CORONAVIRUS VACCINE MARKET ANALYSIS

Global Coronavirus Vaccine Market  is estimated to be valued at US$ 43.9 Bn in 2023, and is expected to exhibit a CAGR of 7.4% during the forecast period (2023-2030).

Analysts’ Views on Global Coronavirus Vaccine Market :

Corona virus (COVID-19) is an infectious viral respiratory illness caused by the SARS-CoV-2 virus (severe acute respiratory syndrome). The emergence of new strains of corona virus and growing focus on immunization for increasing immunity against there new strains with booster shot which are modified for prevention against new strains, There factors are driving the market. For instance,  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.

Figure 1. Global Coronavirus Vaccine Market  Share (%), By Vaccine Type, 2023

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Global Coronavirus Vaccine Market  – Drivers

• Increasing number of R&D activities and clinical trials: Increasing number of research and development activities by the market players for improving the effectiveness of coronavirus vaccine to prevent against new variants of corona virus and omicron virus  is expected to drive growth of the market over the forecast period. For instance, on August 17, 2023, World Helath Organization (WHO) declared BA.2.86 and EG.5 which are variant of COVID-19 under circulating variants of interest (VOIs) and published risks associated with them as per data received from GISAID organization, the Global Initiative on Sharing All Influenza Data, 7354 sequences of EG.5 have been submitted EG.5 can spread globally, and contribute to increasing case incidence, and several countries with rising EG.5 prevalence witnessed increase in cases and hospitalizations.
• Increasing investment in research and development by government bodies: Increasing investment in research and development by government bodies is expected to boost demand for coronavirus vaccine, and thus, is expected to drive the global coronavirus vaccine market  growth. For instance, on March 31, 2022,  according to the article ‘U.S. public investment in development of mRNA covid-19 vaccines: retrospective cohort study’ published by National Instituite of Health (NIH), around 34 researchs were granted for funding by U.S. government grants association and the funding contracts totaled the cost of US$ 31.9bn.

Figure 2 Global Coronavirus Vaccine Market Share(%), By Region, 2023

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Global Coronavirus Vaccine Market  - Regional Analysis

• Among region, North America is expected to hold dominant position in the global coronavirus vaccine market over the forecast period due to increasing 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, a COVID-19 vaccine that is indicated for preventing COVID-19 in individuals of age of 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 this is expected to boost the coronavirus vaccine market growth in North America region. For instance, on February 02, 2021, Ocugen, Inc., a U.S.-based biopharmaceutical company, entered into a definitive agreement with Bharat Biotech, a Inida based global pharmaceutical company, to co-develop, supply, and commercialize COVAXIN, a COVID-19 vaccine developed by Bharat Biotech, in the U.S. market.
• Market players are focusing on obtaining approval for COVID-19 vaccine from regulatory authorities, and this is expected to drive the market growth in Europe region over the forecast period. For instance, on March 18, 2020, Pfizer Inc. and BioNTech SE, A collaboration of two U.S. based multinational pharmaceutical company, announced receiving of conditional marketing authorization (CMA) from the European Commission (EC) for COMIRNATY, a COVID-19 vaccine. On January 6, 2021, Moderna, Inc., a global pharmaceutical company, received conditional marketing authorization (CMA) from the European Commission for the COVID-19 vaccine namedModerna.

Global Coronavirus Vaccine Market – Impact of Coronavirus (COVID-19) Pandemic

• Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.
• COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others afaced problems regarding transportation of things from one place to another.
• However, the COVID-19 pandemic had positive impact on the global coronavirus vaccine market , owing to 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.

Global Coronavirus Vaccine Market  Segmentation

Global coronavirus vaccine market  report is segmented into by vaccine type, by distribution channel, and by region.

• By Vaccine Type, the market is segmented into inactivated virus, protein subunit, non-replicating viral vector, repurposed vaccines, RNA vaccine, and DNA vaccine. Out of which, the RNA vaccine segment is expected to hold a dominant position in the market during the forecast period due to safety and efficacy of vaccine.
• By Distribution Channel, the market is segmented into government channel, hospitals and clinics, and others. Out of which,  government channel segment is expected to dominate the market over the forecast period due to gorvenment initiatives and investments.
• Based on Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Out of which, North America holds the dominant position due to number of COVID cases in North America.
• Among all the segmentation, the vaccine type’s RNA vaccine segment is expected to dominate the market over the forecast period due to  increased adoption of mRNA based vaccine as it has more efficacy than other vaccine available.

