Increasing Prevalence of Covid-19 Cases is anticipated to boost the Vaccines Market during the forecast period 2019-2025. Vaccines Market size is estimated to be $39,444 Million in 2019, growing at a CAGR of 8.4% during the forecast period 2020-2025.
The Vaccines Market is growing at a significant rate owing to the increasing prevalence of covid-19 cases around the world. According to the World Health, there is about 62 million confirmed cases of covid-19 in November 2020, including 1 million deaths. Therefore, an increase in the covid-19 cases has increased the demand of vaccine development which in turn is projected to increase its overall market growth.
Increasing number of people suffering from covid-19 is a significant factor driving the Vaccines market during the forecast period 2020-2025. Hence, the pharmaceutical companies are adopting different strategies to overcome this situation and accelerate the development of vaccines. For instance, in February 2020 Zydus Cadila, an innovation driven global pharmaceutical company announced that it has initiated an accelerated research programme with multiple teams in India and Europe to develop a vaccine for the novel coronavirus, 2019-nCov based on two approaches. The first approach deals with the development of a DNA vaccine against the major viral membrane protein responsible for the cell entry of the novel coronavirus, now called covid-19. The plasmid DNA would be introduced into the host cells, where it would be translated into the viral protein and elicit a strong immune medicated by the cellular and humoral arms of the human immune system, which play a vital role in protection from diseases as well as viral clearance. The second approach deals with the development of live attenuated measles virus vectored vaccine against covid-19. The recombinant measles virus (rMV) produced by reverse genetics would express codon-optimised proteins of the novel coronavirus and would induce long-term specific neutralizing antibodies, which would provide protection from the infection. Therefore, the increasing developments by the key players is a vital factor contributing to its market growth.
North America accounted for a major share of vaccines market owing to the technological advancements and stringent regulation regarding vaccines safety in that region. For instance, U.S. has one of the worlds most advanced vaccine safety tracking system. The U.S. Department of Defense (DoD) and the U.S. Veterans Affairs Department (VA) have systems for monitoring the vaccine safety and conducting research on vaccine safety. Moreover, all 50 states in U.S. mandate children immunization and enrollment in public schools. However, depending on the state, different exemptions are available. All states have exemption for people with medical vaccine contradiction and all states with the exception of California, West Virgina and Mississippi which further allows religious exemptions, while eighteen states allows parents to quote personal, conscientious, physiological or other objections. Therefore, the rising initiatives by government bodies to provide immunization to the people in U.S. is a vital factor up surging the regional market growth.
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Vaccines Market Growth Drivers:
- Increased Government Funding:
Increased funding by various government bodies to accelerate the development of covid-19 vaccine is a significant factor driving the Vaccines market in the upcoming years. For instance, in June 2020, the Federal Ministry of Education and Research announced a special funding program providing up to $885 million to accelerate the development of vaccines against SARS-CoV-2, the virus that causes covid-19.
- Different Strategies Adopted by the Major Players with An aim to develop new Product:
Different strategies adopted by the key players including collaboration and acquisition is a vital factor driving the Vaccines market during the forecast period 2020-2025. For instance, in April 2020 Dynavax collaborated with Sinovac. This collaboration would combine Dynavax’s CpG 1018, the adjuvant contained in U.S. FDA approved heplisav-B vaccine, with Sinovac’s chemically inactivated coronavirus vaccine candidate.
- Increasing Government Initiatives for Immunization:
Increasing government initiatives for immunization is a vital factor contributing to its market growth. For instance, in 2018 Argentina approved a new law, 22.909 that declares vaccination as a national interest and understands immunization as a social good. It states that “vaccination is of national interest and we understand that research epidemiological surveillance, decision making based on evidence, acquisition, storage, distribution and provision of vaccines, ensuring the cold chain as well as production, is highly important. Vaccines and their application are free of cost and mandatory for everyone. People travelling to Argentina needs to gets tetanus, hepatitis B and typhoid in order to prevent the disease.
The Major Players in this Market Include
The major companies in the Vaccines Market include Serum Institute Of India Pvt. Ltd, Mitsubishi Tanabe Pharma Corporation, Johnson & Johnson, CSL Limited, Emergent Biosolutions Inc., AstraZeneca, GlaxoSmithKline, Sanofi, Merck & Co Inc., and Pfizer Inc.
Over the years manufactures are mainly focused on developing vaccines in order to prevent various bacterial and viral disease. Apart from this, the continuous research and developments by the key players to develop a vaccine for covid-19 is a major factor driving the Vaccines Market during the forecast period 2020-2025. With the increase in covid-19 cases there is an increase in the demand of vaccines around the world which in turn has compelled pharmaceutical companies to accelerate their development of vaccines which in turn is fostering its market growth.
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