Latin America Vaccine Market Surpasses USD 3.68 Billion in 2024 as 65 Million Doses Administered During Regional Vaccination Week

Market Overview

The Latin America vaccine market was valued at USD 3.68 Billion in 2024 and is projected to reach USD 8.52 Billion by 2033, growing at a CAGR of 9.73% during the forecast period of 2025-2033. Growth is driven by increasing government immunization programs, rising public awareness, advancements in biotechnology, enhanced local vaccine production, better cold chain logistics, private-sector investment expansion, and higher demand for HPV, dengue, and other vaccines.

Study Assumption Years

• Base Year: 2024
• Historical Years: 2019-2024
• Forecast Period: 2025-2033

Latin America Vaccine Market Key Takeaways

• The Latin America vaccine market size reached USD 3.68 Billion in 2024.
• The market is expected to grow at a CAGR of 9.73% from 2025 to 2033.
• Market forecast projects to reach USD 8.52 Billion by 2033.
• Increasing government immunization programs and public awareness are key drivers of market expansion.
• National vaccination campaigns led by PAHO and WHO have administered over 65 million vaccine doses across 34 countries.
• Expansion of HPV and dengue vaccination programs is rising due to awareness and record dengue cases.
• Technological advancements including recombinant protein and viral vector technologies are improving vaccine development.

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Market Growth Factors

Market growth in Latin America increases because of government initiatives with vaccination programs. Governments in Latin America focus more on ensuring vaccines are accessible within national vaccination programs that the PAHO (Pan American Health Organization) and WHO (World Health Organization) run to strengthen routine immunization so they immunize against measles, polio, and influenza, among others. In the course of the 22nd VWA, from 20 to 27 April, 65 million doses were administered in 34 countries. Public-private partnering of vaccine research, production and delivery has been noted to increase vaccine coverage and demand and therefore increase the available market for vaccines.

In addition, dengue and HPV vaccine programs in Latin America are also likely to grow, with increasing popular and governmental awareness of the diseases. HPV vaccines have been added to routine vaccinations in many Latin American countries, and the most common indication for HPV vaccination is the incidence of cervical cancer in young women. Vaccination efforts have ramped up in Brazil, Mexico, and Colombia in response to rising levels of dengue. In the Americas alone, 12.6 million suspected cases of dengue in 2024 (threefold increase) include more than 10 million in Brazil. Dengue vaccines like Qdenga and Dengvaxia along with further research may be helpful for the region.

Governments and pharmaceutical companies invest in recombinant protein and viral vector technology so technology platforms develop in the region to ensure local production. In July 2024, Argentina's Sinergium Biotech announced that it is quickly moving an mRNA-based H5N1 (human avian influenza) vaccine forward with WHO and MPP. The use of big data in AI helps in speeding up the vaccine development process and in monitoring of disease outbreaks, augmenting the market growth.

Market Segmentation

• Technology Insights: Includes conjugate vaccines, inactivated and subunit vaccines, live attenuated vaccines, recombinant vaccines, toxoid vaccines, and others. These categories reflect diverse vaccine technology types contributing to market dynamics.
• Patient Type Insights: The market addresses two key patient types - pediatric and adult - encompassing vaccination needs for various age groups.
• Indication Insights: Segmentation covers bacterial diseases (meningococcal disease, pneumococcal disease, diphtheria/tetanus/pertussis (DPT), tuberculosis, Haemophilus influenzae (Hib), typhoid, and others) and viral diseases (hepatitis, influenza, HPV, measles/mumps/rubella (MMR), rotavirus, herpes zoster, varicella, Latinamericaese encephalitis, rubella, polio, rabies, dengue, and others), indicating broad disease targets for vaccination.
• Route of Administration Insights: Includes intramuscular and subcutaneous administration, oral administration, and others, representing different vaccine delivery methods.
• Product Type Insights: Comprises multivalent vaccines and monovalent vaccines, highlighting variations in vaccine formulations.
• Treatment Type Insights: Categorized into preventive vaccines and therapeutic vaccines, addressing vaccine use cases.
• End User Insights: Consists of hospitals, clinics, vaccination centers, academic and research institutes, and others, reflecting the points of vaccine administration and research.
• Distribution Channel Insights: Involves hospital pharmacies, retail pharmacies, institutional sales, and others, demonstrating the pathways for vaccine distribution.
• Country Insights: Covers major regional markets such as Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others, emphasizing geographic segmentation.

Regional Insights

Brazil, Mexico, Argentina, Colombia, Chile, and Peru are key countries analyzed within the Latin America vaccine market. Brazil notably has a significant burden of vector-borne diseases like dengue with over 10 million cases in 2024, contributing to increased vaccine demand. The region’s vaccine market is supported by governmental immunization campaigns and technological efforts for local production and distribution enhancements. These factors underpin robust market growth during the forecast period.

Recent Developments & News

In January 2025, the Pan American Health Organization (PAHO), Argentina, Pfizer, and Sinergium Biotech announced a collaboration to locally produce the 20-valent pneumococcal conjugate vaccine (PCV20), aiming to improve vaccine access in Latin America and the Caribbean with first doses expected in 2026. In September 2024, Brazil-based Beep Saude, a mobile vaccination service, raised 100 million reais ($17.64 million) from a U.S. climate-focused firm to expand its operations and enhance logistics, particularly for mosquito-borne disease vaccines. These developments illustrate strategic efforts to meet growing vaccine demands in the region.

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Key Players

• Pan American Health Organization (PAHO)
• Pfizer
• Sinergium Biotech
• Beep Saude

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