[FURL=https://tinyurl.com/29y3vgxo]India vaccine market[/FURL] was valued at USD 118.76 billion in 2023, driven by a high burden of infectious diseases, rising strategic collaborations, and increased focus on enhancing local vaccine production capabilities. India is recognized as one of the world's largest vaccine manufacturers and suppliers, providing vaccines for both domestic and global markets. The market is projected to grow at a CAGR of 8.8% from 2024 to 2032, reaching a value of USD 278.53 billion by 2032. This growth trajectory reflects India’s expanding role in global vaccine development, production, and distribution.Market Overview
The India vaccine market is characterized by its ability to address the healthcare needs of both domestic and international populations. With widespread infectious diseases such as malaria, tuberculosis, dengue, and COVID-19, the demand for vaccines has been consistently high. India's vaccine sector is well-positioned to meet these challenges, with companies such as the Serum Institute of India, Bharat Biotech, and Biological E. Limited leading the charge in vaccine innovation and mass production.
The market is supported by government initiatives like the Universal Immunization Programme (UIP), which focuses on vaccinating children and high-risk groups against preventable diseases. Additionally, India's role as a global vaccine supplier is underscored by its significant contributions to initiatives like Gavi, the Vaccine Alliance, and the World Health Organization (WHO)'s immunization programs.
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Key Market Drivers
High Burden of Infectious Diseases: India faces a substantial burden from infectious diseases such as tuberculosis, polio, hepatitis, and more recently, COVID-19. The growing prevalence of these diseases has created a persistent demand for vaccines, with both the government and private sectors working to improve vaccine coverage and accessibility.
Strategic Collaborations: Collaborations between local manufacturers and international pharmaceutical companies have enhanced India’s vaccine capabilities. These partnerships facilitate technology transfers, research funding, and better market access, leading to faster production and distribution of vaccines on both national and global scales.
Government Initiatives: The Indian government has played a crucial role in expanding vaccine reach through initiatives like Mission Indradhanush, aimed at boosting vaccination rates among children. The government’s support in vaccine procurement and distribution has significantly impacted market growth by promoting mass immunization campaigns across the country.
Rise in Local Vaccine Production: India is known for its world-class vaccine production facilities. The Serum Institute of India, for example, is the world’s largest vaccine producer by volume. This local production not only supports India’s immunization programs but also caters to global demands, particularly in low- and middle-income countries.
India Vaccine Market : Competitor Landscape
1. GlaxoSmithKline Plc
2. Sanofi
3. Pfizer, Inc.
4. Merck & Co. Inc.
5. Serum Institute of India Pvt. Ltd.
6. Bharat Biotech International Ltd
7. Panacea Biotec