SEATTLE, June 23, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global coronavirus vaccine market is estimated to be valued at US$ 38,563.2 Mn in 2021 and is expected to exhibit a CAGR of 56.1% during the forecast period (2021-2028).
Key Trends and Analysis of the Global Coronavirus Vaccine Market:
Key trends in the market include development and distribution of coronavirus vaccine in emerging economies, rising number of clinical trials, increasing product launches and approvals, increasing research and development activities, and inorganic activities such as partnerships, mergers, and collaborations.
Major emerging economies such as India, China, and Brazil are rigorously working towards the development of COVID-19 vaccine, which is expected to drive growth of the global coronavirus vaccine market. For instance, on February 25, 2021, Brazil's Health Ministry announced that they signed a contract with India-based pharmaceutical company Bharat Biotech for the purchase of 20 million doses of Covid-19 vaccine Covaxin.
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Key players are actively involved in increasing their R&D activities and clinical trials, which are expected to bolster growth of the coronavirus vaccine market globally. For instance, on January 29, 2021, Johnson & Johnson announced topline efficacy and safety data from the Phase III ENSEMBLE clinical trial, demonstrating that the investigational single-dose COVID-19 vaccine in development at its Janssen Pharmaceutical Companies met all primary and key secondary endpoints. In addition, on January 29, 2021, Novavax, Inc., a biotechnology company developing next-generation vaccines for serious infectious diseases, announced that NVX-CoV2373, its protein-based COVID-19 vaccine candidate, met the primary endpoint, with a vaccine efficacy of 89.3%, in its Phase III clinical trial conducted in the United Kingdom (U.K.).
The increasing number of product approvals and launches is expected to drive growth of the market over the forecast period. For instance, on February 9, 2021, Sinovac Biotech Ltd. received conditional approval for CoronaVac use by the general public from China’s National Medical Productions Administration (NMPA), two days after filing for conditional market authorization.
Global organizations are providing funding, in order to ensure large scale distribution of COVID-19 vaccines once they are approved by the regulatory authorities. For instance, on January 6, 2021, The Department of Health and Human Services (HHS) announced a plan of action to be followed by the Centers for Disease Control and Prevention (CDC) to provide over US$ 22 billion in funding to states, localities, and territories in support of the U.S. response to the COVID-19 pandemic, as directed by the Coronavirus Response and Relief Supplemental Appropriations Act. This is expected to drive growth of the global coronavirus vaccine market over the forecast period.
However, stringent regulations by the regulatory authorities such the U.S. Food and Drug Administration (FDA) have delayed the approval and launches of vaccines for coronavirus, which is expected to hinder the market growth over the forecast period. According the U.S. Food and Drug Administration, clinical trials are evaluating investigational COVID-19 vaccines in tens of thousands of study participants to generate the scientific data and other information needed by the U.S. FDA to determine safety and effectiveness of the COVID-19 vaccine. These clinical trials are being conducted according to the rigorous standards set forth by the U.S. FDA . COVID-19 vaccines are undergoing a rigorous development process that include study of number of participants to generate the needed non-clinical, clinical, and manufacturing data. U.S. FDA will undertake a comprehensive evaluation of this information submitted by a vaccine manufacturer.
Key Market Takeaways:
Rising product launches and approvals, increasing research and development activities, inorganic activities such as mergers, partnerships and collaborations are expected to drive growth of the global coronavirus vaccine market over the forecast period. For instance, in January 2020, Merck KGaA, a science and technology company, announced the acquisition of AmpTec, a leading Hamburg, Germany-based, mRNA contract development and manufacturing organization (CDMO). The deal strengthened Merck's capabilities to develop and manufacture mRNA for its customers for use in vaccines, treatments, and diagnostics applicable in COVID-19 and other diseases.
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Competitive Landscape:
Key players operating in the global coronavirus vaccine market include Sinovac Biotech Ltd., Bharat Biotech International Limited, BioNTech SE, CanSinoBIO, CureVac AG, Zydus Cadila, AstraZeneca Plc, Arcturus Therapeutics Holdings Inc., Entos Pharmaceuticals, Symvivo, Novavax, Inc., Moderna, Inc., Johnson & Johnson, Sanofi S.A., Pfizer, Inc., and Serum Institute of India Pvt. Ltd.
Market Segmentation:
- Global Coronavirus Vaccine Market, By Vaccine Type:
- Inactivated Virus
- Protein Subunit
- Non-replicating Viral Vector
- Repurposed Vaccines
- RNA Vaccine
- DNA Vaccine
- Global Coronavirus Vaccine Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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Read more: https://www.coherentmarketinsights.com/market-insight/coronavirus-treatment-drugs-market-4312
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