COVID-19 Vaccine-Addressable Market is expected to reach USD 86.4 Billion by 2027
A new research report published by Fior Markets with the title COVID-19 Vaccine-Addressable Market, By Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global vaccines market before the spread of COVID-19 was valued at 47 billion in 2019 and was expected to reach USD 86.4 billion by 2027, at a CAGR of 7%. With the outbreak of novel coronavirus in December 2019, the market has tremendous potential. North America is expected to dominate the market due to presence of big players and massive investments by the companies, government, and various institutions in the research and development to come up with the COVID-19 vaccine as soon as possible. Also, as of 9th March 2020, the US has the highest number of cases amounting to 1.24 million with 30,303 deaths. The availability of advanced AI (artificial intelligence) technology helps in increasing the efficiency of the process of drug discovery and enhance the chances for drug development. A large number of clinical trials conducted in the region is expected to fuel the market growth.
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The leading players of the market include Johnson & Johnson Services, Inc, Pfizer Inc., GlaxoSmithKline plc., Serum Institute of India, Merck and Co., Sanofi, Moderna Inc., Inovio Pharmaceuticals, Inc, and BioNTech SE. In April 2020, an announcement was made by the Bill and Melinda Gates Foundation for funding companies that have potential promising vaccines. Presently, there are 115 COVID-19 vaccine candidates. The candidates who have achieved highest clinical development include Ad5-nCoV from CanSino Biologics, mRNA-1273 from Moderna, LV-SMENP-DC from Shenzhen Geno-Immune Medical Institute, and INO-4800 from Inovio.
The COVID-19 vaccines market is expected to grow tremendously with an exponential rise in the number of infected people across the globe. As per the WHO Situation Report of 9th May 2020, the total cases of COVID-19 are 3.85 million with 265,862 deaths globally. With several companies and institutions across the globe doing trials for the development of vaccine, the market has huge potential. The use of therapies which were earlier used for treating other epidemics like MERS, SARS, and H1N1, such as convalescent plasma therapy will boost the market growth. The collaborations among governments and organisations of various nations for the supply for medical equipment and essential drugs is expected to contribute to market growth.
About the report:
The global COVID-19 Vaccine-Addressable market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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