The global vaccine market was valued at USD 67.37 billion in 2024 and is projected to surge to USD 115.77 billion by 2033, reflecting a Compound Annual Growth Rate (CAGR) of 5.98% from 2025 to 2033. This expansion is supported by an increasing focus on developing vaccines for diseases prevalent in lower-income countries.

 

Key Strategic Developments

  • Serum Institute of India (SII) Diversification: In March 2023, SII announced a strategic shift to diversify its portfolio beyond COVID-19 by developing new vaccines for malaria and dengue. This move involves repurposing its existing COVID-19 manufacturing facilities, which could potentially boost its total annual production capacity to 4 billion doses. This strategy aims to sustain high production levels and maintain a rapid response capability for future pandemics.
  • Reddy’s Laboratories (DRL) Partnership: Effective March 2024, DRL began exclusively promoting and distributing Sanofi's well-established vaccine brands in the Indian private market. The included pediatric and adult vaccines—such as Hexaxim, Pentaxim, Tetraxim, Menactra, FluQuadri, Adacel, and Avaxim 80U—generated combined sales of approximately USD 51 million as of February 2024. This collaboration significantly enhances DRL’s vaccine portfolio, positioning the company as the second-largest vaccine player in India, while Sanofi retains ownership, manufacturing, and import responsibility.

 

Key Market Trends & Insights

  • North America dominated the market with a revenue share of over 39.87% in 2024.
  • The vaccines market in the U.S. accounted for the major revenue share of the global vaccine market in 2024.
  • By type, the subunit vaccines segment dominated the vaccine market in 2024 and is expected to experience rapid growth at a CAGR of 7.67% during the forecast period.
  • By route of administration, parenteral administration is highly preferred for administering vaccines and hence the segment dominated the vaccine market.
  • By age group, the pediatric segment is estimated to be the fastest growing segment with a CAGR of 1.40% over the forecast period.

  

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Market Size & Forecast

  • 2024 Market Size: USD USD 67.37 Billion
  • 2033 Projected Market Size: USD 115.77 Billion
  • CAGR (2025-2033): 5.98%
  • North America: Largest market in 2024

 

Key Companies & Market Share Insights

The global vaccine market remains highly competitive, with a structure that became more concentrated following the pandemic. Although numerous new manufacturers entered the market, the top 10 manufacturers collectively accounted for nearly 90% of the global value. Companies are actively investing in new technologies to develop vaccines targeting diseases like Respiratory Syncytial Virus (RSV), flu, and influenza.

 

Key Players

  • Serum Institute of India Pvt. Ltd.
  • Seqirus
  • Sanofi
  • Merck & Co., Inc.
  • Pfizer Inc.
  • Moderna Inc.
  • Sinovac
  • BioNTech SE
  • AstraZeneca

 

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Conclusion

The global vaccine market is poised for robust expansion, growing from USD 67.37 billion in 2024 to USD 115.77 billion by 2033. This growth is underpinned by key trends, including the dominance of North America and subunit vaccines, along with strategic industry activities. Major manufacturers like the Serum Institute of India are strategically diversifying their focus and capacity to address global health concerns like malaria and dengue, while regional players like Dr. Reddy’s Laboratories are strengthening their market position through high-value distribution partnerships with multinational corporations like Sanofi in key markets like India. The market's future will be characterized by continued innovation in vaccine technology and concentrated competition among top players.