Viral Vaccines Market Size & Forecast

The Viral Vaccines Market is expected to reach $47.01 billion by 2031, at a CAGR of 1.9% from 2024 to 2031. The growth of this market is driven by the increasing government focus on immunization programs, technological advancements in vaccine administration, the use of inactivated vaccines in surgeries or treatment, and the capacity expansion of biopharmaceutical products. Moreover, the growing focus on therapeutic vaccines, the increasing use of adjuvants in vaccines, growth prospects in emerging markets, and the development of highly stable and energy-efficient ultra-low-temperature freezers are expected to offer growth opportunities for the players operating in this market.

Viral Vaccines Market Growth Drivers

Technological Advancements in Vaccine Administration

Vaccine technology has evolved significantly during the last decade, profoundly changing the future of vaccine development. The introduction of genetic engineering has fueled many advancements in vaccine development programs, leading to new products. Various virus vaccines that use the attenuated form of the virus have been developed through these methods. Also, new technologies enable the faster detection of viruses and allow for concentration levels to be kept high enough to generate an immune response.

Recent vaccine technologies are largely driven by the need to accelerate response times against emerging threats and make vaccines available for quick deployment. The increasing need to develop vaccines against difficult targets and improve delivery systems for maximum potency is also the focus of innovation in the vaccine industry. The development of synthetic vaccine candidates, genomic analysis of disease progression and vaccine response, structure-based antigen design, and nanoparticle delivery systems are some of the latest technological advancements in vaccine delivery. Therefore, technological advancements are expected to drive the emergence of new and more effective vaccines for various new indications, fueling the growth of the viral vaccines market.

Growing Focus on Therapeutic Vaccines

Although vaccines have historically been intended to prevent diseases, a new category of vaccines known as therapeutic vaccines has emerged recently. Therapeutic vaccines treat diseases by inducing an immune response or strengthening the immune system. Their purpose is to treat patients already affected by the disease. After the launch and success of the first therapeutic vaccine in 2010, key players shifted their focus toward developing an array of therapeutic vaccines for other cancers.

For instance, as of May 2024, Pfizer, Inc. (U.S.) had 17 vaccines in the pipeline that are being researched for diseases and infections such as influenza, hepatitis, Lyme disease, invasive group B streptococcus infection, and respiratory syncytial virus infection. However, therapeutic vaccines currently represent a very small market, limited to vaccines against skin, prostate, and bladder cancers and a few vaccines against pollen allergies; in the future, vaccines for many other indications are expected to reach the market. With market growth expected to be greater than for prophylactic vaccines, therapeutic vaccines hold vast opportunities for vaccine manufacturers.

Viral Vaccines Market Trends

Increasing Preference for Personalized Treatments

Personalized vaccines are the newest advancements that aim to elicit responses against antigens and microorganisms that can be tailored and modified according to the patient's condition, establish durable immunity, and minimize side effects. This personalization can also increase the safety profile and reduce reactogenicity; viral vectors and vaccines can also be genetically modified to make them replication-deficient.

Various vaccines are being developed to counter diseases such as cancers of different types. For instance, in April 2024, according to the American Association for Cancer Research (AACR), researchers reported the development of a new therapeutic cancer vaccine called the TG4050, which can be effective in head and neck squamous cell carcinoma (HNSCC). The TG4050 is an engineered form of the vaccinia virus that delivers 30 personalized neoantigens that are unique to each patient’s tumor and also induces activation of an antitumor immune response.

Media and Public Awareness Regarding Immunization

Public awareness is an important aspect of the sensitization of vaccines and vaccination. Immunization is the process where a person is protected against a disease through vaccination. Immunization can save millions of lives and is considered one of the most successful and cost-effective health interventions. For instance, according to the World Health Organization (WHO), annually, approximately 4-5 million people are saved from several infectious diseases such as hepatitis, tetanus, measles, and polio, among others, due to vaccinations. However, globally, 1.15 million children in the Western Pacific Region do not receive essential vaccinations. Many governments and health organizations are conducting immunization programs to ensure vaccination of people in all parts of the world, including rural areas. For instance, in December 2022, the National Technical Advisory Group for Immunization (NTAGI) (India) recommended introducing the human papillomavirus (HPV) vaccine in the Universal Immunization Programme (UIP) with a one-time catch-up for 9-14-year-old adolescent girls followed by a routine introduction at nine years.

Viral Vaccines Market Opportunity

Growing Focus on Therapeutic Vaccines

Therapeutic vaccines are generally administered after a disease or infection has affected the patient, and they work by activating the immune system of a patient. Therapeutic vaccines are also being majorly used as a viable option for active immunotherapy of cancers. Unlike preventive vaccines, therapeutic vaccines can be customized to respond to specific mutations. These vaccines differ from traditional vaccines as they target the pathogens directly instead of producing antibodies and generating immune proteins. Apart from cancers, therapeutic vaccines can also be used to treat infections resulting from the human papillomavirus (HPV).

Several developments and advancements have taken place recently in vaccine technologies to improve patient immunization. Certain market players are also collaborating to develop new therapeutics for cancer treatment. For instance, in April 2024, CureVac SE (Germany) collaborated with the University of Texas MD Anderson Cancer Center (U.S.) to develop novel mRNA-based cancer vaccines.

Viral Vaccines Market Analysis: Key Findings

By Form: In 2024, the Liquid Vaccines Segment to Dominate the Viral Vaccines Market

Based on form, the market is segmented into liquid vaccines and lyophilized vaccines. In 2024, the liquid vaccines segment is expected to account for the largest share of above 90.3% of the viral vaccines market. Liquid viral vaccines are liquid formulations that contain live and weakened viruses that act as a primary component to induce an immune response in the body and are administered via injections. The large market share of this segment is attributed to factors such as ease of administration, reduced risk of errors, reduced wastage, improved patient experience, low production costs, and better stability. Bharat Biotech Ltd. (India), a vaccines and bio-therapeutics manufacturer, has a live attenuated rotavirus vaccine included in its product portfolio that is a liquid frozen vaccine containing live rotavirus 116E strain and is used for the prevention of rotavirus gastroenteritis.

By Vaccine Type: In 2024, the Subunit & Conjugate Vaccines Segment to Dominate the Viral Vaccines Market

Based on vaccine type, the market is segmented into subunit & conjugate vaccines, live attenuated vaccines, inactivated vaccines, mRNA vaccines, viral vector vaccines, toxoid vaccines, and combination vaccines. In 2024, the subunit & conjugate vaccines segment is expected to account for the largest share of above 51.2% of the viral vaccines market. Subunit vaccines consist of a pathogen fragment, typically a surface protein instead of a whole cell, which is used to trigger an immune response and stimulate acquired immunity against the pathogen. Conjugate vaccines, on the other hand, are similar to recombinant vaccines, which combine two different components from the bacteria coats.

The large market share of this segment is attributed to the vaccines’ long-term immunity, high safety, and stability as compared to vaccines with other antigens. Subunit vaccines also elicit a protective immune response as they do not contain live components and are considered to be more stable than live vaccines. Since the COVID-19 pandemic, the use of subunit and conjugate vaccines has been increasing, which are being used to prevent and treat various diseases and conditions. For instance, in May 2023, GlaxoSmithKline plc (GSK) (U.K.) received the U.S. Food and Drug Administration (FDA) approval for Arexvy, which is a respiratory syncytial virus (RSV) vaccine for older adults. This vaccine is adjuvanted and contains a recombinant subunit prefusion RSV F glycoprotein antigen (RSVPreF3) combined with GSK’s proprietary adjuvant AS01E.

By Virus Type: In 2024, the Adenovirus Segment to Dominate the Viral Vaccines Market

Based on virus type, the market is segmented into adenovirus, retrovirus, plasmid DNA, adeno-associated virus (AAV), lentivirus, and other virus types. In 2024, the adenovirus segment is expected to account for the largest share of the viral vaccines market. Adenoviruses are a group of viruses that can cause mild to severe infections; however, they are used as vectors and actively interact with the innate immune system through various pathways and mechanisms to change the immune environment. The large market share of this segment is attributed to factors such as better stability as compared to other viruses, efficient gene delivery, strong immune response, replication-incompetent viruses, and high scalability. Additionally, adenoviruses have been extensively studied and used in multiple vaccine trials, providing knowledge and experience in their development and optimization for vaccine purposes.

By Approach: In 2024, the Preventive Vaccines Segment to Dominate the Viral Vaccines Market

Based on approach, the market is segmented into preventive vaccines and therapeutic vaccines. In 2024, the preventive vaccines segment is expected to account for the larger share of the viral vaccines market. Preventive vaccines or prophylactic vaccines are designed to prevent diseases before the exposure of pathogens. These vaccines stimulate the immune system to recognize infectious agents and act against them to reduce the incidences and severity of diseases. The large market share of this segment is attributed to the increasing prevalence of chronic and infectious diseases, rising awareness for immunization in public, growing immunization programs, induction of herd immunity, and the prevention of disease outbreaks. For instance, in April 2024, the Pan American Health Organization (PAHO) launched the 22^nd edition of Vaccination Week in the Americas (VWA) 2024. This launch also provided updates regarding vaccination coverage and how to take it to the pre-pandemic levels.

However, the therapeutic vaccines segment is expected to register the fastest CAGR during the forecast period. Therapeutic vaccines are given to people who are suffering from infections or diseases to decrease their symptoms. These types of vaccines are mainly used to treat certain kinds of cancers. The fast growth of this segment is attributed to the introduction of antiviral immunity to alter the course of the disease, high specificity and safety, insusceptibility, and low vaccine costs.

