Global COVID-19 Vaccines Market: Overview
The outbreak of coronavirus came into focus when in December 2019 WHO was been informed by China regarding a group of pneumonia cases due to an unknown cause in Wuhan city. Later, the disease started spreading to other Provinces in China and the rest of the world resulting in a pandemic. Coronavirus disease is an infectious disease. By far, almost 220 countries, territories, or areas are hit by the virus with millions of people been infected by the disease. Such a huge pandemic has severely affected all the business sectors including, healthcare, IT, travel, education, etc., thereby slowing down the global economy. To limit the spread of the disease, the government of most of the countries imposed strict lockdown and social distancing rules. To ease the global crisis, most pharmaceuticals have jumped into the race for the development of the Covid-19 vaccine in a short period.
Global COVID-19 Vaccines Market: Growth Factors
The rising prevalence of the disease is the key factor that has led to the need for the development of the covid-19 vaccine and will boost the growth of the global covid-19 vaccines market. Moreover, initiatives are taken by the government to support the pharmaceutical companies to bring vaccines to the market as early as possible as well as the development of the COVAX facility to accelerate the development & manufacture of the covid-19 vaccine. COVAX is co-led by WHO, the Coalition for Epidemic Preparedness Innovations (CEPI), & Gavi and acts as a pillar for the Access to Covid-19 Tools Accelerator. In addition to this, the Gavi Alliance also aims to work with the developing countries to guarantee the presence of a cold & supply chain as well as training to reach people with high-risk groups. Such initiatives are also contributing to the growth of the global covid-19 vaccines market. Furthermore, vaccines with 100 percent efficiencies will provide better opportunities to the global covid-19 vaccines market growth as a current covid-19 vaccine in the development process is showing 50 to 90 percent efficacy. However, the dilemma of distribution may hinder the growth of the market as some of the vaccine, such as the one developed by Pfizer requires −70oC for long term storage.
The outbreak of coronavirus disease has infected millions of people and the death rate is also high. The economically strong countries like the US, the United Kingdom, France, Germany, and Italy are severely hit by the pandemic, thereby resulting in a global crisis. Moreover, the second wave of the pandemic is also been expected to hit the population across the world. Thus, to prevent the unprecedented effects, most of the leading biopharmaceuticals are focusing on the development of the covid-19 vaccine. Currently, across the world, over 150 covid-19 vaccines are in development, and measures are been taken to bring at least a few into the market by 2021. Furthermore, vaccine developers are running trials simultaneously to meet the early demand of the vaccines. Thus, owing to all such factors, the global covid-19 vaccines market is expected to grow at a significant rate.
Global COVID-19 Vaccines Market: Segmentation
The global COVID-19 vaccines market is segmented based on type and region. Based on the vaccine type, the global COVID-19 vaccines market is further characterized into a virus-like particle (VLP), whole virus, protein, antibodies, viral vector, and mRNA/DNA.
Global COVID-19 Vaccines Market: Regional Analysis
North America is anticipated to dominate the global COVID-19 vaccine market. Considering the stats, North America is on top of the list in terms of COVID-19 cases and the number is still increasing which is expected to increase the demand for COVID-19 vaccine in this region. Furthermore, the presence of key market players such as Pfizer, Gilead, etc. in this region is expected to boost the COVID-19 vaccine market growth over the forecast period. On the other side, high populated countries in the Asia Pacific region are also in desperate demand for the COVID-19 vaccine. As COVID-19 cases in this region are increasing at a rapid pace which is expected to boost the demand for the COVID-19 vaccine over the forecast period. Furthermore, Europe is also expected to contribute a significant share into the COVID-19 vaccine market.
Global COVID-19 Vaccines Market: Competitive Players
BioNtech, Pfizer, Sanofi, Moderna, CureVac, Novartis, Novovax, Zydus Cadila, ReiThera, Takara Bio, and Anhui Zhifei Longcom are the major players in the global covid-19 vaccines market.
Global COVID-19 Vaccines Market: Regional Segment Analysis
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