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.
India Exhibits Fastest Growth
India is likely to exhibit the fastest growth in the Asia-Pacific region. India is among the largest manufacturer of the vaccine in the world. The country with the second-highest number of infections has propelled the demand for the covid-19 vaccine.
Factors fueling the COVID-19 vaccines market growth include increasing collaboration among the pharma companies for vaccine development and burgeoning investment by the government to ramp up vaccine production.
Covaxin and Covishield are the in-house produced vaccines in India. The introduction of immunization drives by the government and rising investments in R&D activities are the factors imposing a lucrative opportunity for market growth. Currently, only 6.89% of the population has received a single dose of the vaccine. By December 2021, 40% of the total population, and by May 2022, 60% of the populace are likely to get vaccinated.
However, the second wave of the COVID-19 virus has already hit the nation, and the active case count is much higher than the first one. With the burgeoning number of COVID-19 cases, the demand for coronavirus vaccine can upsurge. Hence, it is likely that Asia-Pacific would attain the highest CAGR in the Global Covid-19 Vaccine market over the forecast period.
Investment Made by Government and Private Firm for the Development of the Vaccine
Governments & several private firms raised significant funds to boost the COVID-19 vaccine production to curb the number of cases and avoid future virus breakout. Companies such as Moderna, Johnson & Johnson, Pfizer- BioNTech, Sanofi-GlaxoSmithKline, Novavax- AstraZeneca have received substantial funding for the vaccine development.
Besides, massive investments are also toward increased Covid-19 vaccine research. Hence, these pointers contribute to a lucrative growth of the market in the forecast years.
According to MarkNtel Advisors, the major leading players in the global COVID-19 Vaccine market are 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, etc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
A. The market size/industry size or the market value is measured in terms of USD Billion.
A. The Global COVID-19 Vaccine Market is expected to witness exponential growth during (2021-26).
A. 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 are few of the leading players in the Global COVID-19 Vaccine Market.
A. Hospitals are likely to attain the highest CAGR during the forecast period and maintain their significant market share.
A. Asia-Pacific continues to grow at the highest CAGR, offering immense opportunities for market players of the Global COVID-19 Vaccine Market.