Vaccines help prevent contagious and life-threatening diseases by priming the immune system. The U.S. vaccine market comprises various types of vaccines including childhood vaccines, adult vaccines, travel vaccines, and other novel vaccines. The vaccines market is driven by rising government immunization programs and healthcare policies supporting immunization.
The U.S. vaccine market is estimated to be valued at US$ 12 billion in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2020-2024.
Key Takeaways
Key players operating in the U.S. Vaccine Market Size are Pfizer, Merck, Sanofi Pasteur, GlaxoSmithKline, and AstraZeneca. These players collectively account for over 50% share of the market. Pfizer’s Prevnar 13 and Pneumovax 23, Merck’s Gardasil and Proquad vaccines are some of the blockbuster vaccines in the U.S..
Vaccine demand has been rising steadily driven by growing awareness about vaccine-preventable diseases and benefits of immunization. Rising concerns over public health threats from diseases such as influenza, measles, and polio are driving large scale immunization programs in the country. Government vaccination mandates and recommendations by healthcare agencies have further boosted the demand over the past decade.
Advancements in vaccine technologies including recombinant DNA, genomics, and systems biology have facilitated development of vaccines against complex diseases such as HIV/AIDS and influenza. Increased R&D investments are allowing more robust and efficacious vaccine designs against entrenched and new diseases alike.
Market Trends
Combination vaccines which provide protection against multiple viral and bacterial agents in a single inoculation are gaining traction backed by the ease of immunization. Combination DTaP-IPV-Hib and MMRV vaccines are commonly adopted for childhood immunization programs in the U.S.
Growing focus on Universal Immunization Programs by Healthcare Policymakers is a key trend. Federal vaccination mandates and recommendations for citizens across all ages are designed to curb outbreaks of vaccine-preventable diseases nationally.
Market Opportunities
Rising demand for adult and travel vaccines represents a key opportunity. Adult vaccines such as pneumococcal, shingles and influenza vaccines contribute a third of the total U.S. market value. Growing rates of international travel from the U.S. are driving demand for travel vaccines as well.
New vaccine development for infectious diseases like HIV/AIDS, universal influenza, respiratory syncytial virus (RSV) presents a multi-billion dollar commercial opportunity over the next decade. Success in any of these indications could dwarf blockbuster medicines.
Impact of COVID-19 on U.S. Vaccine Market
The COVID-19 pandemic has greatly impacted the U.S. vaccine market. During the pre-COVID period, the market was growing steadily at a CAGR of 5.7% due to increasing demand for new vaccines. However, in 2020, the demand skyrocketed as vaccine makers raced to develop a vaccine against the novel coronavirus. Vaccine makers ramped up production capacity and invested heavily in Research and Development. Several potential vaccines entered phases 1, 2 and 3 clinical trials at a record pace to evaluate safety and efficacy.
The U.S. Vaccine Market Size and Trends offered financial assistance running into billions of dollars to front-runners like Moderna and Pfizer to help accelerate vaccine development, clinical trials and manufacturing. In late 2020 and early 2021, the FDA granted Emergency Use Authorization to Pfizer and Moderna vaccines paving the way for a massive vaccination drive. Also new viral vector and protein-based vaccines entered the market from J&J, AstraZeneca and Novavax. However, supply remained constrained for months due to the complexity of manufacturing such a large number of doses in a short period of time.
Looking forward, the U.S. vaccine market is expected to grow steadily during the forecast period of 2022-2028. Manufacturers will focus on increasing production capacity to meet regular demand as well as prepare for potential booster drives. They will also diversify their product portfolios by developing variant-specific formulations and multivalent vaccines. However, uncertainties remain around new variants and waning immunity necessitating an annual vaccination program in the long run.
California accounts for the largest share of the U.S. vaccine market in terms of value. The state has a large population along with high healthcare expenditures per capita which drives the demand for new and innovative vaccines. It is also home to many leading vaccine makers like Pfizer, GlaxoSmithKline and Merck which cater to domestic as well as global demand from their California facilities.
Texas has emerged as the fastest growing region for the U.S. vaccine market recently. It is experiencing an increase in healthcare investments as well as a growing, young population. Additionally, the presence of several mid-sized pharmaceutical companies and clinical research organizations in cities like Houston support vaccine clinical trials and market growth. The state collaborated extensively with HHS and federal agencies during the COVID-19 pandemic related vaccination programs.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)