Conjugate Vaccine Market

Global Conjugate Vaccine Market Size (2024 to 2029)

The global conjugate vaccine market was valued at USD 18.03 billion in 2023. Growing at a CAGR of 16.34% from 2023 to 2028, the global conjugate vaccine market is predicted to be valued at USD 44.05 billion by 2029 from USD 21.09 billion in 2024.

A conjugate vaccine is a type of vaccine in which a weak antigen is attached along with the potent antigen already present in the vaccine. The weak antigen is commonly made of polysaccharides, but in recent times, protein/peptide and protein/protein conjugate vaccines are also being produced. The reason to attach a weak antigen as a carrier to a strong antigen is to enhance the recognition of the antigen by the immune system to prevent the disease later in life. However, sometimes only one antigen is not adequately recognized by the immune system, thus leading to the ineffectiveness of the vaccine; therefore, to avoid such a situation, a weak antigen is added, which the immune system will be strongly able to recognize, which is known as a conjugate vaccine.

MARKET DRIVERS

The growing prevalence of infectious diseases is anticipated to drive the conjugate vaccines market growth.

Every year, a considerable amount of the population suffers from infectious diseases such as meningococcal disease, pneumococcal disease, and Haemophilus influenzae type B (Hib) worldwide, and these diseases cause substantial mortalities. Conjugate vaccines effectively treat these infectious diseases, which drives the market growth.

The growing awareness among people regarding vaccination programs to prevent infectious diseases propels the conjugate vaccine market growth. The current parent generation is much more focused on vaccinating their children to protect them from infectious diseases. In addition, the rising investments by key market participants to innovate and develop effective conjugate vaccines are expected to boost the market’s growth rate. Furthermore, the growing number of initiatives around vaccination programs by governmental and non-governments is expected to fuel the conjugate vaccines market growth. For instance, healthcare organizations such as the CDC and WHO have been conducting awareness programs to promote the usage of conjugate vaccines to fight diseases such as pneumococcal disease, meningococcal disease, and Hib.

The rapid adoption of technological advancements in the R&D and manufacturing processes of vaccines is estimated to propel the conjugate vaccines market. Recombinant DNA technology is one of the advanced technologies that has helped manufacture effective conjugate vaccines. Therefore, technology penetration is expected to advance in the coming years and play a vital role in market growth.

MARKET RESTRAINTS

The complexity of the production process of conjugate vaccines and the low availability and accessibility to conjugate vaccines in remote places can restrain the market. Additionally, the rising number of side effects associated with administering conjugate vaccines is a drawback to market growth. Conjugate vaccines lead to side effects like redness and swelling, irritability, drowsiness, slight temperatures, mild soreness, etc., leading to hesitation toward the vaccine. In rare cases, even allergic reactions may occur due to the vaccines. 

Conjugate vaccines are expensive. The adoption of these vaccines is limited in developed and underdeveloped countries due to these high costs. In addition, the lack of infrastructure to store and transport vaccines, limited funding for vaccination programs, and regulatory barriers in developing countries are further inhibiting the overall market's growth rate. Furthermore, vaccine hesitancy and misinformation issues are anticipated to slightly hinder the market growth. Furthermore, the presence of stringent regulatory requirements and the competition from traditional vaccines are predicted to impede the market growth.

Impact of COVID-19 on the Global Conjugate Vaccine Market

The covid-19 pandemic has brought a crisis for many businesses and sectors worldwide. The supply and production chains were disrupted due to stringent rules of lockdowns and quarantines, making it challenging to improve sales. As a result, the world fell into an economic recession. The healthcare sector was one of the most heavily affected sectors, which faced immense pressure from a continuous influx of patients and a shortage of resources. However, the pandemic has positively impacted the conjugate vaccine market. During ongoing clinical trials for potential COVID-19 vaccines, conjugate vaccines were deployed. In addition, a conjugate vaccine intended to prevent Haemophilus influenzae type b infection is the Haemophilus influenzae type b vaccine, sometimes known as the "Hib vaccination." which was also used to develop the covid vaccine. 

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Conjugate Vaccine Market Analysis By Type

The monovalent conjugate vaccines held the largest market share in the past due to their effectiveness and availability. Additionally, the several advantages of monovalent vaccines drive the segment's growth. For example, the potential to increase antibody avidity, herd immunity, immunologic memory, and antibody persistence makes it an effective vaccination type.

