Viral Vaccines Market to Hit US$64.18 Billion by 2031

The viral vaccines market is projected to reach US$64.18 billion by 2031, growing at a CAGR of 9.3%. This growth is fueled by increasing government immunization efforts, advances in vaccine technology, and rising demand for inactivated vaccines. Notable expansion is seen in the Asia-Pacific region, driven by higher healthcare expenditure and improved public awareness. This trend positively impacts global health by improving vaccine accessibility and effectiveness.

Viral vector vaccines, which use modified viruses to deliver genetic material, are expected to lead with a CAGR of 17% due to their strong immune response capabilities and scalability. The segment of lyophilized vaccines, preserved through a freeze-drying process, is projected to register the highest growth rate of 11.1% due to their improved stability and transportability, reports the research conducted by Meticulous Research. 

Preventive vaccines are set to dominate with the highest CAGR, driven by expanding immunization programs and growing public awareness. The cancer indication segment is projected to grow the fastest, with a CAGR of 24.1%, reflecting the increasing prevalence of the disease and the need for preventive solutions.

Asia-Pacific is anticipated to be the fastest-growing region in the viral vaccines market, with a CAGR of 10.2%, fueled by rising healthcare expenditure, increased immunization programs, and growing disposable incomes.

However, challenges include high vaccine development costs and long timelines, but opportunities remain in emerging markets, the development of energy-efficient ultra-low-temperature freezers, and the increasing use of adjuvants in vaccines to enhance efficacy and reduce side effects.