The Vaccine Market Broke 200 Billion. Should Anyone Be Surprised?
In 2022, the global market for vaccines is estimated to reach $202.6 billion. COVID-19 vaccines represent roughly two thirds of these revenues, according to our just-published market research report The 2022 World Market for Vaccines (https://kaloramainformation.com/product/the-2022-world-market-for-vaccines/).
Should we be surprised? Even before COVID-19, there was an increasing awareness of the role of vaccines in preventing disease. While there were downsides and limiters to the market – as there are to every market, such as resistance to vaccination and supply shortages, there’s been more products, more awareness, more accessibility, better coverage and provision of vaccines in healthcare systems around the world. And now, COVID-19 vaccines are available and in demand, and boosters create an opportunity for multiple sales. Sales increased from $127.6 billion in 2021 to an estimated $202.6 billion in 2022. All but a third of that is COVID-19 sales.
The cost factor of vaccines is miniscule compared to the cost of infectious disease. And of course, there is the avoidable risk of death. Infectious diseases are some of the deadliest diseases that pose significant risk to human life. Since the advent of the pandemic, scientists around the world have stepped up research and development of preventative vaccines that will hopefully be able to combat existing and new infectious disease threats.
Through 2027, the report says growth will be fueled by favorable demographics (population growth, rising life expectancy), continued new product introductions, indication expansions for some products and rising usage, particularly in China and India. Markets outside the European and U.S. segments continue to grow, largely due to COVID-19 vaccination programs.
Competition in the market has increased over the years. Companies that compete in the vaccine market include Astra Zeneca, Pfizer, Moderna and Glaxo CSL, Johnson and Johnson, Dynavax, Inovio, Novavax, Merck & Co, Inc., Sanofi Pasteur, Bharat Biotech, and Takeda, among others.