The Indian Vaccine Market was valued at INR 113.7 Billion in 2024 and is projected to reach INR 247.0 Billion by 2033. The market is forecasted to grow at a CAGR of 8.8% during 2025-2033, driven by increasing preventive healthcare emphasis, government immunization programs, and technological advancements. Rising public awareness and improved healthcare access continue to boost vaccine uptake across various population segments.
STUDY ASSUMPTION YEARS
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
INDIAN VACCINE MARKET KEY TAKEAWAYS
- Current Market Size: INR 113.7 Billion in 2024
- CAGR: 8.8% from 2025 to 2033
- Forecast Period: 2025-2033
- The market growth is propelled by strong government immunization initiatives like Mission Indra Dhanush and UIP.
- India supplies about 60% of the world’s vaccine requirements, with Telangana contributing nearly one-third of this output.
- Expansion in private sector vaccine production and diversification into adult and travel vaccines are notable trends.
- Technological innovations such as mRNA-based vaccines and digital health platforms like CoWIN are transforming delivery and data management.
- Strategic partnerships with WHO, UNICEF, and Gavi provide financial and outreach support enhancing market growth.
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MARKET TRENDS
Government-led vaccination programs, including Mission Indradhanush and the Universal Immunization Programme (UIP), are key drivers in expanding India’s vaccine market share. These programs enhance equitable vaccine access, particularly in underserved rural areas, targeting millions annually. Strategic alliances with global entities such as WHO, UNICEF, and Gavi bolster outreach and funding. By December 2024, over 711 million Ayushman Bharat Health Accounts (ABHA) had been created, facilitating integration of digital health records and improving vaccine tracking and cold chain logistics. The expansion of the National Immunization Schedule to include new vaccines also supports market growth.
India’s vaccine market benefits from rapid domestic production growth led by private pharmaceutical firms expanding capacity to meet global and domestic demand. India is a major global supplier, contributing about 60% of worldwide vaccines, with Telangana’s life sciences ecosystem alone accounting for nearly one-third of output. The COVID-19 pandemic accelerated investments in R&D and infrastructure, promoting advanced vaccine platforms such as mRNA-based and intranasal vaccines. Private companies diversify portfolios to include adult and travel vaccines, extending market reach and accessibility.
Technological advancements are modernizing the Indian vaccine ecosystem by improving development, delivery, and data management. Platforms like CoWIN enable efficient immunization logistics with real-time tracking, appointment scheduling, and digital certification. Emerging biotechnologies focus on next-generation vaccines using mRNA, DNA, and vector-based technologies to enhance efficacy and safety. Cold chain logistics are strengthened with IoT monitoring systems, while AI and data analytics forecast demand and optimize distribution, collectively improving vaccine reach and responsiveness.
MARKET GROWTH FACTORS
The Indian vaccine market is driven by a growing focus on preventive healthcare amid rising awareness of disease outbreaks and immunization benefits. Government and private stakeholders are prioritizing vaccination as a cost-effective public health tool. Expanded awareness campaigns, school programs, and healthcare worker outreach in rural areas bolster market growth. Increasing lifestyle and infectious diseases shift consumer preference toward immunization, supported by government policies and improved healthcare infrastructure, accelerating vaccine uptake across age and socio-economic groups.
Demographic trends also underpin sustained vaccine demand, with India’s large pediatric population ensuring routine childhood immunizations remain a healthcare priority. Simultaneously, the expanding elderly population faces increased vulnerability to diseases like influenza, pneumococcal infections, and shingles. Targeted immunization schedules for adults and geriatrics, backed by better healthcare access and urbanization, create consistent market consumption and long-term stability, encouraging development of age-specific vaccines.
Strong government support, demonstrated through increased public health budgets and digital health initiatives like Ayushman Bharat, enhances immunization accessibility and efficiency. Strategic partnerships with global organizations provide financial and technical assistance to broaden outreach and cold chain management. Continuous expansion of vaccination programs and inclusion of newer vaccines help address public health challenges, fueling sustained Indian vaccine market expansion.
MARKET SEGMENTATION
Indian Vaccine Market segmentation is categorized based on monovalent and combined vaccines.
Monovalent and Combined Vaccines Covered:
- BCG
- HIB
- Influenza
- Varicella
- Typhoid
- Japanese Encephalitis
- Measles
- Tetanus Toxoid
- Hepatitis A
- Rubella
- Diphtheria
- Tetanus, and Pertussis (DPT)
- Oral Polio Vaccine (OPV)
- MMR
- Rotavirus
- Hepatitis B
- Pneumococcal
- Meningococcal
- Rabies
- HPV
- Hexavalent
- Dengue vaccines
Description:
This segmentation highlights vaccines administered either as monovalent (single disease target) or combined formulations, covering a broad spectrum of preventable diseases. Pneumococcal vaccines dominate the market due to their critical role in preventing severe bacterial infections among vulnerable groups and their inclusion in the Universal Immunization Programme (UIP).
RECENT DEVELOPMENTS & NEWS
- November 2024: Boehringer Ingelheim launched a next-generation poultry vaccine in India for Marek’s disease, using controlled attenuation for better protection and safety.
- October 2024: PopVax secured USD 1.15 Million funding from the Bill & Melinda Gates Foundation for R&D on thermostable mRNA vaccine delivery.
- August 2024: Bharat Biotech completed late-stage trials of its oral cholera vaccine, planning global launch targeting 200 million doses annually.
- August 2024: Indian Immunologicals Ltd. developed a needle-free intra-nasal SARS-CoV-2 booster vaccine using codon deoptimization technologies.
- May 2024: The Department of Animal Husbandry & Dairying signed an MoU with the UNDP to digitalize vaccine cold chain management and improve vaccine stock management in India.
KEY PLAYERS
- GlaxoSmithKline
- Sanofi Aventis
- Serum Institute of India
- Panacea Biotec
- Pfizer
- Novartis
- VHB Lifesciences
- Zydus Cadila
- MSD
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