Global vaccine market report 2024

Industry Overview - The global vaccine market in 2023 stabilized at approximately 7 billion doses, a significant decrease from 2022 due to reduced COVID-19 vaccine procurement [87] - The financial value of the global vaccine market grew by 15% CAGR over the past five years, driven by higher-priced adult vaccines in high-income countries and novel RSV vaccines [88] - COVID-19 vaccines accounted for the highest global financial value at US$20 billion, representing 27% of the total market value in 2023 [88] Manufacturing and Supply - The global vaccine market remains highly concentrated, with the top 10 manufacturers accounting for 73% of vaccine dose volumes and 85% of global financial value [89] - Manufacturers affiliated with the DCVMN sold over 50% of vaccine doses globally, representing 11% of global financial value, while IFPMA-affiliated manufacturers accounted for 85% of financial value [89] - Pfizer and the Serum Institute of India (SII) are outliers in terms of financial value and volume, with SII returning to its pre-pandemic position as the largest volume manufacturer with 22% of the global market [38][90] Vaccine-Specific Dynamics - Rotavirus vaccine volumes grew by 5% from 2022 and 29% from 2019, driven by increased demand and availability, particularly in MICs [116] - HPV vaccine volumes increased by 18% from 2022 and over 50 million doses since 2019, with a 16% CAGR, largely due to growing procurement in China [116] - Seasonal influenza vaccine volumes grew by 32% from 2019 to 2023, driven by expanded use in countries like China [107] Regional Supply Security - The WHO African and Eastern Mediterranean regions rely heavily on vaccines manufactured outside their regions, with less than 5% of vaccines procured in 2023 produced locally [3][92] - The WHO South-East Asia region self-supplied 87% of vaccines procured, with India providing 84% of the region's doses and self-supplying 99% of its own procurements [93] - The WHO Western Pacific region self-supplied 66% of vaccines procured, with China providing 54% of the region's doses and self-supplying 90% of its own procurements [93] Procurement and Pricing - Self-procuring middle-income countries (MICs) accounted for 40% of global vaccine volumes, while pooled procurement initiatives (UNICEF and PAHO) represented 36% [134] - High-income countries (HICs) dominated the financial value, representing 72% of the market's value in 2023, up from 65% in 2022 [134] - Vaccine prices remained relatively stable, with tiered pricing based on country income levels, and pooled procurement mechanisms offering lower prices [135] Regulatory Landscape - As of 2023, 34 vaccine-producing countries have reached ML 3 or higher for vaccine manufacturing, with no new countries achieving this milestone in 2023 [9][136] - The WHO collaborative registration procedure for prequalified vaccines expanded to 67 countries and one regional economic community as of August 2024 [58] - Efforts to enhance regulatory capacity in countries planning to produce vaccines are ongoing, with some achieving ML 3 for medicines regulation [10]