The India vaccine market is witnessing robust growth, driven by a high prevalence of infectious diseases, increased government initiatives, and an emphasis on domestic vaccine production. Valued at INR 118.76 Billion in 2024, the market is projected to reach INR 276.03 Billion by 2034, registering a CAGR of 8.8% over the forecast period.Vaccination remains a cornerstone of public health in India, targeting diseases such as measles, influenza, hepatitis, and pneumococcal infections. The rise in awareness regarding preventive healthcare, along with government vaccination campaigns and international collaborations, is propelling the market forward.
Key Market Drivers
High Burden of Infectious Diseases: India continues to battle a significant load of infectious diseases, necessitating large-scale immunization programs.
Government Initiatives: Programs like Mission Indradhanush and expanded immunization drives are increasing vaccine adoption rates across urban and rural populations.
Local Production Capabilities: Domestic manufacturers are scaling up production, reducing dependence on imports, and enhancing affordability.
Strategic Collaborations: Partnerships between global and Indian vaccine manufacturers are accelerating the development and distribution of novel vaccines.
Market Segmentation
The India vaccine market spans human vaccines, animal vaccines, and combination vaccines, with human vaccines leading in revenue. Pediatric vaccines dominate the human vaccine segment, followed by vaccines for adults and geriatrics, reflecting the government’s strong focus on child immunization.
Competitive Landscape
The market is highly competitive, with major players driving innovation and expansion:
GlaxoSmithKline Plc – Pediatric and adult vaccines
Sanofi – Influenza and combination vaccines
Pfizer, Inc. – Pneumococcal and COVID-19 vaccines
Merck & Co. Inc. – HPV and viral vaccines
Serum Institute of India Pvt. Ltd. – Largest domestic producer, wide-ranging portfolio
Bharat Biotech International Ltd – Innovative vaccines including COVID-19 and rotavirus
Panacea Biotec, Cadila Pharmaceuticals Ltd., Human Biological Institute, Haffkine Bio-Pharmaceutical Corporation Ltd – Key contributors in the vaccine development ecosystem
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Future Outlook
The India vaccine market is expected to witness sustained growth due to expanding healthcare infrastructure, rising disposable incomes, and technological advancements in vaccine development. With strategic partnerships, increased funding, and government support, the market is poised to enhance accessibility and affordability of vaccines across the country, ultimately improving public health outcomes.