Global Coronavirus Vaccine Market, by Vaccine Type (Inactivated Virus, Protein Subunit, Non-replicating Viral Vector, Repurposed Vaccines, RNA Vaccine, and DNA Vaccine) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 38,563.2 Million in 2021, and is expected to exhibit a CAGR of 56.1% during the forecast period (2021-2028).
The increasing R&D activities of market players and clinical trials are expected to drive growth of the coronavirus vaccine market globally. For instance, on February 3, 2021, the primary analysis of the Phase III clinical trials of AstraZeneca vaccine from the U.K., Brazil, and South Africa, published as a preprint in the Lancet confirmed that COVID-19 vaccine AstraZeneca is safe and effective at preventing COVID-19, with no severe cases and no hospitalizations, for more than 22 days after the first dose. The analysis also showed the potential for the vaccine to reduce asymptomatic transmission of the virus, based on weekly swabs obtained from volunteers in the U.K. trial.
Market players are focusing on product launches and approvals, which is expected to drive the global coronavirus vaccine market growth. For instance, in January 2021, Arcturus Therapeutics Holdings Inc. received the U.S. FDA approval to proceed with Phase II study of ARCT-021 (LUNAR-COV19) vaccine candidate in the U.S.
Market players are engaged in inorganic activities such as mergers, collaborations, and acquisitions of companies, which is expected to drive growth of the coronavirus vaccine market. For instance, on February 5, 2021, GlaxoSmithKline plc and CureVac AG announced a new US$ 182.8 million collaboration, building on their existing relationship to jointly develop next generation mRNA vaccines for COVID-19.
Global Coronavirus Vaccine Market - Impact of Coronavirus (COVID – 19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. The increasing prevalence of the coronavirus infection is expected to drive the market of coronavirus vaccine market over the forecast period. For instance, according to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 146 million cases and 3.1 million deaths due to Coronavirus (COVID-19) were reported up till April 25, 2021 across the globe.
Browse 20 Market Data Tables and 26 Figures spread through 176 Pages and in-depth TOC on Global Coronavirus Vaccine Market, by Vaccine Type (Inactivated Virus, Protein Subunit, Non-replicating Viral Vector, Repurposed Vaccines, RNA Vaccine, and DNA Vaccine) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the Coronavirus Vaccine Market:
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