For a long time, vaccines were viewed as a necessary but not profitable product. The COVID-19 pandemic has fundamentally changed the situation, and now the vaccine industry is a very attractive and fast-growing segment of the pharmaceutical market. The purpose of this article is to identify trends in the development of the global vaccine market before the start of the COVID-19 pandemic and at the current moment (two years after the start of the COVID-19 pandemic). The study revealed that the following changes occurred in the world vaccine market: the share of vaccines as a segment of the global pharmaceutical market has increased significantly; the main manufacturers providing a large market share have changed; China became one of the core player in the global vaccine market.