However, the fact that a multivalent vaccine has more than one strand of serotypes and can counter multiple types of pneumococcal bacteria simultaneously drives the demand for the segment. As a result, there has been continuous research and investments in the multivalent segment in recent times, leading to significant growth during the forecast period. Furthermore, due to promising product innovations and the cost-effectiveness of the segment, the market has anticipated growth. 

Global Conjugate Vaccine Market Analysis By Disease Indication

The Diptheria Tetanus Pertussis (DTP) segment has dominated the market. It is expected to continue dominating due to the high prevalence of respiratory tract infections and the contagious nature of such diseases. In addition, DTP is hazardous in adults and even more so in children. Therefore, they have become one of the highly essential vaccines. 

Global Conjugate Vaccine Market Analysis By Pathogen Type

The viral conjugate vaccine segment is expected to account for the largest share during the forecast period because there is more prevalence of viral infection cases worldwide; therefore, increased demand and need for viral conjugate vaccine makes the segment grow.

The bacterial conjugate vaccines segment is also expected to have significant growth during the forecast period due to a significant increase in the cases of pneumonia, especially in the MEA region. In addition, the rising research and development around the segment also lead to market growth. For example, several clinical trials have already been used to create bioconjugates that are naturally generated in E. coli to enable the production of significant quantities of conjugates at a cost that is simpler for low-income countries to afford.

Global Conjugate Vaccine Market Analysis By Patient Stage

The pediatric conjugate vaccine segment is expected to hold the largest market share during the forecast period because infectious diseases are more common among children than adults. As a result, the pediatric segment is leading the market, with more children needing conjugate vaccine assistance.

The market for adult vaccines is expected to see comparatively lower growth due to less prevalence of diseases in adults.

REGIONAL ANALYSIS

North America dominated the global Conjugate vaccine market over the forecast period and is projected to record staggering growth during the forecast period. Factors include increasing R&D activities, high healthcare spending, and favorable reimbursement policies. In addition, the U.S. contributed the largest share in the region. Furthermore, the rising prevalence of diseases in the U.S. is boosting market growth. For instance, the risk of pneumococcal illness increased by 2.8% among individuals aged 19 to 64 in the U.S. between 2014 and 2015, according to National Health Interview Survey (NHIS) 2015 findings. Additionally, significant regional vaccine producers, such as Pfizer Inc. and others, are anticipated to increase regional market share during the forecast period.

On the other hand, the Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period due to expanding initiatives by hospitals and healthcare providers. Additionally, several national governments are concentrating on immunization initiatives to meet the demand. For instance, the Mission Indra Dhanush Immunization Program in India and the Queensland Government in Australia National Immunization Program strive to immunize children throughout their respective countries.

KEY MARKET PLAYERS:

Companies playing a notable role in the global conjugate vaccines market are Biological E, Bharat Biotech, Neuron Biotech, Novartis AG, Merck and Company, GlaxoSmithKline, PLC., Pfizer, Inc., Sanofi Pasteur, Serum Institute of India, Walvax Biotechnology, Royal (Wuxi) Bio-Pharmaceutical, and Zhifei Biologic.

Recent Market Developments

• In January 2023, The U.S. Food and Drug Administration (FDA) designated VAX-24, the Company's investigational 24-valent pneumococcal conjugate vaccine (PCV) candidate for the prevention of invasive pneumococcal disease (IPD), as a breakthrough therapy. 
• In December 2022, The Drugs Controller General of India (DCGI) permitted Biological E to produce and market a 14-valent pediatric pneumococcal conjugate vaccine. The Hyderabad-based company's vaccine candidate (investigative Pneumococcal Polysaccharide Conjugate Vaccine PCV14) is designed to protect against S. pneumoniae infection.
• In January 2023, The FDA recently declared that it had approved Pfizer's investigational pentavalent meningococcal vaccine candidate's Biologics License Application (BLA) (MenABCWY). According to the manufacturer, this pentavalent meningococcal vaccine mixes the ingredients from two meningococcal vaccines that have received official approval.

DETAILED SEGMENTATION OF THE GLOBAL CONJUGATE VACCINE MARKET INCLUDED IN THIS REPORT

This research report on the global conjugate vaccine market has been segmented and sub-segmented based on disease indication, type, patient stage, pathogen type & region.

By Type

• Monovalent
• Multivalent

By Disease Indication

• Pneumococcal
• Influenza

By Pathogen Type

• Bacterial Conjugate Vaccine
• Viral Conjugate Vaccine
• Combination (Viral and Bacterial) Conjugate Vaccine

By Patient Stage

• Pediatrics
• Adults

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa