Viral Vaccines Market Size, Share & Trends Analysis Report By Type (Preventive Vaccine, Therapeutic Viral), By Indication (Influenza, Human Papillomavirus, Hepatitis, Measles/Mumps/Rubella), By Route of Administration (Intramuscular and Subcutaneous Administration, Oral Administration), By Patient Type (Pediatric, Adult), By Distribution Channel (Hospitals and Retail Pharmacies, Government Suppliers) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global viral vaccines market size was valued at USD 41.7 billion in 2023 and is projected to reach USD 86.2 billion by 2032, registering a CAGR of 8.4% during the forecast period (2024-2032).

Viral vaccines are essential vaccines designed to prevent or mitigate the effects of viral infections. They work by causing the immune system to recognize and combat specific viruses, protecting against future infections. Vaccines play an important role in public health because they prevent the spread of infectious diseases and reduce the severity of virus-related illnesses.

The global viral vaccine market is characterized by a dynamic landscape driven by a growing emphasis on preventative healthcare and advancements in vaccine technology. Current research and development initiatives, the importance of immunization in disease prevention, and the response to emerging viral threats such as the COVID-19 pandemic are all key viral vaccines market drivers. Technological innovations, such as mRNA vaccine platforms, have shown the potential to transform vaccine development processes. Efforts to improve vaccine distribution and access, particularly in low- and middle-income countries, help to drive market growth, emphasizing viral vaccines' critical role in global health initiatives and pandemic preparedness.

Highlights

• Preventive Vaccines account for the largest share of the market by type.
• Influenza influenced the market growth during the forecast period indication.
• Intramuscular and Subcutaneous Administration are the most common routes of administration in the market.
• Pediatrics hold the significant market share.

Market Dynamics

Global Viral Vaccines Market Drivers:

Increasing Incidence of Viral Diseases

The rising incidence of viral diseases, particularly influenza, has been a significant driver of the global viral vaccine market. Influenza, a highly contagious respiratory illness, is a recurring public health issue with seasonal outbreaks. In response to the ongoing threat of influenza, global demand for influenza vaccines has increased dramatically. The market is driven by the need for annual vaccination campaigns to combat evolving influenza strains and protect vulnerable populations, such as the elderly and those with underlying health conditions. The World Health Organization (WHO) estimates that seasonal influenza causes 3-5 million cases of severe illness and 290,000 to 650,000 respiratory-related deaths worldwide yearly. The demand for influenza vaccines has resulted in a consistent market presence, with pharmaceutical companies investing in R&D to improve vaccine efficacy and coverage.

Furthermore, according to a January 2023 report, 64 infectious diseases were reported worldwide, affecting 235 countries and regions. As of December 2023, the World Health Organization (WHO) reported 171,991 dengue cases and 753 deaths. In August 2023, the WHO confirmed an increase in cholera cases worldwide. In September 2023, the WHO reported six laboratory-confirmed cases of Nipah virus infection, two of which were fatal, in Kerala's Kozhikode district. In August 2023, the World Health Organization declared a novel influenza A(H1N2) variant virus infection in Michigan. In addition to influenza, the global prevalence of other viral diseases, such as hepatitis, human papillomavirus (HPV), and measles, drives the development and adoption of viral vaccines. Expanding vaccination programs to combat these diseases supports the viral vaccine market trend.

Global Viral Vaccines Market Restraints:

Vaccine Hesitancy

Vaccine hesitancy, caused by concerns about vaccine safety, misinformation, or a lack of trust in healthcare systems, impedes the global viral vaccine market. Individuals' skepticism or reluctance to receive vaccinations can result in lower immunization rates, reducing the overall effectiveness of public health efforts. For example, the COVID-19 vaccine has faced vaccine hesitancy. Reasons for vaccine hesitancy include religious beliefs, fear of adverse events, not being a priority, female accessibility issues, myths about the COVID-19 vaccine, and pre-registration barriers. Only 19% expressed willingness to take the vaccine.

According to a World Bank survey, one in every five adults in 53 countries hesitated to get the COVID-19 vaccine. The highest levels were found in Eastern European and Central Asian countries, while the lowest in Latin American and Caribbean nations. Female respondents, younger adults, and those with less formal education showed higher levels of hesitancy. The estimates of COVID-19 vaccine hesitancy are greater than those reported for other vaccines. Possible explanations include that it is relatively new and employs novel technology (mRNA). The Centers for Disease Control and Prevention (CDC) reported that vaccine hesitancy and refusal contributed to low vaccination rates, allowing measles to resurface. The incident highlights the importance of vaccine confidence in preventing vaccine-preventable diseases and the potential consequences of hesitancy that undermines immunization efforts.

Global Viral Vaccines Market Opportunity:

Pandemic Preparedness and Emergency Threats

The global community's increased awareness of pandemic threats and the need for preparedness presents a significant opportunity for the viral vaccine market. The COVID-19 pandemic has demonstrated the importance of rapid response mechanisms and vaccine development to combat emerging viral threats. The COVID-19 pandemic sparked an unprecedented acceleration in vaccine development. Based on mRNA technology, the Pfizer-BioNTech and Moderna COVID-19 vaccines demonstrated exceptional efficacy and were granted emergency use authorization in record time. 

As of a recent update, the World Health Organization (WHO) reported that over 11 billion COVID-19 vaccine doses had been administered worldwide. The success of these vaccines demonstrated not only the immediate threat posed by the novel coronavirus but also the possibility of rapid vaccine development in response to emerging viral threats. This experience has fueled R&D investments, demonstrating the market's ability to adapt and innovate in the face of new challenges.

Furthermore, ongoing efforts to develop vaccines for emerging threats such as zoonotic viruses (transmitted from animals to humans) and potential future pandemics demonstrate the industry's commitment to proactive measures. According to an MDPI article from 2023, zoonotic diseases account for at least 60% of all infectious diseases. Furthermore, up to 75% of new or emerging infectious diseases are zoonotic. The opportunity is to build a robust infrastructure for rapid vaccine development, drawing on lessons learned from COVID-19 to improve global preparedness for emerging viral threats.

Regional Analysis

The global viral vaccines market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America Dominates the Global Market

North America is the most significant global viral vaccine market shareholder and is estimated to grow at a CAGR of 8.5% over the forecast period. Emerging infectious diseases pose a serious health threat worldwide, limiting growth. Furthermore, the high prevalence of infectious diseases such as hepatitis, influenza, retroviral infections, and measles will drive up vaccine demand during the forecast period. For example, as of January 1, 2023, 56 measles cases had been reported in 20 jurisdictions across the US. As of January 25, 2024, four jurisdictions had reported nine measles cases: Georgia, Missouri, New Jersey, and Pennsylvania. 

Furthermore, the use of advanced technologies in vaccine development, such as genetic engineering, has proven to be transformative in targeting new diseases. Along with this, the US government invested at least USD 31.9 billion to develop, produce, and purchase mRNA COVID-19 vaccines, with significant investments made in the three decades preceding the pandemic and continuing through March 2022. This increase in R&D expenditure in the American region impacts the market.

Asia-Pacific is anticipated to exhibit a CAGR of 8.8% over the forecast period. Asia Pacific's viral vaccines market was valued at a significant share in 2022 and is expected to remain dominant throughout the forecast period. The rising prevalence of major viral diseases such as hepatitis, HIV, HPV, COVID-19, and many others is a crucial driver of market growth. 

Additionally, the growing support of government bodies through the implementation of vaccination drives to control the incidence rate and eradicate the disease, significantly contributing to the market's growth across the region. For example, Finance Minister Nirmala Sitharaman presents the government's healthcare plans in the 2024 Interim Budget in India. Union Finance Minister Nirmala Sitharaman announced on February 1 that as part of her Interim Budget 2024, the government plans to prioritize cervical cancer vaccination for girls aged 9 to 14. Further, In November, the Japanese Ministry of Health, Labor, and Welfare (MHLW) approved ARCT-154, a self-amplifying mRNA (sa-mRNA) COVID-19 vaccine. Arcturus Therapeutics collaborates with CSL Seqirus, CSL's vaccine subsidiary, to create new mRNA vaccines for COVID-19 and influenza.

Europe had a significant market share due to increased R&D efforts for these vaccines and government spending to prevent these infectious diseases. According to an article published by the National Institutes of Health (NIH) in 2022, vaccination programs against COVID-19 infection are becoming more popular. Furthermore, it states that France, one of the world's most vaccine-hesitant countries, chose COVID-19 vaccines. The rising adoption rate among the general population will help the regional market grow.

Segmental Analysis

The global viral vaccine market share is segmented based on type, indication, route of administration, patient type, and distribution channel.

The market is further segmented by type into Preventive Vaccine and Therapeutic Viral.

Preventive Vaccines account for the largest share of the market by type. Preventive vaccines held the largest market share. Preventive vaccines stimulate an individual's immune system to recognize and defend against specific viruses, thereby preventing infection or reducing disease severity if exposed. These vaccines are given before any potential virus exposure, establishing an immune memory that protects against the pathogen when it is encountered. Preventive vaccines are critical to public health because they slow the spread of infectious diseases, promote herd immunity, and prevent outbreaks. This significant share is primarily due to an increase in the prevalence of contagious diseases, cutting-edge technology for vaccine development, increased funding from governments and international organizations, and widespread awareness of preventive care.

Therapeutic viral vaccines, also known as therapeutic or treatment vaccines, are different from preventive vaccines in that they are intended to treat people who have already been infected with a specific virus. Therapeutic viral vaccines, as opposed to preventive vaccines given before exposure, aim to stimulate the immune system to target and eliminate virus-infected cells or to control disease progression. These vaccines are commonly developed for chronic viral infections, such as HIV or hepatitis C, to improve the body's ability to manage and control the disease.

Based on indication, the market is fragmented into Influenza, Human Papillomavirus, Hepatitis, Measles/Mumps/Rubella.

Influenza influenced the market growth during the forecast period. Influenza vaccines target the viral infection caused by influenza viruses. Influenza, also known as the flu, is a highly contagious respiratory illness that can cause severe complications and even death, particularly in vulnerable populations. Influenza vaccines are intended to protect against specific influenza virus strains, with seasonal updates to account for viral mutations. Influenza vaccines are essential in preventing seasonal outbreaks and mitigating the effects of flu-related illnesses. They are recommended for people of all ages, especially those who are more likely to develop complications, such as the elderly, young children, and people with underlying health conditions.

The HPV segment focuses on vaccines that prevent infections caused by the human papillomavirus, a group of viruses linked to a variety of cancers, including cervical, anal, and oropharyngeal cancers. HPV vaccines are designed to provide immunity against both high-risk HPV strains known to cause cancer and low-risk strains that cause genital warts. 

Based on the route of administration, the market is sub-segmented into Intramuscular and Subcutaneous Administration and Oral Administration.

Intramuscular and Subcutaneous Administration are the most common routes of administration in the market.

Intramuscular and Subcutaneous Administration, This sub-segment focuses on administering viral vaccines via injection into the muscle (intramuscular) or the layer of tissue just beneath the skin. Both routes of administration ensure that the vaccine is efficiently delivered into the body, where it can stimulate an immune response. Intramuscular injections are most commonly given in the upper arm's deltoid muscle, whereas subcutaneous injections are given just beneath the skin, usually in the upper arm or thigh's fatty tissue.

The oral administration sub-segment delivers viral vaccines through the mouth, typically through oral drops or a liquid formulation. Oral vaccines are intended to elicit an immune response in the mucosal lining of the gastrointestinal tract. This method of administration is essential for specific viral infections because it mimics the natural route of exposure for some pathogens.

The market can be further bifurcated by patient type into Pediatric and adult.

Pediatrics holds a significant market share The pediatric segment held the largest share of the vaccine market. Pediatric vaccination is critical to public health efforts, as it prevents serious illnesses, complications, and the spread of infectious diseases among children. Childhood immunity protects individual health and helps build community immunity, which protects vulnerable populations. Vaccination schedules are carefully planned to address children's unique vulnerabilities and immunization requirements at various developmental stages.

Adult vaccination is critical for maintaining immunity to specific viral infections, preventing disease resurgence, and addressing age-related health risks. In addition to routine vaccinations, adult immunization may include targeted vaccines based on occupation, travel history, and underlying health conditions. Adult vaccination is an integral part of overall healthcare because it promotes individual well-being while also helping to reduce vaccine-preventable diseases in the general population.

The market is classified into Hospitals, Retail Pharmacies, and Government Suppliers based on distribution channels.

Hospitals and Retail Pharmacies command the most share in the market. The hospitals and retail pharmacies segment distributes viral vaccines through healthcare facilities such as hospitals, clinics, and retail pharmacies. Healthcare professionals administer vaccines on-site, while retail pharmacy locations sell and administer vaccines. Individuals seeking vaccinations can access this distribution channel through healthcare facilities or community pharmacies.

Hospitals and retail pharmacies are essential in making vaccines widely available to the public. Healthcare providers in hospitals administer vaccines as part of routine immunization schedules or in response to specific health events. Individuals can receive vaccines at retail pharmacies, often conveniently located in communities, without visiting a hospital. This distribution channel is critical for increasing vaccine coverage and providing community-level protection.

The government suppliers' segment distributes viral vaccines via government channels, frequently part of national or regional immunization programs. Governments obtain vaccines directly from manufacturers or through international organizations and distribute them to public health facilities, clinics, and vaccination centers. This distribution channel is common for mass vaccination campaigns and routine immunization programs.

Impact of covid-19

The COVID-19 pandemic is likely to raise the demand for the viral vaccines market, given the market's growing research and development activities. For instance, in an article published by the US National Library of Medicine in January 2021, a study was performed to study the impact of intravenous viral vaccines on clinical outcomes of patients with Acute Respiratory Distress Syndrome ARDS during the COVID-19 pandemic. 

The purpose of the study was to evaluate the effects of intravenous viral vaccines on inflammation and gas exchange in acute respiratory distress syndrome (ARDS) due to the COVID-19 pandemic. That increases the demand for viral vaccines, thus propelling the market's growth. 

Recent Developments

• February 2024- New COVID-19 sa-mRNA Results from CSL and Arcturus Therapeutics showed a longer Immunity duration than the Conventional COVID-19RNA Vaccine Booster.
• January 2024- Mitsubishi Tanabe Pharma will contribute funding to the Global Health Innovative Technology Fund's third phase, which focuses on treating infectious diseases in developing countries.
• January 2024- Dupixent® was FDA-approved as the first and only treatment indicated for children aged one year and older with eosinophilic esophagitis (EoE).