The global vaccine market is expected to reach total revenues of 59.2 billion USD by 2020. This is nearly double the size of the market in 2014 ($32.2 billion), according to a survey from Zion Market Research. By 2020, the total market size for vaccines in the United States will generate $18 billion.
An increase in infectious diseases worldwide, including influenza, swine flu, hepatitis, tuberculosis, diphtheria, Ebola and meningococcal and pneumococcal diseases, is one of the main drivers of market growth.
Vaccines, also known as immunizations, inject a weakened form of a disease into a person so the body begins producing antibodies or immunity against the disease. Effective immunization has eradicated a number of diseases, like polio and smallpox, with high death rates. The U.S. Food and Drug Adminstration recently approved the first vaccine for dengue disease, the leading cause of illness among people living in the tropics and subtropics.
Vaccines can also be used after an infection occurs as a therapeutic. This kind of treatment has recently become popular for use in immuno-oncology for cancer, making up 15 percent of immunotherapies in 2014.
The vaccine market continues to show growth despite the anti-vaccine movement. In the U.S., this movement has created an atmosphere of distrust around vaccines, despite growing evidence to the safety and effectiveness of vaccines. The World Health Organization has named vaccine hesitancy as one of the top ten threats facing public health this year.
Vaccines that are administered intramuscularly dominate the global vaccine market, making up over half of global revenues in 2017. Other routes of administration include subcutaneously, oral and intravenous.
The North American global vaccine market is expected to generate over 24 billion U.S. dollars by 2024, dominating the global marketplace. Europe and Asia trail behind, projected to make $16.3 billion and $12.8 billion respectively.
Both the pediatric and adult vaccine market in the United States is expected to grow during the 2014-2024 time period. The adult vaccine market is projected to reach $11.7 billion by 2024, up from $4.4 billion in 2014. Likewise, the pediatric vaccine market will show similar growth, rising to $13.8 billion in 2024 from $6.1 billion in 2014.
Big pharma companies like GlaxoSmithKline, Merck & Co, Sanofi and Pfizer lead the global vaccine market.