Asia-Pacific leads in vaccine development with 46% of global prophylactic trials and 31% of therapeutic trials, driven by technological innovations, strategic investments, and regional collaborations. The industry shifts from prophylactic to therapeutic applications, with mRNA and viral vector platforms, genomics, AI, and therapeutic innovations in oncology shaping the future. Challenges include vaccine equity, regulatory complexities, and public hesitancy, but strategic investments and collaborations are reshaping the sector.