U.S. Vaccine Market is Estimated to Witness High Growth Owing to Increasing Government Spending and Mandatory Vaccination Policies
It is estimated that the U.S. Vaccine Market is valued at US$ 26.6 billion in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.
Naufan Cmi
The U.S. Vaccine Market manufactures and markets various vaccines to prevent diseases and improve public health. The vaccines in this market help build immunity in people without causing disease. The market registers significant demand for pediatric, influenza, meningococcal, and HPV vaccines.
It is estimated that the U.S. Vaccine Market is valued at US$ 26.6 billion in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.
Key Takeaways
The U.S. Vaccine Companies are Sanofi Pasteur, GlaxoSmithKline Plc, Merck and Company Incorporated, Pfizer Incorporated, AstraZeneca plc, Boehringer Ingelheim, Bharat Biotech., BIO-MED, Serum Institute of India Pvt. Ltd., Kedrion Biopharma Inc. GlaxoSmithKline plc., Bilthoven Biologicals, Cadila Healthcare Limited, Sanofi Pasteur India Pvt Ltd, Chiron Behring Vaccines Private Ltd, Zoetis Inc., Elanco., Boehringer Ingelheim International GmbH, Indian Immunologicals Ltd, Wyeth pharmaceuticals, Berna Biotech Ltd., Novartis Vaccines Ltd, and Medimmune LLC.
The U.S. Vaccine market is witnessing high demand due to rising incidence of diseases such as measles, influenza, HPV, meningococcal disease etc. Significant rise in funding for vaccine development by the government and non-profit organizations is fueling the market growth. Increasing awareness among people regarding benefits of vaccination is another key factor augmenting demand.
Globally, the market players are focused on expanding their presence by strengthening distribution networks across developing regions of Asia Pacific and Latin America. Companies are investing heavily in R&D activities to develop new and improved vaccines, especially for cancer immunization.
Market Key Trends
The U.S. Vaccine Market Demand is the increasing focus on immuno-oncology vaccines. Several biopharmaceutical companies are developing prophylactic and therapeutic cancer vaccines targeting different cancer indications such as melanoma, prostate cancer, breast cancer etc. Ongoing clinical trials evaluating safety and efficacy of these vaccines is anticipated to bring transformational changes in cancer immunotherapy over the forecast period.
Porter's Analysis
Threat of new entrants: New entrants face high costs for vaccine R&D, clinical trials, and regulatory approvals.
Bargaining power of buyers: Individual consumers have little influence over vaccine prices due to inelastic demand for essential vaccines.
Bargaining power of suppliers: Few suppliers dominate the global vaccine market, giving them significant pricing power.
Threat of new substitutes: There are currently no substitutes for vaccines in preventing infectious diseases.
Competitive rivalry: Major vaccine producers actively compete through innovation in pathogen coverage and delivery methods.
Geographical Regions
North America accounts for the largest share of the U.S. vaccine market in terms of value, due to high healthcare expenditures and the presence of major vaccine producers. According to the Centers for Disease Control and Prevention (CDC), the U.S. spends more per capita on healthcare than any other nation.
Asia Pacific is projected to experience the fastest growth over the forecast period. Rapid economic development and increasing prioritization of public health initiatives are leading to broader vaccine access and uptake across populous nations like China and India. Population growth coupled with improving standards of living support the market expansion.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
