The outbreak of the COVID-19 virus came to light at end of 2019 when informed by China. It was reported as a group of pneumonia cases initially that was hard to treat. Later due to the spread of the disease, it resulted in pandemics very soon. Coronavirus is a contagious disease that is also mutating automatically in different variants. So far, around 220 nations have contracted the virus and many people have died. Thus, the pandemic has badly affected the economy and the business all over the world like education, IT, and healthcare reducing the demand in the global market. The government has also imposed regulations like social distancing, curfews, and lockdown.
The outbreak of the pandemic and the increasing number of people getting affected by it is the leading factor that drives the demand in the global COVID-19 vaccines market. In addition, the governments of several countries are supporting the research companies and manufacturers to launch effective vaccines in the market for administration as soon as possible. This collaboration emerged as support to Access to COVID-19 Tools Accelerators. Moreover, companies like GAVI Alliance targets developing nations to assure a smooth supply chain and training to reach out to the high-risk groups of people as early as possible. These are also the contributing initiatives bolstering the growth in the global COVID-19 vaccines market. In addition, companies are also striving for the opportunity to develop a 100% effective vaccine. The current vaccine has around 50% to 80% effectiveness. But, the storage of the vaccine can be a restrictive factor for market growth as the vaccine launched by Pfizer needs around -70 degrees of storage temperature if had to be stored for a long time.
The global COVID-19 vaccines market is broadly divided into vaccine type and region. In terms of vaccine type, the global market is segmented into whole virus, virus-like particle (VLP), antibodies, protein, mRNA/DNA, and viral vector.
Geographically, North America is estimated to lead the global COVID-19 vaccines market within the forecast period owing to the rising number of cases and world-class research facilities in the region. In addition, several healthcare giants are also based in the region, such as Gilead, Pfizer, etc. This is also foreseen to fuel the growth in the regional market. Nevertheless, the region is expected to be trailed by Europe with the second largest market share in the forthcoming years.
Some of the leading players operating in the global COVID-19 vaccines market are Pfizer, BioNtech, Sanofi, CureVac, Moderna, Novartis, Zydus Cadila, Novovax, ReiThera, Anhui Zhifei Longcom, Takara Bio, and others. Recently, after facing global pressure from countries across the world, the US waived of the patent rights from the COVID-19 vaccines.