Key Market Indicators
India's vaccination coverage for children aged one year is projected to reach 92% by 2028, up from the current 88% in 2023. This marks an average annual growth rate of 0.7 percentage points. However, since 2005, the market has seen a decline of 0.5 percentage points annually. In 2023, India's vaccination coverage for one-year-olds stood at 96%, a rise from 94% in 2022. This represents a significant year-on-year increase of 2.1 percentage points. Since 1985, the coverage rate has grown steadily, with an average annual increase of 1.3 percentage points. India's vaccine exports are anticipated to reach approximately $960 million by 2028, up from around $820 million in 2023, reflecting an annual growth rate of 2.4%. Since 1993, India's vaccine supply has surged by an average of 4.2% per year. In 2023, India ranked seventh in global vaccine exports, with Italy leading at around $820 million. Belgium, the United Kingdom, and France occupied the second, third, and fourth positions, respectively. On the import front, India's vaccine imports are expected to grow to nearly $440 million by 2028 from about $370 million in 2023, maintaining an annual compound growth rate of 2.4%. Since 1993, the country's vaccine demand has increased by an average of 3.2% annually.