By Indication: In 2024, the Infectious Diseases Segment to Dominate the Viral Vaccines Market

Based on indication, the market is segmented into infectious diseases, cancer, genetic disorders, and other indications. In 2024, the infectious diseases segment is expected to account for the largest share of the market. Infectious diseases are conditions that are caused by microorganisms such as bacteria, viruses, fungi, or parasites. Vaccines are regarded as one of the prominent tools to fight infectious diseases. The large share of the segment is attributed to factors such as effectiveness in preventing infectious diseases, faster spread of infectious diseases, and rising risk of pandemics. Viral vaccines for infectious diseases have been used earlier for eradication or near-elimination of diseases such as smallpox and polio in many parts of the world and have significantly reduced the burden of other diseases such as measles, mumps, and rubella.

By Application: In 2024, the Antisense Therapy Segment to Dominate the Viral Vaccines Market

Based on application, the market is segmented into antisense therapy, gene therapy, cell therapy, and vaccinology. In 2024, the antisense therapy segment is expected to account for the largest share of the market. Antisense therapy involves the use of antisense oligonucleotides, which are short synthetic strands of nucleic acids that bind to specific mRNA molecules. Viral vectors are used for this therapy by engineering them to deliver the oligonucleotides encoding antisense RNA into target cells. The large market share of this segment is attributed to the increasing prevalence of diseases such as cancer, genetic disorders, and viral infections, technological advancements in cell & gene therapy, and increasing healthcare expenditure. Rapid development of antisense vaccines is also a key factor supporting the largest share of the market. Antisense vaccines can be developed relatively quickly compared to traditional vaccines. Synthetic nucleic acids can be designed and produced rapidly once the genetic sequence of a pathogen is known, allowing for rapid vaccine development as a response to emerging infectious diseases or pandemics.

Geographical Analysis

By Geography: In 2024, North America to Dominate the Viral Vaccines Market

In 2024, North America is expected to account for the largest share of above 44.0% of the viral vaccines market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The large market share of this segment is primarily due to the presence of leading manufacturers, large R&D investments, support from government and regulatory authorities, a rise in the number of infections, the presence of healthcare professionals to administer vaccines, and growing immunization programs for vaccination. In March 2021, Sanofi S.A. (Italy) announced expanding its Canadian footprint with a USD 925 million investment in a new vaccine manufacturing facility in Toronto. The investment was aimed at providing additional antigen and filling capacity for Sanofi’s FLUZONE High-Dose Quadrivalent influenza vaccine to increase the vaccine’s supply in Canada. This facility will also act as an international production and distribution center for Sanofi’s high-dose seasonal influenza vaccine.

However, Asia-Pacific is slated to register the fastest CAGR of above 3.02% during the forecast period. This rapid growth is attributed to an increase in the emergence of infectious diseases, a large population of patients suffering from diseases, rising public awareness for vaccination, and governmental support towards immunization. For instance, in October 2023, the Health Sciences Authority (HSA) of Singapore authorized the updated Spikevax vaccine by Moderna, Inc. (U.S.) to be used in Singapore for the prevention of COVID-19 in individuals aged six months and above. Earlier, in March 2022, the Government of Thailand and the Pediatric Infectious Disease Society of Thailand (PIDST) introduced the Expanded Programme on Immunization (EPI) that has the added inclusions of BCG, HB, DTwP, Hib, OPV, Rota, MMR, Live JE, Influenza, and HPV vaccines for children in the country.

Viral Vaccines Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last three to four years. Some of the key players operating in the viral vaccines market are Pfizer, Inc. (U.S.), AstraZeneca plc (U.K.), GlaxoSmithKline plc (U.K.), Sanofi S.A. (Italy), CSL Ltd. (Australia), Mitsubishi Tanabe Pharma Corporation (Japan), Merck & Co., Inc. (U.S.), Moderna, Inc. (U.S.), Johnson & Johnson Services, Inc. (U.S.), Dynavax Technologies Corporation (U.S.), Serum Institute of India Pvt. Ltd (India), Emergent BioSolutions, Inc. (U.S.), Bharat Biotech International Limited (BBIL) (India), and Valneva SE (France).

Viral Vaccines Industry Overview: Latest Developments from Key Industry Players

• In March 2024, Cadila Pharmaceuticals (India) launched the Cadiflu Tetra vaccine, which was approved by the Drugs Controller General of India (DCGI) for use in adults and children to protect against the Influenza virus.
• In November 2023, Valneva SE (France) received approval for its single-dose live attenuated IXCHIQ vaccine to prevent the disease caused by the chikungunya virus (CHIKV) in individuals aged 18 years and older.
• In May 2023, the U.S. Food and Drug Administration (FDA) approved GlaxoSmithKline plc’s (U.K.) Arexvy, which is a respiratory syncytial virus (RSV) vaccine for use in the U.S. This is a preventive vaccine used for the prevention of lower respiratory tract diseases caused by RSV in individuals aged 60 years and above.
• In May 2023, the U.S FDA approved ABRYSVO, Pfizer, Inc.’s (U.S.) vaccine for the prevention of RSV in older adults.

Viral Vaccines Market Research Summary

Key questions answered in the viral vaccines market report: