment Analysis of the Global Vaccine Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America Vaccine Market Trends

North America is expected to hold the largest share of the global vaccine market over the forecast period.    

The North America region offers the advantages of a highly developed healthcare system, robust government backing for immunization initiatives, and widespread public knowledge of the value of vaccination. The Hepatitis B Foundation, for example, is a strong supporter of the U.S. Centers for Disease Control and Prevention's (CDC) updated guidelines for adult hepatitis B vaccine. The U.S. Department of Health and Human Services (HHS) and the Department of Defense agreed to extend the delivery of up to 1.5 million doses of the Novavax COVID-19 Vaccine, Adjuvanted (NVX-CoV2373). The agreement was announced today by Novavax, Inc., a biotechnology company that specializes in creating and delivering next-generation vaccines for serious infectious diseases.

U.S Vaccine Market Trends

Recent influenza vaccine approvals from the US FDA, rapid technology breakthroughs, and fierce company competition are all anticipated to drive the market. In May 2025, the FDA's Vaccines and Related Biological Products Advisory Committee (VRBPAC) convened to deliberate and offer suggestions regarding the 2025-2026 Formula for COVID-19 vaccines that will be available for use in the US beginning in the fall of 2025.

Canada Vaccine Market Trends

Government programs, regulatory clearances, and expanded manufacturing capacity are the main drivers of the Canadian vaccine industry. The Public Health Agency of Canada published the National Advisory Committee on Immunization's (NACI) Guidelines on the use of COVID-19 vaccinations for 2025–2026 on January 10, 2025. NACI expert opinion and current evidence serve as the foundation for these recommendations.

Asia Pacific Vaccine Market Trends

Asia Pacific is expected to grow at the fastest CAGR in the vaccine market during the forecast period.  

A number of recent government announcements, product launches, and development projects are driving the vaccination market in the Asia Pacific.  For instance, India has increased its domestic vaccine production efforts, as evidenced by the introduction of Havisure, its first domestically produced Hepatitis A vaccine, which has improved cost-effectiveness and self-reliance. For instance, the Ministry of Health in Singapore states that influenza and other respiratory infections are more common there than other illnesses. The oral cholera vaccine Hillchol from Bharat Biotech, which passed Phase III studies, is anticipated to alleviate shortages worldwide once production is scaled up to 200 million doses per year. 

Japan Vaccine Market Trends

The vaccine market in Japan is changing quickly due to domestic research, creative approvals, and regulatory growth. KOSTAIVE®, a self-amplifying mRNA COVID-19 vaccine designed for the JN.1 Omicron subvariant and created by CSL and Arcturus, was recently approved by the Ministry of Health, Labour, and Welfare. Additionally, Japan authorized the supply of Daichirona by Daiichi Sankyo, its first domestically produced COVID-19 booster vaccine tailored to the XBB.1.5 Omicron form, for the government's promotional immunization program.

China Vaccine Market Trends

China's vaccine industry is driven by a high illness burden because of its large population, a large number of vaccine makers operating locally, and supportive government initiatives. Strong government support, growing healthcare demand, and large biotechnology investments are driving China's vaccine market's rapid expansion. High demand for cutting-edge vaccinations and a supportive regulatory environment should also present profitable growth opportunities.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global vaccine market, along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

Worldwide Top Key Players In The Vaccine Market Include

• Sanofi
• GSK Plc
• Pfizer, Inc.
• AstraZeneca
• Daiichi Sankyo
• Panacea Biotec
• Bharat Biotech
• Bavarian Nordic
• Merck & Co., Inc.
• Biological E Limited
• Inovio Pharmaceuticals
• Emergent BioSolutions
• Johnson & Johnson Services, Inc.
• Serum Institute of India Pvt. Ltd.
• Others  

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent development

• In May 2025, the National Institutes for Health (NIH) and the U.S. Department of Health and Human Services (HHS) announced that they have developed a whole-virus, beta-propiolactone (BPL)-inactivated vaccine platform called Generation Gold Standard, which will be used for the next generation of universal vaccinations.

• In April 2025, pioneering research was launched to investigate VitriVax’s ALTA® technology, a novel vaccine design aiming to eliminate cold-chain storage and condense multi-dose regimens into a single shot. This breakthrough could transform global vaccine delivery and improve access in low-resource settings.

• In July 2024, A new project was launched to accelerate the development and accessibility of H5N1 avian influenza mRNA vaccines. Led by Argentina’s Sinergium Biotech, the initiative leverages the WHO and MPP’s mRNA Technology Transfer Programme to support low- and middle-income countries.

• In May 2024, Novavax and Sanofi launched a strategic partnership through a co-exclusive licensing agreement to co-commercialize a COVID-19 vaccine and develop combination vaccines for COVID-19 and influenza, aiming to strengthen their market position and address global public health challenges collaboratively.

• In April 2023, Pfizer announced phase 3 trial data showing its RSV vaccine was 67% effective in preventing infections with two symptoms and 86% effective against severe disease in adults. Approval would make it the first product in the RSV vaccine market.

Market Segment  

This study forecasts revenue at the global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the vaccine market based on the following segments:

 Global Vaccine Market, By Type

• Subunit Vaccines
• Inactivated
• Live Attenuated
• mRNA Vaccines
• Viral Vector Vaccines

Global Vaccine Market, By Route of Administration

• Oral
• Parenteral
• Nasal

Global Vaccine Market, By Distribution Channel

• Hospital & Retail Pharmacies
• Government Suppliers
• Others

Global Vaccine Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa