Viral Vaccines Market Size, Share, Forecast, & Trends Analysis by Form (Liquid, Lyophilized) Type (Live Attenuated, mRNA, Inactivated), Route of Administration (Intramuscular, Subcutaneous, Oral), Approach, Indication, Packaging – Global Forecast to 2031

The Viral Vaccines Market is expected to reach $64.18 billion by 2031, at a CAGR of 9.3% from 2024 to 2031.

Viral Vaccines Market Size & Forecast

The growth of this market is driven by the increasing government focus on immunization programs, technological advances in vaccine administration, and the use of inactivated vaccines in surgeries and treatments. However, the high costs of vaccine development and the long timelines of vaccine manufacturing restrain the growth of this market.

Furthermore, the growing focus on therapeutic vaccines, this 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 generate growth opportunities for market stakeholders. However, product recalls and inadequate access to vaccines are major challenges impacting the market’s growth.

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 fuelled many advances 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 a few of the technological advancements in vaccine delivery. Therefore, technological advancements are expected to drive the emergence of new and more effective vaccines for various new indications, fuelling the growth of the viral vaccines market.

Growing Focus on Therapeutic Vaccines

Historically, vaccines have been used primarily to prevent diseases, but a new category known as therapeutic vaccines has recently emerged. Therapeutic vaccines are designed to treat diseases by inducing or enhancing the body's immune response. Unlike preventive vaccines, which aim to prevent disease before it occurs, therapeutic vaccines target patients who are already affected by the disease, helping to treat or manage the condition. Since the success of the first therapeutic vaccine post-2010, key players in the vaccine industry have increasingly focused on developing therapeutic vaccines for various conditions, particularly cancers. For instance, as of May 2024, Pfizer Inc. (U.S.) has 17 vaccines in its pipeline, targeting diseases and infections such as influenza, hepatitis, Lyme disease, invasive group B streptococcus, and respiratory syncytial virus (RSV), among others.

Although therapeutic vaccines currently represent a small market—mainly limited to vaccines for skin, prostate, and bladder cancers, as well as a few for pollen allergies—this market is expected to expand significantly in the future. With growth projections outpacing those for preventive vaccines, therapeutic vaccines offer opportunities for manufacturers in the coming years.

Viral Vaccines Market Trends

Increasing Preference for Personalized Treatments

Personalized vaccines represent the latest advancement in immunization, designed to elicit immune responses against specific antigens and microorganisms tailored to an individual’s condition. These vaccines aim to establish long-lasting immunity while minimizing side effects. By customizing the vaccine to the patient's unique needs, personalized vaccines can improve safety profiles and reduce reactogenicity. Additionally, viral vectors used in these vaccines can be genetically modified to make them replication-deficient, further enhancing their safety.

Various personalized vaccines are being developed to target diseases, particularly different types of cancer. For instance, in April 2024, researchers from the American Association for Cancer Research (AACR) reported the development of a new therapeutic cancer vaccine, TG4050. This vaccine targets head and neck squamous cell carcinoma (HNSCC) and is based on an engineered form of the vaccinia virus. TG4050 delivers 30 personalized neoantigens that are unique to each patient's tumor, stimulating the activation of an antitumor immune response.

Media and Public Awareness Regarding Immunization

Public awareness plays a crucial role in sensitizing communities about the importance of vaccines and vaccination. Immunization is the process by which a person is protected from disease through vaccination. It is one of the most successful and cost-effective public health interventions, saving millions of lives each year. According to the World Health Organization (WHO), immunization prevents approximately 4-5 million deaths annually from infectious diseases such as hepatitis, tetanus, measles, and polio.

However, globally, around 1.15 million children in the Western Pacific Region miss out on essential vaccinations. In order to address this, governments and health organizations are organizing immunization programs to ensure that all individuals, including those in rural areas, receive vaccinations. For example, in December 2022, the National Technical Advisory Group on Immunization (NTAGI) in India recommended the introduction of the human papillomavirus (HPV) vaccine into the Universal Immunization Programme (UIP), with a one-time catch-up for girls aged 9-14, followed by routine vaccination for 9-year-olds.

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 due to the human papillomavirus (HPV).

Recent times have witnessed remarkable developments and advancements in vaccine technologies to improve immunization in patients. 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 forms, the market is segmented into liquid vaccines and lyophilized vaccines. In 2024, the liquid vaccines segment is expected to account for the larger share of 78.9% of the viral vaccines market. Liquid viral vaccines are formulations containing live or weakened viruses, which serve as the primary component to induce an immune response in the body. These vaccines are typically administered via injection. The large share of this segment is attributed to factors such as ease of administration, reduced risk of errors, decreased wastage, improved patient experience, lower production costs, and enhanced stability. For instance, Bharat Biotech Ltd. (India), a manufacturer of vaccines and bio-therapeutics, offers a live attenuated rotavirus vaccine in its product portfolio. This liquid frozen vaccine contains the live rotavirus 116E strain and is used to prevent rotavirus gastroenteritis.

By Vaccine Type: In 2024, the mRNA Vaccines Segment to Dominate the Viral Vaccines Market

Based on vaccine types, 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 mRNA vaccines segment is expected to account for the largest share of 63.1% of the viral vaccines market. mRNA vaccines are a type of genetic vaccine that uses messenger RNA (mRNA) to instruct cells to produce proteins that trigger an immune response against a specific virus. The large market share of this segment is attributed to several factors, including the superior stability of mRNA vaccines compared to other types, an effective delivery system, and the use of lipid nanoparticles, which help deliver the mRNA to cells by facilitating its attachment to the cell membrane.

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

Based on approaches, 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 (or prophylactic) vaccines are designed to prevent diseases before exposure to pathogens. These vaccines stimulate the immune system to recognize and combat infectious agents, helping reduce the incidence and severity of diseases. The large market share of this segment is driven by factors such as the increasing prevalence of chronic and infectious diseases, rising public awareness about immunization, growing immunization programs, the 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, which included updates on vaccination coverage and efforts to return to pre-pandemic vaccination levels.

However, the therapeutic vaccines segment is expected to grow at the fastest CAGR during the forecast period. Therapeutic vaccines are administered to individuals already suffering from infections or diseases to help reduce symptoms and modify the course of the disease. These vaccines are primarily used to treat certain types of cancer. The growth of this segment is driven by factors such as the introduction of antiviral immunity to alter disease progression, high specificity and safety, low susceptibility to side effects, and cost-effectiveness.

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

Based on indications, the market is segmented into influenza, human papilloma virus (HPV), rotavirus, poliomyelitis (polio), hepatitis, cancer, and other indications. In 2024, the influenza segment is expected to account for the largest share of 40% of the market. The large market share of this segment is attributed to factors such as increased awareness about the importance of influenza vaccination, growing government initiatives for influenza vaccination, and the rising number of clinical trials focused on influenza vaccines.

By Route of Administration: In 2024, the Intramuscular (IM) Segment to Dominate the Viral Vaccines Market

Based on routes of administration, the market is segmented into intramuscular (IM), subcutaneous (SC), oral, and other routes of administration. In 2024, the intramuscular (IM) segment is expected to account for the largest share of 89.5% of the viral vaccines market. Intramuscular injections are administered into muscle tissue below the dermis and subcutaneous tissue. Intramuscular injections are administered into muscle tissue beneath the dermis and subcutaneous layers and are typically given at two routinely recommended sites. The large market share of this segment is attributed to factors such as its ability to produce the desired immune response, its safety and tolerability, and its use for most inactivated vaccines. In May 2023, Merck & Co., Inc. (U.S.) received approval from the U.S. Food and Drug Administration (FDA) for the intramuscular administration of its MMRV vaccine family, including M-M-RII (Measles, Mumps, and Rubella Virus Vaccine Live), VARIVAX (Varicella Virus Vaccine Live), and ProQuad (Measles, Mumps, Rubella, and Varicella Virus Vaccine Live).

By Packaging: In 2024, the Vials Segment to Dominate the Viral Vaccines Market

Based on packaging, the market is segmented into vials and prefilled syringes. In 2024, the vials segment is expected to account for a larger share of 93.2% of the viral vaccines market. Vials are small containers, typically made of plastic or glass, used to store liquid medications or powders. The large market share of this segment is driven by factors such as the protective environment vials provide, which helps maintain the stability and efficacy of vaccines by shielding them from moisture, light, and contamination. Vials also allow for visual inspection of contents before administration and feature tamper-proof packaging to prevent unauthorized access or tampering.

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 45.6% of the viral vaccines market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America’s large market share is attributed to several factors, including the presence of leading manufacturers, significant investments in R&D, strong government and regulatory support, a rising number of infections, the availability of healthcare professionals to administer vaccines, and expanding immunization programs. For instance, in March 2021, Sanofi S.A. (Italy) announced a USD 925 million investment to expand its vaccine manufacturing operations in Toronto, Canada. This investment aims to boost the supply of Sanofi’s FLUZONE High-Dose Quadrivalent influenza vaccine, enhancing its antigen and filling capacity. The new facility will also serve as an international production and distribution hub for Sanofi's high-dose seasonal influenza vaccine.

However, Asia-Pacific is slated to register the highest CAGR of 10. 2% during the forecast period. This growth is driven by factors such as the rising emergence of infectious diseases, a large patient population, increasing public awareness of vaccination, and strong governmental support for immunization. For example, in October 2023, Singapore’s Health Sciences Authority (HSA) approved the updated Spikevax vaccine from Moderna, Inc. (U.S.) for COVID-19 prevention in individuals aged 6 months and older. Additionally, in March 2022, the Government of Thailand, in collaboration with the Pediatric Infectious Disease Society of Thailand (PIDST), launched an expanded immunization program (EPI) that now includes vaccines for BCG, HB, DTwP, Hib, OPV, Rota, MMR, Live JE, Influenza, and HPV for children.

Viral Vaccines Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios and geographic presence and the key growth strategies adopted by them over the past 3–4 years. Some of the key players operating in the viral vaccines market are Pfizer Inc. (U.S.), GlaxoSmithKline plc (U.K.), AstraZeneca plc (U.K.), CSL Limited (Australia), Merck & Co., Inc. (U.S.), Sanofi (France), Sinovac Biotech Ltd. (China), Moderna, Inc. (U.S.), Valneva SE (France), Dynavax Technologies Corporation (U.S.), EMERGENT BIOSOLUTIONS INC. (U.S.), Johnson & Johnson (U.S.), Bharat Biotech Ltd. (India), and Serum Institute of India Pvt. Ltd. (India).

Viral Vaccines Industry Overview: Latest Developments from Key Industry Players

• In March 2024, Cadila Pharmaceuticals (India) launched the Cadiflu Tetra vaccine that was approved by the Drugs Controller General of India (DCGI) to be used in adults and children for protection 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: