Conjugated Vaccines Segment to Lead Vaccines Market During 2025–2031
According to our new research study named "Vaccines Market Forecast to 2031 – Global Analysis – by Type, Indication, Route of Administration, and Age Group," the market was valued at US$ 80.45 billion in 2024 and is projected to reach US$ 118.94 billion by 2031; it is expected to register a CAGR of 5.7% during 2025–2031. The growing incidences of infectious diseases and disease outbreaks, and surging immunization programs and government initiatives drive the adoption of vaccines. However, the high vaccine development cost and increased time to market hinder the market growth. Integration of artificial intelligence and big data in vaccine development is projected to bring new vaccines market trends in the coming years.
Vaccines are biological preparations that stimulate the immune system to recognize and fight specific infectious diseases. They typically contain weakened or inactivated parts of a particular microorganism or a blueprint for producing antigens. Once administered, vaccines help the body develop immunity without causing illness. Their primary use is to prevent diseases like measles, polio, influenza, and COVID-19. Vaccination reduces disease spread, protects communities through herd immunity, and lowers healthcare costs. They are vital in controlling and eradicating infectious diseases, improving global public health, and reducing mortality and morbidity rates across all age groups.
Vaccines Market, by Region, 2024 (%)
Vaccines Market Size and Forecast (2021-2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: Type (Conjugated Vaccines, Inactivated and Subunit Vaccines, Live Attenuated Vaccines, Recombinant Vaccines, and Toxoid Vaccines), Indication (HPV, PCV, DTP, Hepatitis, Influenza, Dengue, and Others), Route of Administration (Injection, Oral, and Other), Age Group (Pediatric and Adult), and Geography
Vaccines Market Research – Size, Share, Developments and Future Scope 2031
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Source: The Insight Partners Analysis
The rising infectious disease outbreaks, growing awareness of immunization benefits, and increased government and NGO support are contributing to the growing vaccines market size. Technological advancements in vaccine development, such as mRNA and vector-based vaccines, have accelerated innovation. Expanding pediatric and adult vaccination programs, especially in emerging economies, fuel market growth. Additionally, aging populations and the rising prevalence of chronic diseases increase demand for adult immunization. COVID-19 highlighted the importance of pandemic preparedness, boosting investment in vaccine research and infrastructure. Partnerships between the public and private sectors, along with streamlined regulatory pathways, further contribute to rapid vaccine development and broader distribution.
Vaccines Market Analysis Based on Segmental Evaluation:
Based on type, the vaccines market is segmented into conjugated vaccines, inactivated and subunit vaccines, live attenuated vaccines, recombinant vaccines, and toxoid vaccines. The conjugated vaccines segment held a significant vaccines market share in 2024. A conjugate vaccine contains bacterial capsular polysaccharide joined to a protein to enhance immunogenicity and protect against invasive diseases. They are the most effective forms of immunization, used to prevent diseases in both infants and adults. Conjugate vaccines combine a weak antigen with a strong antigen so that the immune system has a stronger response to the weak antigen.
The most commonly used conjugate vaccine is the Hib conjugate vaccine. Other pathogens that are combined in a conjugate vaccine to increase an immune response are Streptococcus pneumoniae and Neisseria meningitidis. Since the introduction of the Hib vaccine in large parts of Europe, the Americas, and Australia, bacterial meningitis from Hib has virtually disappeared. Other advantages of the conjugate vaccines are their ability to elicit immunological memory and to reduce asymptomatic carriage of the bacteria, resulting in marked herd immunity.
The rising burden of bacterial infections in infants and immunocompromised individuals continues to drive demand. Increasing global immunization efforts and government-sponsored programs in low- and middle-income countries also play a critical role. Additionally, innovations in protein conjugation technologies are making these vaccines more effective and accessible.
The geographical 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. In terms of revenue, North America held the largest vaccines market share in 2024. One of the primary reasons is increased awareness and demand for immunization due to the COVID-19 pandemic. The crisis highlighted the importance of vaccines in preventing widespread disease, leading to greater public trust in vaccination and long-term investment in vaccine infrastructure. Government support and funding have also favored the vaccines market growth in North America. Initiatives such as Operation Warp Speed in the US facilitated rapid vaccine development, production, and distribution. Public health agencies like the CDC and Health Canada continue to allocate substantial budgets for vaccination programs. Another significant factor is the high prevalence of infectious diseases and chronic illnesses in North America, which increases the need for preventive healthcare measures. An aging population is particularly vulnerable to infections, driving demand for adult immunizations. Moreover, the presence of major pharmaceutical companies such as Pfizer, Moderna, and Johnson & Johnson in North America fosters a strong vaccine development ecosystem. These companies invest heavily in R&D and maintain advanced manufacturing capabilities, ensuring rapid production and distribution.
The US comprises the largest vaccines market in the world and is estimated to lead the global market during the forecast period. According to US Cancer Statistics Breast Cancer Stat Bite, in 2021, the incident cases of breast cancer were reported to be ~0.27 million in females across the country. Approximately 10–15% of breast cancer cases are triple-negative breast cancer (TNBC), as per the National Breast Cancer Foundation. A study titled “Neoantigen DNA vaccines are safe, feasible, and induce neoantigen-specific immune responses in triple-negative breast cancer patients,” published in November 2024, represents the first completed neoantigen vaccine study focusing solely on patients suffering from TNBC. The findings confirm the feasibility and potential of neoantigen vaccine therapy in the studied patient population. Furthermore, 16 out of 18 patients remained cancer-free three years after receiving the vaccine, which effectively trained their immune systems to terminate any remaining cancer cells.
As of June 2025, at least 270 million people—representing 81% of the US population—have received at least one dose of a COVID-19 vaccine, and 70% are considered fully vaccinated. The CDC has recommended updated COVID-19 vaccines for the 2024–2025 season for all adults and children as young as 6 months. Waning immunity and emerging viral strains emphasize the importance of timely vaccination. For the 2025–2026 season, the FDA recommends updating COVID-19 vaccines to target the LP.8.1 strain of the JN.1 variant. Concurrently, rising incidences of measles, COVID-19, and RSV are fueling greater demand for immunization, thereby contributing to the vaccines market growth.
The vaccines market growth in Canada is driven by mandatory immunizations against diseases such as hepatitis, measles, rabies, and routine vaccines including polio, influenza, chickenpox, diphtheria-tetanus-pertussis, MMR, and shingles. Travelers are advised to complete required vaccinations at least one month prior to departure. Those born in or after 1970 traveling abroad must be vaccinated against measles due to lower immunity levels. Incoming travelers are expected to review and update their immunization status with healthcare providers, thereby bolstering the growth of the vaccines market.
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 (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific), the Middle East and Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East and Africa), and South and Central America (Brazil, Argentina, and the Rest of South and Central America).
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