COVID-19 Vaccine Market

Global Covid-19 Vaccine Market Size (2023 To 2028)

The global COVID-19 vaccine market is predicted to grow at a CAGR of 7.82% between 2023 to 2028.

Covid vaccine was a therapeutic development against the spread of the deadly coronavirus (SARS-CoV-2). The virus that originated in Wuhan, China, spread to the entire globe and caused a pandemic that lasted for around 1.5 years, and its effects are still very evident. The disease that started as a simple cough and cold led to severe pneumonia symptoms, lack of breath, and death. The virus surprised the world with its deathly potential as neither the doctors nor the common populations ever fathom that they would encounter an uncurable virus currently of technological expertise. According to WHO statistics, the pandemic led to around 6,842,462 deaths worldwide. Therefore, the encounter with this new disease and its effects led to a rapid research and development process for vaccination and treatment. 

As covid-19 was a disease transmittable through the air, controlling the virus's contamination and spread had become challenging. Therefore, the prevention measures led to the sudden closure and termination of all daily activities, and countries were placed in strict lockdowns. In addition, the populations followed strict sanitization, masking, and social distancing guidelines to prevent the virus from multiplying. However, the situation took drastic turns when the death toll kept rising and the medications, hospital accommodations, and rising healthcare costs and supplies like oxygen cylinders, beds, and ventilators. Furthermore, with growing disparities among opinions and crowd discontent, the situation took a rapid turn and needed immediate assistance with vaccination. 

MARKET DRIVERS:

The need for covid-19 vaccines emerged from the desperation to curb the pandemic. In addition, the growing population with unhealthy lifestyles and geriatric populations with low immunity rates prone to contracting the disease supported the need for the market. As the virus easily spread with simple contact and air, it caused crowds chaos worldwide. The biggest drawback with the market was the inability of medical professionals to provide proper treatment and preventive vaccinations, as the disease was the first of its kind. Therefore, with the growing urgency of the vaccine, there was a sharp rise in research and development activities around the globe attempting to produce a vaccine. However, in attempts to get vaccinated, people continuously waited for a long time and took booster shots after the initial two doses to prevent the spread of the disease. 

Additionally, the increased government funding for R&D activities surrounding covid-19 led to more support for the market. Following a suggestion from the world trade organization, intellectual property protections were temporarily lifted during the pandemic. India and South Africa initiated the idea, and the American government had to agree due to the severity of the situation. This freedom led to multiple funding for major pharmaceuticals working toward developing a vaccine. Some of the most heavily funded companies were Moderna and Janessen with around $900 million; Pfizer and BioNTech, with around $800 million, Curevac with $700 million; Novavax and AstraZeneca with $500 million; Sichuan clover biopharmaceuticals with $300 million and sinopharm with $100 million. 

The rising variants of covid-19, even after the treatment of the disease and the administration of the vaccines, also support the market's growth. WHO has been tracking the variations in the SARS-Cov-2 virus to help eradicate any risk that can occur from potentially dangerous versions. To keep an eye on these varieties, the institute categorized the mutations into variants of interest (VOIs) and variants of concerns (VOCs). The Greek alphabet named the variants Alpha, Beta, Gamma, Delta, and omicron. Even though the current vaccination has proven effective despite these new variants, there have been speculations about the vaccine's efficiency leading to more R&D in the field. Therefore, the need for proper availability of relief for patients led to the market's growth. 

MARKET RESTRAINTS:

Even though the vaccination for covid-19 was highly effective, many people were strictly against using the vaccines because they either did not trust the vaccines or wanted to find ways to prevent them. In addition, as the covid novel vaccine was fast approved, many people resisted getting vaccinated and wanted to avoid any dangerous long-term effects the vaccine might have. These presumptions about the vaccine, the initial shortage of dosages, and the costs of the vaccine are drawbacks to the market. 

REPORT COVERAGE:

This research report on the global COVID-19 vaccines market has been segmented and sub-segmented into the following categories.

COVID-19 Vaccines Market - By Type:

• mRNA Vaccines
• Adenovirus vector-based vaccines
• Nanoparticle/Virus-Like Particle Vaccines
• Inactivated Vaccines
• Recombinant Protein Vaccines
• DNA Vaccines

The mRNA Vaccine segment is expected to dominate the market during the forecast period as it is considered one of the safest vaccination options. Additionally, the emergency approval vaccines by the FDA from Pfizer-BioNtech and Moderna use the mRNA formula to produce the vaccines. The mRNA-type vaccine does not enter the cell's nucleus and only exposes the virus for the body to produce antibodies. 

