The COVID-19 vaccine protects against severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) by developing an immune response against it.
As per the MarkNtel Advisors' research report, "Global COVID-19 Vaccine Market Analysis, 2021," the market is expected to witness exponential growth in the anticipated timeline. The outburst of the COVID-19 across the globe has endangered millions of lives.
According to WHO, around 2.9 million people died due to COVID-19, which has infused the strong demand for the coronavirus vaccine worldwide. The factors, such as the massive expenditure made by government & private firms toward vaccine development, increasing healthcare expenditure by the countries, and a significant rise in the number of COVID-19 patients, are backing the market growth. Moreover, surging investments in R&D activities, snowballing demand for Covid-19 vaccines, and fast approvals for vaccine trials by health agencies can also promote market growth over the forecast period.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain, Russia|
|Asia-Pacific: China, India, Japan, South Korea, Australia and Others|
|South America: Brazil, Rest of South America|
|Middle East & Africa: UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||AstraZeneca Plc, Johnson & Johnson Inc, Novavax, BioNTech, Moderna, Glaxo Smith Kline Plc, CSL Ltd., Abbott Laboratories, Daiichi Sankyo Company Ltd, Astellas Pharma Inc., Pfizer, Bharat Biotech, Serum Institute of India|
|Unit Denominations||USD Million/Billion|
Senior Citizens Acquired Significant Market Share
Based on Patient Class, Senior Citizens acquired a significant part in the Global COVID-19 Vaccine market in 2020. Due to weak immunity and a higher risk of getting severe illnesses, senior citizens are more prone to COVID-19.
Around 78% of the people aged 65 and above died due to COVID-19. Adhering to this, governments introduced various vaccination drives with priority orders that included adults of 65 years and above to be the first groups to receive COVID-19 vaccines, reveals MarkNtel Advisors' in their research report, "Global COVID-19 Vaccine Market Analysis, 2021."
Whole-microbe Approach Witnessing Rapid Growth
In terms of Vaccine Type, the Whole-microbe approach is witnessing rapid growth in the Global COVID-19 Vaccine market. The segment further fragments into Inactivated, Live Attenuated, and Viral Vector-Based COVID-19 Vaccines wherein the inactivated vaccine acquired a considerable market share.
An inactivated vaccine uses viruses that cannot replicate because the genetic material gets destroyed. It then induces a potent antibody to build immune memory so that the body can stay protected against SARS-CoV-2 in the future. Companies such as Sinovac and Sinopharm use inactivated vaccines.