Vaccination programs save millions of lives each year globally. With more than 100 million children immunized each year, global immunization coverage has never been higher. Sources indicate that the worldwide market for vaccines is worth USD 41.4 Billion in 2021 and is estimated to reach USD 67.2 Billion in 2026 at a CAGR of 10.2% from 2021 to 2026. The key drivers driving the growth of this market are a high prevalence of diseases, rising government and nongovernment funding for vaccine development, increasing investments by companies, and increasing focus on immunization programs.

The economies of developing countries, for example, India is growing at a tremendous speed, and it is expected to grow 18% within the next decade to about USD 3 Billion by 2026. Emerging manufacturers play a critical role in the supply of vaccines of developing countries, particularly basic and some combination vaccines. 30% of UNICEF’s total procurement comes from emerging manufacturers. The decrease in vaccine prices can also be attributed to increased competition and higher production capacities for individual vaccines brought about by the entry of emerging market manufacturers, particularly in the underused vaccines market.

Vaccines World Summit 2024, for Developing Economies, aims to bring together key experts and decision-makers from vaccine manufacturers, governmental organizations, regulators, non-profit organizations, and solution providers together to aid in advancements in this industry with significantly higher collaboration.