Global COVID-19 Vaccine Market Overview
With rapidly increasing cases of COVID-19 worldwide, there exists an urgent need for efficient and reliable drugs and vaccines to treat it. As of now there is no specific drug for the treatment of coronavirus outbreak. Governments across the world are engaged in an intense battle to discover a successful vaccine. Many ongoing clinical trials are analyzing potential treatments. Laboratories and pharmaceutical companies are also actively working on the potential vaccine and treatment. As per the data from WHO, a total of 102 vaccine candidates are in development and 8 have entered the human trial stage.
According to Value Market Research, the global COVID-19 Vaccine Market is expected to grow at a CAGR 20% between 2020 and 2026. In late 2019, new coronavirus SARS-CoV-2 (Severe Acute Respiratory Syndrome Coronavirus 2) infected China. The wave of infection of the SARS-CoV-2 started affecting all the prominent regions and economies across Europe, the Americas, and Asia-Pacific at a rapid pace. Furthermore, SARS-CoV-2 also known as CoVID-19 has a high transmission rate affecting a large portion of the global population. The COVID-19 pandemic has affected lives and businesses on a large scale like never before. The global economy is in the middle of its deepest recession in almost a century and a large population is forced to stay indoors.
To overcome this pandemic, many companies are entering into strategic partnerships and collaboration. For instance, GeoVax, a US-based pharmaceutical company, and BravoVax, a China-based pharmaceutical company, have declared plans regarding the development of a coronavirus vaccine based on the former's MVA-VLP vaccine platform. Major players that rule in the industry are Pfizer, BioNTech, SERUM Institute and others.
In this market research report, the market is segmented by type and region.
Analysis by Type
mRNA vaccines can be used as therapeutic vaccines, protein replacement, cancer immunotherapy, and many others. Recently, it is using in the development of the COVID-19 vaccine. Pharmaceutical companies are financing in mRNA technologies as they can combine multiple molecules into a therapeutic medicine, which is acting as another significant growth-inducing factor. Rising cases of COVID-19 across the globe is the primary factor to drive market growth.
Analysis by Region
Geographically, the market has been studied across North America, Europe. Asia Pacific, Latin America and Middle East and Africa. Among these, North America is likely to hold largest market share on account of presence of large number manufacturers followed by Europe and Asia. Rising research and development activities and rising healthcare expenditure across the globe is propel demand over the forecast period.
Market Segmentation covered in the Report:
By Type
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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