According to FutureWise analysis the market for Vaccines in 2023 is US$ 50.48 billion, and is expected to reach US$ 111.55 billion by 2031 at a CAGR of 10.40%.
The vaccines market growth can be credited to a rise in the occurrence of infectious diseases, increased financial support from the government for developing vaccines, rising emphasis on immunization, increased research and development activities in enhancing the vaccines. Conversely, the requirement of capital investments for the development of vaccines is huge which shall impede the growth of the market.
The market is fragmented into technology, type, disease indication, route of administration, patient type and region. The technology segment is categorised into inactivated and subunit vaccines, conjugate vaccines, recombinant vaccines, live attenuated vaccines, toxoid vaccines and recombinant vaccines. The conjugate vaccines held the largest vaccines market share, and this can be primarily credited to a rise in the support of the government, increase in the investments made by key players in developing conjugate vaccines. Based on the route of administration, the market is fragmented into oral administration, intramuscular and subcutaneous administration and other routes of administration. The intramuscular and subcutaneous administration is predicted to proliferate during the forecast period, and this is mainly due to its capability of providing a lower injection site reaction rate and a good immune response.