North America to Dominate Coronavirus Vaccine Market Through 2026
Growing cases of
COVID-19 disease across the globe to drive the growth of global coronavirus
vaccine market by 2026.
According
to TechSci Research report, “Global Coronavirus
Vaccine Market By Infection Type (SARS-CoV-2, SARS-CoV, MERS-CoV), By
Vaccine Type (Virus Vaccine, Viral Vector Vaccine, Nucleic Acid Vaccine,
Protein Based Vaccine and Others), By Product Type (Monovalent Vaccine v/s
Multivariant Vaccine), By Route of Administration (Intramuscular, Oral,
Intranasal), By Patient Type (Adults v/s Pediatric), By End User (Hospitals,
Clinics, Research Institutes, Others), By Region, Forecast & Opportunities,
2026”, the global coronavirus vaccine market is
expected to rise in 2021 and 2022 in value terms to reach USD91325.46 million
in 2021. The global coronavirus vaccine
market is expected to grow at a robust rate during the forecast period on
account of the increasing research and development activities related to manufacture
of coronavirus vaccine by the major companies and research laboratories around
the globe. Additionally, increasing funding & grants by various governments
around the world for development of vaccine to contain coronavirus, is expected
to foster the market over the next few years. Furthermore, increasing
healthcare spending and rising need to protect the population from the outbreak
are positively impacting the growth of market.
The major challenge that will hamper the growth of
coronavirus vaccine will be the post vaccination’s side-effects. After the
administration of COVAXIN developed by Bharat Biotech International Ltd and
COVISHIELD by Serum Institute of India, swelling at the injection site, fever,
body ache, nausea, rashes, arm stiffness etc. are the common side effects post
vaccination. The efficacy rate of the coronavirus vaccine will be the deciding
factor for choosing the vaccine, the efficacy rate of SPUTNIK developed by
Gamaleya Research Institute is reported to be 91.6%, the efficacy rate of
COVISHIELD is 70.4% and that of COVAXIN is 78-81%.
Today, several COVID-19 vaccines have been approved to
administer into public. In India, COVAXIN phase II/III clinical trials for
pediatric children falling in the age group of 2-18 has begun. Medicago along
with GSK and Dynavax is developing plant based adjuvant vaccine (VIR-7831),
which is under phase III trial.
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The global coronavirus vaccine market is segmented based on infection
type, vaccine type, product type, route of administration, patient type, end
user, company, and region. Based on vaccine type, the market can be categorized
into virus vaccine, viral vector vaccine, nucleic acid vaccine, protein based
vaccine and others. The virus vaccine is expected to hold the largest market
share during forecast period since this is the most traditional method used for
the development of vaccines. While the protein based coronavirus vaccine is
expected to register the highest growth since the most of the vaccines that are
under development and have entered the clinical trials are protein based ones. Based
on patient type, the market can be bifurcated into pediatric and adult. The
adult segment is expected to dominate the market since mostly the adults
especially the geriatric population, is getting affected by the COVID-19
disease. However, in the forecast period pediatric patient type will be leading
the market.
Some of the major competitors in the market are Moderna, Inc., Johnson
& Johnson SA, Pfizer Inc., Sinopharm Group Company Ltd., AstraZeneca PLC, Serum
Institute of India Pvt Ltd., Bharat Biotech International Ltd., Sinovac Biotech
Ltd., Sanofi SA, GlaxoSmithKline PLC, Novavax, Inc., Airway Therapeutics, Inc.,
Cadila Healthcare Ltd., CanSino Biologics Inc., Mitsubishi Chemical Holdings
Corporation, Eubiologics Co. Ltd., United Biomedical Inc., Merck & Co.,
Inc., CureVac N.V., Inovio Pharmaceuticals, Inc. The companies are focusing on
extensive research and development activities to stay competitive in the
market.
The companies operating in the market are using organic strategies such
as product launches, mergers, and collaborations to boost their share. Bharat
Biotech has collaborated with the University of Wisconsin Madison and US-based
company FluGen to develop a vaccine, Coro-Flu, against COVID-19.
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“North
America is expected to dominate the coronavirus vaccine market during the forecast
period owing to the increasing R&D investments for the development of a
potential vaccine against the coronavirus in the region. Additionally,
supportive government policies & schemes are further expected to propel the
market. Furthermore, the presence of major players such as Moderna, Inc.,
Pfizer Inc., Novavax, Inc., among others, who are aggressively developing the
vaccine, is expected to create lucrative opportunities for the market growth through
2026.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Coronavirus Vaccine Market By Infection Type
(SARS-CoV-2, SARS-CoV, MERS-CoV), By Vaccine Type (Virus Vaccine, Viral Vector
Vaccine, Nucleic Acid Vaccine, Protein Based Vaccine and Others), By Product
Type (Monovalent Vaccine v/s Multivariant Vaccine), By Route of Administration
(Intramuscular, Oral, Intranasal), By Patient Type (Adults v/s Pediatric), By
End User (Hospitals, Clinics, Research Institutes, Others), By Region, Forecast
& Opportunities, 2026”, has evaluated
the future growth potential of global coronavirus vaccine market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in global coronavirus vaccine market.
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