Global Coronavirus Vaccine Market, By Vaccine Type (Inactivated Virus, Protein Subunit, Non-replicating Viral Vector, Repurposed Vaccines, RNA vaccine and DNA vaccine) By Distribution Channel (Government Channel, Hospitals and Clinics, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 43.9 Billion in 2023, and is expected to exhibit a CAGR of 7.4% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on research and development activities for improving the effectiveness of coronavirus vaccine, and this is expected to drive growth of the market over the forecast period. For instance, in May 2022, CanSinoBIO, A china based multinational pharmaceutical company, announced the results of phase II b clinical trials conducted by Federal Commission for Protection against Sanitary Risks of Mexico for the Recombinant Novel Coronavirus Vaccine (Adenovirus Type 5 Vector) Convidecia in Mexico and has successfully vaccinated the first group of subjects. This study was approved by the Federal Commission for Protection against Sanitary Risks of Mexico in October 2020. The trial aims to recruit a total number of 15,000 subjects to further demonstrate the efficacy of the candidate.
Global Coronavirus Vaccine Market– Impact of Coronavirus (COVID-19) Pandemic
Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19, as pandemic on March 11, 2020.
Increasing number of COVID-19 cases is expected to support growth of the market over the forecast period. For instance, according to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 695 million cases and 6.9 million deaths due to coronavirus (COVID-19) are reported till September 29, 2023 globally.
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
Global Coronavirus Vaccine Market: Key Developments
In August 2021, U.S. Food and Drug Administration approved the first COVID 19 vaccine named mRNA based vaccine, developed by Pfizer-BioNtech, marketed under the name Comirnaty for the prevention of COVID-19 in 16 years age or older and Emergency Use Authorization (EUA) for less than 15 years old.
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.
In December 2020, AstraZeneca, a global, science-led biopharmaceutical, announced approval from U.K. Medicines and Healthcare products Regulatory Agency (MHRA) of COVID-19 Vaccine (AZD1222) for authorisation for emergency supply to prevent infection of COVID 19.
In February 2021, Ocugen, Inc., a U.S.-based biopharmaceutical company, entered into a definitive agreement with Bharat Biotech, India based global pharmaceutical and biotechnology company, announced to co-develop, supply, and commercialize COVAXIN, a COVID-19 vaccine developed by Bharat Biotech, in the U.S. market.
Browse 36 Market Data Tables and 26 Figures spread through 180 Pages and in-depth TOC on “Global Coronavirus Vaccine Market ”- Forecast to 2030, Global Coronavirus Vaccine Market , By Vaccine Type (Inactivated Virus, Protein Subunit, Non-replicating Viral Vector, Repurposed Vaccines, RNA vaccine and DNA vaccine) By Distribution Channel (Government Channel, Hospitals and Clinics and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/corona-virus-vaccines-market-4320
Key Takeaways of the Global Coronavirus Vaccine Market:
- Global coronavirus vaccine marketis expected to exhibit a CAGR of 7.4% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global Coronavirus Vaccine Market.
- Among vaccine tye, the RNA vaccine segment is expected to hold a dominant position in the global coronavirus vaccine market during the forecast period and this is attributed to the efficacy rate. According to the international cross sectional research survery conducted by Multidisciplinary Digital Publishing Institute (MDPI) published in May, 2022, A total of 2565 respondents (835 from India and 1730 from the specified countries in Europe) participated in the survey. After PSM, more than 82.5% of respondents from India positively accepted the mRNA vaccine, whereas 79.9% of respondents from Europe had a positive acceptance towards mRNA vaccine.
- Among region, North America is expected to hold dominant position in the global coronavirus vaccine market over the forecast period due toincreasing number of product launches and approvals associated with coronavirus vaccine by regulatory bodies. For instance, on December 18, 2021, Moderna, Inc., a biotechnology company, received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for mRNA-1273, COVID-19 vaccine indicated for individuals of age 18 years and above. Moreover, market players are focusing on agreements and collaborations to meet the increasing demand for COVID-19 vaccines in the region, and is expected to boost the growth of market in North America region.
- Major players operating in the global coronavirus vaccine market are 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.
