Global Corona Virus Vaccine Market to Surpass US$ 73.2 Billion by 2027, Says Coherent Market Insights (CMI)
SEATTLE--(BUSINESS WIRE)--Dec 23, 2020--
According to Coherent Market Insights, the global corona virus vaccine market is estimated to be valued at US$ 14.5 billion in 2021, and is expected to exhibit a CAGR of 30.9% during the forecast period (2021-2027).
Key Trends and Analysis of the Global Corona Virus Vaccine Market:
Key trends in the market include viral disease outbreaks, increasing cases of COVID-19 disease, research and development activities, funding by various government organizations, and adoption of inorganic strategies such as collaborations and agreements by market players.
The market players are focusing on rapid development of COVID-19 vaccine, in order to control the spread and combat the pandemic situation. For instance, on November 23, 2020, AstraZeneca plc, announced the positive results from the clinical trial to evaluate the safety and efficacy of AZD1222, the COVID-19 vaccine candidate, in the U.K. and Brazil. The company announced that its COVID-19 vaccine candidate AZD1222 showed efficacy of 90%, when given as half dose, followed by full dose for at least one month.
Moreover, increasing funding by various government organizations to ensure the fast development and distribution of COVID-19 vaccine is expected to drive the market growth during the forecast period. For instance, on September 23, 2020 the Centers for Disease Control and Prevention (CDC) announced that it will be providing around US$ 200 million to jurisdictions for COVID-19 vaccine preparedness.
Furthermore, adoption of inorganic growth strategies such as collaborations and agreements by market players is expected to drive the corona virus vaccine market growth. For instance, on February 18, 2020, Sanofi Pasteur, a vaccines global business unit of Sanofi S.A. announced to collaborate with Biomedical Advanced Research and Development Authority (BARDA), for the development of its novel coronavirus vaccine candidate, which has been developed using the recombinant DNA platform.
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Key Market Takeaways:
The global corona virus vaccine market is expected to exhibit a CAGR of 30.9% during the forecast period, owing to increasing adoption of inorganic growth strategies by market players. For instance, on August 07, 2020, Novavax, Inc. entered into a partnership with Takeda Pharmaceutical Company Limited for the development, manufacturing and commercialization of NVX‑CoV2373, a COVID‑19 vaccine candidate of Novavax, in Japan.
North America is expected to hold the largest share in the global market, owing to research & development activities for corona virus vaccine in the region. For instance, on April 08, 2020, Novavax, Inc., announced that it has identified a coronavirus vaccine candidate, NVX-CoV2373 and will initiate a first-in-human trial in mid-May of 2020.
- AstraZeneca plc
- Pfizer Inc.
- Sanofi S.A.
- Novavax, Inc.
- Moderna, Inc.
- Sinovac Biotech Ltd.
- Bharat Biotech International Limited
- Johnson & Johnson
- BioNTech SE
- Serum Institute of India
- Shanghai Fosun Pharmaceutical Group Co., Ltd.
- CanSino Biologics Inc.
- CureVac AG
- Cadila Healthcare Limited
- Arcturus Therapeutics Holdings Inc.
- Entos Pharmaceuticals
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Global Corona Virus Vaccine Market, By Vaccine Type:
- Inactivated Virus
- Protein Subunit
- Non-replicating Viral Vector
- Repurposed Vaccines
- RNA Vaccine
- DNA Vaccine
- Genetic Vaccines
Global Corona Virus Vaccine Market, By Region:
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
- North America
Related Market Intelligence Report:
Coronavirus Treatment Drugs Market, by Drug Class (Corticosteroids, Anti-viral, Monoclonal Antibodies, Kinase Inhibitors, and Others), by Route of Administration (Oral and Intravenous), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 – 2027
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
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CONTACT: Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights
KEYWORD: WASHINGTON UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: BIOTECHNOLOGY GENERAL HEALTH PHARMACEUTICAL HEALTH
SOURCE: Coherent Market Insights
Copyright Business Wire 2020.
PUB: 12/23/2020 09:28 AM/DISC: 12/23/2020 09:28 AM