Vaccines Market (2021 - 2027) Value Will Exhibit a Nominal Uptick in 2021 as Corona Virus Outbreak Prevails as a Global Pandemic, Sys Allied Market Research

COVID-19 vaccines availability and coverage:

the vaccine market size accounted for $32.46 billion in 2019, and is expected to reach $54.15 billion by 2027, registering a CAGR of 6.6% from 2020 to 2027.

The world experienced chaos due to COVID-19 last year. More than a million lives were lost over the globe. Thus, the vaccine against this deadly virus is highly anticipated in every corner of the world. Many pharmaceutical & biotechnology companies are expecting the launch of vaccines in 2021.

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In addition, some nations have already started rolling out vaccines with candidates receiving shots in first quarter of the year. Other nations have several promising vaccines candidates which are expected to roll out in 2021.

Currently, there are approximately more than 150 vaccines that are being explored in lab experiments out. 20 vaccines have reached phase I, 16 vaccines are present in phase II, 13 have made to phase III and 2 vaccine candidate are approved and licensed for general use. Some companies with vaccines candidates in phase III trial include, AstraZeneca plc, Johnson & Johnson (Janssen) Novavax, Inc. and others. The two commercially available vaccines authorized and recommended by centers for disease control and prevention (CDC) include BNT162b2 by Pfizer, Inc., & BioNTech and mRNA-1273 by ModernaTX, Inc. In addition, countries such as India is expecting the rollout of its two indigenous COVID-19 vaccines, COVAXIN by Bharat Biotech and Covishield by Serum Institute of India (SII) in January 2021.

In addition, with COVID-19 vaccine availability, vaccine coverage is another major trend of 2021. Hence, various public and private organizations are working toward the issue. For instance, COVAX, program under which Gavi, The Vaccine Alliance, world health organization (WHO), coalition for epidemic preparedness innovations (CEPI) and United Nations children's fund UNICEF are working in partnership with developed and developing country vaccine manufacturers. Furthermore, the sole aim of the program is to work with governments and manufacturers to ensure COVID-19 vaccines are available worldwide to both higher-income and lower-income countries.

Thus, COVID-19 Vaccine availability and coverage is a great factor to watch in 2021, vaccine availability for novel corona virus will vary largely for various nation across the globe. The coverage is also an important aspect to watch for.

Drivers, restraints, and opportunities

Rise in the prevalence of infectious diseases, increase in immunization programs across the globe, and surge in R&D activities to develop new vaccine drive the growth of the global vaccine market. However, longer timelines required for vaccine production and high cost related to the development of vaccines hinder the market growth. On the other hand, growth opportunities in emerging market and rise in healthcare spending creates new prospects in the coming years.

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The recombinant vaccines & conjugate vaccines segment to maintain its dominant share during the forecast period:

Based on technology type, the recombinant vaccines & conjugate vaccines segment accounted for the highest market share, accounting for around two-fifths of the global vaccine market in 2019, and will maintain its dominant share in terms of revenue during the forecast period. In addition the segment is expected to grow at the highest CAGR of 7.7% from 2020 to 2027, owing to rise in prevalence of infectious disease and the increasing numbers of regulatory clearances.

North America to dominate the market throughout the forecast period:

Based on region, North America held the highest market share in 2019, contributing to around two-fifths of the global vaccine market in 2019. Surge in prevalence of infectious diseases such as influenza, MMR, DTP and others and surge in awareness related immunization and development of new vaccines drive the growth of the market in this province. On the other hand, the Asia-Pacific region is expected to register the largest CAGR of 8.1% during the forecast period. This is owing to presence of large untapped opportunities such as expanding healthcare budgets and increase in disposable income. In addition, rise in demand for vaccine, owing to growth in number of geriatric population further fuels the market growth.

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Leading market players:

Serum Institute of India Pvt. Ltd.
Pfizer
Johnson & Johnson
AstraZenecea plc
GlaxoSmithKline plc
Sanofi Aventis
Merck & Co., Inc.
Emergent BioSolutions Inc.
CSL Limited
Novavax, Inc.

Based on end-user, the pediatric vaccines segment accounted for nearly half of the total market revenue in 2019, and is projected to rule the roost by the end of 2027. The traveler vaccines segment, on the other hand, is anticipated to grow at the fastest CAGR of 7.3% throughout the forecast period.

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