COVID-19 Vaccine Market Predicted to Reach USD 9.9 billion by 2031, Garnering -13.6% CAGR: TMR Report

The introduction of various kinds of vaccines have led to lower cases of COVID-19 infections. Proper hygiene and lifestyle have prohibited the spread of viruses, thus restricting market growth.

Wilmington, Delaware, United States, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The COVID-19 vaccine market was estimated to have acquired US$ 92.6 billion in 2021. It is anticipated to register a negative 13.6% CAGR from 2022 to 2031 and by 2031, the market is likely to reach US$ 9.9 billion.

People who have been immunized may not be completely protected against these variations since they have been known to be more transmissible and/or more susceptible to the present vaccinations. For public health officials as well as healthcare professionals, this is a serious issue since it might result in a return of the pandemic.

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To overcome this problem, previously immunized individuals may require booster injections or updated vaccines to retain protection against these new strains. This is anticipated to accelerate COVID-19 vaccine market growth in the near term.

To maintain the long-term demand for vaccinations, companies may need strong business tactics, such as marketing the advantages of coronavirus immunization for herd immunity or creating new vaccines for other infectious illnesses. Pharmaceutical businesses have profited greatly overall from the COVID-19 vaccination market. Leading companies should concentrate on distribution and inventory control while investigating market potential for coronavirus vaccines.

Global COVID-19 Vaccine Market: Key Players

Companies that operate in the global market place a lot of emphasis on tactics including product launches, divestitures, mergers and acquisitions (M&A), and collaborations to improve their market position.

Apart from this, they are also boosting and promoting the other benefits of such vaccines. The following companies are well-known participants in the global COVID-19 vaccine market:

  • Pfizer-BioNTech
  • Moderna
  • AstraZeneca
  • Johnson & Johnson
  • Sinovac
  • Sinopharm
  • Bharat Biotech
  • Serum Institute of India
  • Novavax
  • Gamaleya Research Institute
  • CanSino Biologics
  • CureVac
  • GlaxoSmithKline
  • Sanofi-GSK Other Prominent Players

Key developments in the global COVID-19 vaccine market are:

  • The FDA increased the COVID-19 vaccine's age range in August 2022. In the present, anybody 12 years of age or older can get this vaccine.
  • BioNTech and Pfizer have announced the release of their mRNA-based vaccine for COVID-19 prevention in people aged 12 and older in August 2021.
  • Moderna announced the release of its mRNA-based vaccine for COVID-19 prevention in people 12 years of age and older in May 2021.

Key Findings of Market Report

  • During the projection period, the segment of consumers over the age of 18 is projected to rule the market.
  • In the foreseeable future, the adult population is more inclined to get immunized than the younger population since adults can readily comprehend the significance of immunization.
  • The ability of mRNA vaccines to elicit an immune response has been demonstrated to be quite strong; some have effectiveness rates as high as 95%.
  • When compared to other vaccine kinds, these vaccines are comparatively simple to create.

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Market Trends for COVID-19 Vaccines

  • The COVID-19 vaccine market is expected to be led by the government entities segment during the projected period. In many nations, governments serve as the main suppliers of healthcare services. Governments frequently have the infrastructure and funding to implement widespread vaccination campaigns.
  • Governments are also frequently in charge of the procurement, distribution, as well as administration of vaccination doses. Government agencies make sure that its population has a sufficient supply of immunizations.
  • Governmental organizations have made large expenditures to increase COVID-19 vaccine manufacturing and distribution, and they have collaborated with other organizations and private businesses to make sure that their population have access to the required doses.
  • To guarantee that vulnerable groups have access to the vaccination, certain governments have developed specific initiatives. These actors altogether boost the global COVID-19 vaccine market share.
  • These mass vaccination initiatives by various governments have immunized the greater section of the population and as a result people have become immune to this virus. Factors as such are hence hindering market growth and the same trend is expected during the forecast period as well.

Global Market for COVID-19 Vaccine: Regional Outlook

Various reasons are propelling the growth of the COVID-19 vaccine market in different regions and countries. These are:

  • During the forecast period, North America is expected to lead the global market. The expansion of significant pharmaceutical businesses and the development of sophisticated healthcare infrastructure in the United States are promoting market growth. But the growth will stagger due to lower COVID-19 incidence among the population.
  • A well-established healthcare infrastructure and an increase in the availability of qualified personnel to manufacture vaccines will make Europe the second-largest regional market for COVID-19 vaccines in the coming years. The region will observe a slow growth with the declining cases of COVID-19.
  • The development of COVID-19 vaccines is receiving more government funding, and the market in Asia Pacific is being driven by the presence of the biggest vaccine producers in the world, like the Serum Institute of India and BioNTech. The region will maintain a steady pace as these players are pointing out the other benefits of the vaccines, apart from being treated for the viral disease.

Global COVID-19 Vaccine Market Segmentation

  • Vaccine Type
    • mRNA
    • Viral Vector Vaccines
      • Adenovirus Vaccines
      • Inactivated Virus Vaccines
      • Others
    • Others
  • Age Group
    • 12 to 18
    • Above 18
  • Distribution Channel
    • Government Entities
    • Hospitals and Clinics
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

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