The viral vector vaccines are also expected to have some growth during the forecast period as it is also considered high-potential research. Companies like Janssen/Johnson & Johnson, AstraZeneca, and universities like oxford are researching this method. 

COVID-19 Vaccines Market - By Region:

• North America
• Europe
• Asia-Pacific 
• Latin America
• MEA

The North American Region is expected to dominate the market during the forecast period due to the heavy investments in several American pharmaceuticals and the role of the countries like the U.S. in controlling the covid situation. In addition, the U.S. released the emergency approval of the modern vaccine when it was first released, and the government in the Region had a significant contribution toward funding for research and development activities. Additionally, the ongoing covid-19 vaccine campaign in the U.S. supports the growth of the market in the Region. Furthermore, statistics show that over 80% of the U.S. population has taken at least one vaccination dose, and around 68% are fully vaccinated. Canada has around 92% of the population with at least a single dose, and 84% are fully vaccinated. The growing educated population's rising awareness in the Region and the highest death poll supports the market growth.

The European Region is also expected to grow during the forecast period due to the high number of cases in the Region. In addition, the growing cases in countries like Germany, France, Italy, the U.K., Russia, etc., led to the need for a market in the Region. Furthermore, the European Region became the center of the virus multiple times during the pandemic, and even after the vaccination, more than 50% of the population was affected by omicron in 2021. Therefore, the continuous requirement for support in the Region led to market growth.

The Asia-Pacific and Latin America regions were also severely impacted due to the growing cases in countries like India, China, Japan, South Korea, Brazil, Peru, Columbia, Argentina, Chile, etc. All the regions in these areas are heavily vaccinated, with mainland China being the most vaccinated Region around the world with around 91% fully vaccinated populations.

KEY MARKET PARTICIPANTS:

Pfizer/BioNtech (BNT 162), Modern Inc (mRNA-1273), Sinovac Biotech Ltd (PiCo Vacc), AstraZeneca/Oxford (AZD1222/ChAdOx1 nCov-19), Gamaleya Res Inst (Sputnik), Serum Institute of India Pvt Ltd (Covishield), Bharat Biotech International Limited (Covaxin), Sinopharm (BBIBP-CorV), Johnson & Johnson (Ad26.COV2.S), Sanofi/GSK (AS03), Zydus Cadila (ZyCoV-D), INOVIO (INO-4800), CureVac (CVnCoV) and CanSino (Ad5-nCoV) are the notable players in the global COVID-19 vaccines market.

Pfizer-BioNtech and Moderna are currently the leading companies providing covid vaccination. They were the first companies to receive approvals in the U.S., and their vaccine is the most administered among the U.S. population. However, various countries received vaccines from either their pharmaceuticals or other countries' pharmaceuticals. For example, India received vaccines covaxin from Bharat biotech international limited, covishield from the serum institute of India, and sputnik from the Russian company Gamaleya Res Inst. China used the Jhonson & johnson company vaccine. 

RECENT HAPPENINGS IN THE MARKET:

• In February 2023, the senator of the Vermont upper assembly, Bernie Sanders, questioned the pharmaceutical companies about the growing hike in the covid vaccine prices and demanded an explanation for the prices. Unfortunately, Moderna, the rising provider of covid vaccine, recently announced that the prices for the vaccine shots would be quadrupled once the company shifts to the private market. In response, the senator asked the chief of Moderna, Stéphane Bancel, to testify in the Health, Education, Labor, and Pensions (HELP) Committee regarding the ridiculous pricing. In response to this call, Moderna has agreed t keep the prices minimal for the uninsured or minimally insured populations and provide the vaccine free of cost for those with an insurance policy.
• In February 2023, it was reported that the death of a 28-year-old young Bangladeshi boy in 2021 was probably due to the vaccine. The Ministry Of Health (MOH) has speculated that the boy's death is related to a medical mishap regarding vaccine and immunization. The boy died after taking the Moderna-Spikevax COVID-19 vaccination, and the family has received $225,000 (₹1.4 crores) under the ministry's Vaccine Injury Financial Assistance Programme.
• In February 2023, as the initial dosage and uptake of the vaccine were urgent, the administration was done fast without any questioning; now that the situation has stabilized, there is a need to focus on the other effects of the vaccine. Public health experts are stressing the health alerts regarding mRNA vaccines as the number of Vaccine Adverse Event Reporting Systems (VAERS) around the states in the U.S. is on the rise. 
• In February 2023, Dr. Normal Swan, the physicist, confirmed that Australia is now ready for a 5th booster shot of covid six months after the 4rth booster shot.