Global Coronavirus Vaccine Market  - Cross Sectional Analysis

Among vaccine type, the RNA vaccine segment is dominant during the forecast period in North America region as key players are focusing on organic strategies such as the launch of new improved vaccines. For instance, in December 2020, AstraZeneca, an multinational pharmaceutical and biotechnology company, and University of Oxford, aU.K.- based collegiate research university, launched their potential vaccine known as ChAdOx1 nCoV-19.

Global Coronavirus Vaccine Market  : Key Developments

• In August 2023, CureVac SE, a global biopharmaceutical company, announced first dosing of participant in phase 2 study of modified COVID-19 mRNA vaccine developed in collaboration with GSK, a global biopharmaceutical company. The Phase 2 study will evaluate safety, reactogenicity and immune responses of single booster doses of two modified mRNA COVID-19 vaccine candidates. The CV0601, encodes the spike protein of the omicron BA.4-5 variant.
• In Novermber 2022, Sanofi, an innovative global healthcare company, and GSK, a global biopharmaceutical company, announced that it had received approval from European Medicines Agency’s Committee for VidPrevtyn Beta as a booster for the prevention of COVID-19 in adults of 18 years of age and older. VidPrevtyn Beta is indicated as a booster for active immunization against SARS_CoV_2 in adults who have previously received an mRNA or adenoviral COVID vaccine.
• In April 2022, Arcturus Therapeutics Holdings Inc, a leading clinical-stage messenger RNA medicines company, announced data from an ongoing Phase 1/2/3 trial evaluating ARCT-154, Arcturus’ self-amplifying mRNA vaccine candidate against COVID-19 disease caused by the SARS-CoV-2 virus. Two 5-mcg doses of ARCT-154 demonstrated 55% vaccine efficacy for protection against COVID-19.
• In August 2021, Zydus Cadilla, a India- based multinational pharmaceutical company, received emergency use authorization (EUA) approval from Drug Controller General of India (DCGI) for ZyCoV-D,a DNA based vaccine for COVID-19 that can be administered in humans including children and adults of 12 years of age and above.  It is developed in partnership with the Department of Biotechnology, Government of India under the ‘Mission COVID Suraksha’.

Global Coronavirus Vaccine Market  : Key Trends

Rising investment from private and public players for development and distribution of vaccines

Rising investment from private and public player for development and distribution of COVID vaccine is expected to drive the market growth over the forecast period. For instance, in November 2021, Stryker Corporation, a U.S.-based multinational medical technology company, launched the Prophecy Infinity Resect-Through Guides for use in total ankle replacement surgeries. The system represents the refinement of Stryker’s industry gold standard technique, and thus, allowing surgeons to improve OR efficiency by reducing potentially time-consuming interoperative steps in a streamlined surgical process.

Global Coronavirus Vaccine Market  : Restraint

Stringent regulatory conditions for approval

According to Central Drugs Standard Control Organization (CDSCO), Government of India, Drugs and Cosmetics Act, 1940 and Drugs & cosmetics Rules, 1945, and New Drugs and Clinical Trials Rules, 2019, detailed requirements and guidelines for conducting non-clinical and clinical studies and approval of new drug that includes vaccine are specified in SECOND SCHEDULE of New Drugs and Clinical Trials Rules, 2019. According to the the rules, products such as vaccines, r-DNA derived products, living modified organism (LMO), stem cell derived products, and gene therapeutic products, and others are always considered to be new drugs. For such products manufacturers are required to obtain manufacturing permission from CDSCO under the New Drugs and Clinical Trials Rules, 2019 before licensing the product under the Drugs and Cosmetics Rules, 1945.

However, Companies are focusing on increasing safety and efficacy of vaccines by increasing the research and development on vaccine.

Global Coronavirus Vaccine Market  - Key Players

Major players operating in the global Coronavirus Vaccine Market  include 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, GlaxoSmithKline, EyeGene Inc., Arcturus Therapeutics, Takara Bio.

Definition: Coronavirus disease (COVID-19) is an infectious disease caused by the SARS-CoV-2 virus. It is contagious and spreads quickly, and causes mild to moderate respiratory illness. The vaccine are developed to prevent the infection of COVID-19, and there are 6 types of COVID vaccine: inactivated vaccine, live-attenuated vaccine, viral vector vaccine, sub-unit vaccine, DNA vaccine, and RNA Vaccine.