Global Coronavirus Vaccine Market is estimated to be valued at US$ 43.9 Bn in 2023, and is expected to exhibit a CAGR of 7.4% during the forecast period (2023-2030).
Analysts’ Views on Global Coronavirus Vaccine Market :
Corona virus (COVID-19) is an infectious viral respiratory illness caused by the SARS-CoV-2 virus (severe acute respiratory syndrome). The emergence of new strains of corona virus and growing focus on immunization for increasing immunity against there new strains with booster shot which are modified for prevention against new strains, There factors are driving the market. For instance, In January 2022, Moderna, Inc., a biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines, announced that it had received the U.S. Food and Drug Administration (FDA) approval for Biologics License Application (BLA) for SPIKEVAX (COVID-19 Vaccine, mRNA) to prevent COVID-19 in individuals 18 years of age and older.
Figure 1. Global Coronavirus Vaccine Market Share (%), By Vaccine Type, 2023
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Global Coronavirus Vaccine Market – Drivers
Figure 2 Global Coronavirus Vaccine Market Share(%), By Region, 2023
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Global Coronavirus Vaccine Market - Regional Analysis
Coronavirus Vaccine Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 43.9 Bn |
Historical Data for: | 2018 to 2022 | Forecast Period: | 2023 to 2030 |
Forecast Period 2023 to 2030 CAGR: | 7.4% | 2030 Value Projection: | US$ 72.3 Bn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
Pfizer-BioNtech, AstraZeneca, Bharat Biotech., Johnson & Johnson Services, Inc, Moderna, Inc., Sinovac Biotech Ltd., Serum Institute of India Pvt. Ltd., Sanofi S.A., Novavax, Inc., Symvivo, CanSinoBIO, CureVac AG, Zydus Cadila, Arcturus Therapeutics Holdings Inc., Entos Pharmaceuticals, GlaxoSmithKline, EyeGene Inc., Arcturus Therapeutics, Takara Bio. |
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Growth Drivers: |
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Restraints & Challenges: |
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Global Coronavirus Vaccine Market – Impact of Coronavirus (COVID-19) Pandemic
Global Coronavirus Vaccine Market Segmentation
Global coronavirus vaccine market report is segmented into by vaccine type, by distribution channel, and by region.
Global Coronavirus Vaccine Market - Cross Sectional Analysis
Among vaccine type, the RNA vaccine segment is dominant during the forecast period in North America region as key players are focusing on organic strategies such as the launch of new improved vaccines. For instance, in December 2020, AstraZeneca, an multinational pharmaceutical and biotechnology company, and University of Oxford, aU.K.- based collegiate research university, launched their potential vaccine known as ChAdOx1 nCoV-19.
Global Coronavirus Vaccine Market : Key Developments
Global Coronavirus Vaccine Market : Key Trends
Rising investment from private and public players for development and distribution of vaccines
Rising investment from private and public player for development and distribution of COVID vaccine is expected to drive the market growth over the forecast period. For instance, in November 2021, Stryker Corporation, a U.S.-based multinational medical technology company, launched the Prophecy Infinity Resect-Through Guides for use in total ankle replacement surgeries. The system represents the refinement of Stryker’s industry gold standard technique, and thus, allowing surgeons to improve OR efficiency by reducing potentially time-consuming interoperative steps in a streamlined surgical process.
Global Coronavirus Vaccine Market : Restraint
Stringent regulatory conditions for approval
According to Central Drugs Standard Control Organization (CDSCO), Government of India, Drugs and Cosmetics Act, 1940 and Drugs & cosmetics Rules, 1945, and New Drugs and Clinical Trials Rules, 2019, detailed requirements and guidelines for conducting non-clinical and clinical studies and approval of new drug that includes vaccine are specified in SECOND SCHEDULE of New Drugs and Clinical Trials Rules, 2019. According to the the rules, products such as vaccines, r-DNA derived products, living modified organism (LMO), stem cell derived products, and gene therapeutic products, and others are always considered to be new drugs. For such products manufacturers are required to obtain manufacturing permission from CDSCO under the New Drugs and Clinical Trials Rules, 2019 before licensing the product under the Drugs and Cosmetics Rules, 1945.
However, Companies are focusing on increasing safety and efficacy of vaccines by increasing the research and development on vaccine.
Global Coronavirus Vaccine Market - Key Players
Major players operating in the global Coronavirus Vaccine Market include Pfizer-BioNtech, AstraZeneca, Bharat Biotech., Johnson & Johnson Services, Inc, Moderna, Inc., Sinovac Biotech Ltd., Serum Institute of India Pvt. Ltd., Sanofi S.A., Novavax, Inc., Symvivo, CanSinoBIO, CureVac AG, Zydus Cadila, Arcturus Therapeutics Holdings Inc., Entos Pharmaceuticals, GlaxoSmithKline, EyeGene Inc., Arcturus Therapeutics, Takara Bio.
Definition: Coronavirus disease (COVID-19) is an infectious disease caused by the SARS-CoV-2 virus. It is contagious and spreads quickly, and causes mild to moderate respiratory illness. The vaccine are developed to prevent the infection of COVID-19, and there are 6 types of COVID vaccine: inactivated vaccine, live-attenuated vaccine, viral vector vaccine, sub-unit vaccine, DNA vaccine, and RNA Vaccine.
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About Author
Ghanshyam Shrivastava - With over 20 years of experience in the management consulting and research, Ghanshyam Shrivastava serves as a Principal Consultant, bringing extensive expertise in biologics and biosimilars. His primary expertise lies in areas such as market entry and expansion strategy, competitive intelligence, and strategic transformation across diversified portfolio of various drugs used for different therapeutic category and APIs. He excels at identifying key challenges faced by clients and providing robust solutions to enhance their strategic decision-making capabilities. His comprehensive understanding of the market ensures valuable contributions to research reports and business decisions.
Ghanshyam is a sought-after speaker at industry conferences and contributes to various publications on pharma industry.
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