Global Vaccine MarketReport2025Insights across four topics Vaccine-specificsupply dynamicsand supply security Volumeand financial value Manufacturingand supply Procurementand pricing concentrated patterns remain stable financial value of US$66.5 billion reliance of vaccine supply account for78% of vaccine dosesandthetop 10 by financial valueaccount for84% of the total number of manufacturers per vaccine andhigh market-share concentration in twomanufacturers 13% lower than in 2023, with volumes ofCOVID-19 vaccines falling by 40% accounted for the remainingglobal volumes markets tend to be tieredacrosscountries based on their income groupHPV, PCV and Rota markets exhibit compound annual growth rate(CAGR)in volume (14% and 11% respectively)between 2019 and 2024 affiliated with the Developing CountryVaccine Manufacturers Network(DCVMN) in 2024 different products in the market ▪A total market value growth rate of>9% between 2019 and 2024 has outpaced the volume rate of 3.5%,driven by a higher-priced portfolio mixattributed to RSV, COVID-19,MenB Insights:GVMR2025Volume and financial value Global Vaccine MarketReport2025 Total marketvolumes of 7.2 billiondoses, 7% higherthan in 2023 •Market volume higher by 0.5 billiondoses from 2023, primarily due tohighuse of oral polio vaccine (OPV) in 2024 COVID-19together contribute~50% ofvolumein 2024 Total financial value ofUS$66 billion was 13%lower than in 2023 COVID-19, HPV and PCVwere the highest infinancial value US$11 billion financial value since 2019*All top 10 vaccines hadpositive growthrates from 2019 to 2024,mainly linked to expandingvolumes between 2019 and 2024 has outpaced thevolume rate of 3.5%,driven by a higher-pricedportfolio mix attributed to RSV, COVID-19,MenB Global Vaccine Market Report 2025 Volume and financial value Most vaccines did not experience notable variation,with the exceptionofCOVID-19 and OPV COVID-19Value decrease driven by volume Little change involumes andfinancial valuecompared to 2023except for theCOVID-19 decline and AMR for several vaccines (COVID-19, IIV, PCV, M-containing, Rota, Shingles, RSV andMenB) financial value of the HPV market, all fromthe private sector Measles, MR, MMR, MMRV Global Vaccine Market Report 2025 Insights:GVMR2025Manufacturing and supply More than 78% oftotal volume wasconcentrated in thetop 10 manufacturers ▪Pfizer’s share of volume decreased from 11% in 2023 to 6% in 2024.Moderna, the remaining vaccine producer with only one product (COVID-19) in theportfolio , is no longer top 10. accounting for 2-fold greater volume than thenext largest manufacturer▪The top 5 manufacturersaffiliated with DCVMN provided 55% of all volume Global Vaccine Market Report 2025 More than 84% of totalfinancial value wasconcentrated in thetop 10 manufacturers in 2023; caused Merck to swap positionswith Pfizer; Manufacturers affiliated with IFPMA were responsible for 80% of totalfinancial value, about same as in 2023 Manufacturing and supply Global vaccine marketvalue split between afew large manufacturerswith broad portfolioscovering multiple value and volume perspectives manufacturersHQ’din India and China,~60% of total volume and ~10% of totalfinancial value affiliates,~20% of global volumes and~70% of total financial value Global Vaccine Market Report 2025 Top 10 manufacturers by volume (# doses in million) or financialvalue (US$ in million) distributed to each income group in 2024 Rapid increase ofcaptured financialvalue by incomegroup segment Financial value increases rapidly byincome group… manufacturers each have relativelyhigh value in all income group HIC are IFPMA companiesHQ’edinAMR or EUR (~75%), whereas in LMICand LIC they are DCVMN companiesfrom SEAR (~90%) financial value and volume in LMICand LIC Global Vaccine Market Report 2025 Insights:GVMR2025Vaccine specific supply dynamicsand supply security High number ofmanufacturers per vaccineand high market-shareconcentration in twomanufacturers in most more global manufacturers▪In only 4 of the 20 markets the top 2 manufacturers had supply concentrationless than 50% some technologies remain concentratedamongst few manufacturers (e.g.formRNA vaccines, 95% of volume wassupplied from 2 manufacturers in 2024) Global Vaccine Market Report 2025 Vaccine procurementis highly diverse acrossdifferent regions imported from companiesHQ’din India 89% HQ’din India; concentrated marketCompaniesHQ’din theWPR regionmanufactured 74% manufactured by companiesHQ’din EUR is >50% Global Vaccine Market Report 2025 Insights:GVMR2025Procurement and pricing Instructions for “Procurement and pricing” section Important notes Country grouping reported from countries througheJRFand theMI4A initiative self-procuring):Refers to the mechanism bywhich the vaccine was purchased financial value of) vaccines purchasedthrough UNICEF by LICs / MICs▪PAHO RF: (Volume and financial value of) vials vs 1 dose vials) that can s