Global COVID-19 Vaccines & Therapeutics Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global COVID-19 Vaccines & Therapeutics Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Since the start of the COVID-19 pandemic, a remarkable research and innovation effort has gone into combating the SARS-CoV-2 virus and COVID-19 disease. In late 2019, a mysterious pneumonia-like illness emerged in China that caught the attention of the world’s health experts and scientists. The illness quickly spread around the globe. Research into its cause revealed it to be the severe acute respiratory syndrome coronavirus 2 (SARSCoV-2). In January 2020, the World Health Organization (WHO) declared a global public health emergency and named the illness COVID-19, in February 2020 (WHO, 2020). Soon afterward, in March 2020, the WHO officially declared COVID-19 a global pandemic. As of June 01, 2023, there had been 689,626,049 cases confirmed worldwide, resulting in 6,885,075 deaths, making it one of the deadliest pandemics in modern history. Its severity and complexity in battling the COVID-19 pandemic have been compounded by the ongoing emergence of SARS-CoV-2 variants, with sublineages of the Omicron variant currently of most concern.

In response to the pandemic, scientists around the world have made great strides in understanding the SARS-CoV-2 virus. This in turn has led to the development of preventive vaccines and therapeutic agents. By leveraging decades of vaccine technology research and development (R&D), scientists have been able to quickly first develop and then deploy a variety of COVID-19 vaccines. Substantial efforts have been made to develop safe and effective vaccines and therapeutics with which to combat COVID-19 and the many SARS-CoV-2 virus variants. Multiple vaccine platforms have been studied, including conventional (e.g., protein subunit and live attenuated and inactivated virus) and novel platforms (e.g., DNA and RNA-based). With the rise of SARSCoV-2 variants, bivalent and multivalent vaccines to combat the virus more effectively are also being investigated. Additionally, the repurposing of many existing therapeutics to treat COVID-19 (e.g., remdesivir and fluvoxamine) has been considered and new therapeutics developed, including a diverse set of small molecule drugs and biologics.

Market Overview:

The latest research study on the global COVID-19 Vaccines & Therapeutics market finds that the global COVID-19 Vaccines & Therapeutics market reached a value of USD 103437.0 million in 2022. It’s expected that the market will achieve USD 10915.0 million by 2028, exhibiting a CAGR of -31.26% during the forecast period.

Covid-19 has a profound and lasting impact on people. With the arrival of the post-epidemic era, the vaccination of Coronavirus Vaccine is still a top priority for human beings all over the world. With the introduction of the Coronavirus vaccines by some enterprises, vaccination in various countries has accelerated. According to the current development trend of COVID-19, it is predicted that Coronavirus Vaccine may become the vaccine that people will be vaccinated every year in the future for a long time. To some extent, Coronavirus Vaccine will become one of the daily vaccines in the future. With the continuous growth of the global population, it is predicted that the demand for Coronavirus vaccines will increase in the future, and this market will have good development potential.

At the same time, with the emergence of Covid-19 mutant, the world may be caught in an endless cat-and-mouse game, always trying to catch up with the latest virus strain. Therefore, most parts of the world need to be vaccinated once a year. This is basically what is happening with influenza viruses now. Moreover, like the influenza virus, researchers are always at risk of misjudgment and failure to find an emerging and rapidly spreading variant that will once again put many people at risk of hospitalization or death. Key COVID-19-vaccine stakeholders will need to continue to monitor and adapt to the new SARS-CoV-2 variants emerging across the globe to respond effectively. COVID-19-vaccine manufacturers should continue to rapidly test (for example, in nonclinical assays and animal models) the effectiveness of their vaccines in provoking an immune response to new variants. Manufacturers have already announced new development plans in response to emerging variants. These include booster doses, new stand-alone vaccines matched to the new variants, and multivalent vaccines designed to confer immunity to multiple strains in one product. For governments, health systems, and other stakeholders involved in immunization, the potential proliferation of vaccine products in response to new strains would create more complexity across the value chain (for instance, in procurement, administration, and manufacturing-capacity management).

COVID-19 pandemic impact on public health and economies

The abrupt outbreak and rapid spread of the COVID-19 pandemic had a devastating impact worldwide on public health and economies. Such was the impact that it catalyzed an unprecedented effort directed toward the development of vaccines and therapeutics. The development of a vaccine or a therapeutic is ordinarily a complex and slow process taking 10–15 years or longer. Yet, just three years after the pandemic’s outbreak, COVID-19 vaccines of different types had either been conditionally or fully approved and deployed in a number of countries.
The research and development of the COVID-19 vaccines & therapeutics is a huge capital-intensive process. The storage and distribution cost of vaccines is higher than that of any other drug because it requires monitoring equipment and special equipment. The lack of proper storage and distribution facilities will reduce the efficiency and quality of vaccines. The development process of the Coronavirus Vaccine needs to invest hundreds of millions of dollars. In addition, because of the low success rate of vaccine development, manufacturers find it challenging to manage operating costs and obtain initial investment. The high cost of vaccine development and storage is inhibiting the growth of the Coronavirus Vaccine market. Many investors tend to avoid this kind of investment project with uncertain returns.

Expensive COVID-19 drugs

Vaccines and therapeutics have greatly reduced rates of severe illness and death from COVID-19. While the health and economic costs of the pandemic appear to be receding, sustaining this progress will depend on the continued, broad availability of safe and effective vaccines and therapeutics. This will require continued development of new products that are effective against new variants, maintenance of the manufacturing capacity needed to quickly produce both existing and new products at scale, and measures to guarantee that these products remain broadly accessible and affordable. Although a number of virus-neutralizing antibodies have shown promising results, with some gaining conditional approval, the expensive and complex drug production process means such drugs are not yet available for every COVID-19 patient. The world is still awaiting further highly efficacious, less expensive and easily administered drugs to become widely available.

Region Overview:

In 2022, the share of the COVID-19 Vaccines & Therapeutics market in North America stood at 27.61%.

Company Overview:

Pfizer
Pfizer is a leading research biopharmaceutical company. Pfizer develops and produces drugs and vaccines for immunology, oncology, cardiology, endocrinology and neurology. The company owns several heavy drugs or products. Pfizer has developed and launched a variety of products for COVID-19 pandemic, including Pfizer -BioNTech COVID-19 vaccine and Paxlovid.

Moderna

Modеrnа is an American pharmaceutical and biotechnology company, focusing on RNA therapy, mainly mRNA vaccine. These vaccines use copies of molecules called messenger RNA (mRNA) to produce an immune response.

Pfizer is one of the major players operating in the COVID-19 Vaccines & Therapeutics market, holding a share of 63.04% in 2023.

Segmentation Overview:

COVID-19 Vaccines
Like other coronaviruses, the SARS-CoV-2 virus mutates frequently. As variants emerge and are classified as variants of concern (VOCs), effective vaccination becomes vitally important. Since the COVID-19 pandemic began, various vaccine platforms have been explored for vaccine development. They range from conventional vaccine platforms, such as whole-virus vaccines (live attenuated and inactivated vaccines) and protein-based vaccines (virus-like particles and protein subunit vaccines), to novel platforms, such as viral vector-based vaccines, nucleic acid (DNA and RNA)-based vaccines and antigen-presenting cells, the last of which having little pre-existing data on safety and efficacy in humans.

COVID-19 Therapeutics

COVID-19 therapeutics act in a variety of ways. Some act directly on the virus to block its entry into human cells or else stop it from replicating once inside a human cell. Others either enhance the immune system’s ability to fight the virus or attenuate the type of immune-system overreaction seen in the cytokine storms which affect many patients with severe COVID-19. Like the development of therapeutics in other areas, two major categories of COVID-19 therapeutics have been explored: small molecule and biologic (also known as biopharmaceutical). Small molecule therapeutics are usually organic compounds, either synthetic or derived from a natural source, with a molecular weight of less than 1,000 Daltons (Da). Biologic therapeutics are relatively complex molecules, derived from a biological system, such as from living cells or blood, or produced using biotechnologies, such as recombinant DNA technology, with a molecular weight greater than 1,000 Da. Owing to the relative ease of development and production, small molecule therapeutics are typically more accessible and less costly than biologic therapeutics.

Among different product types, COVID-19 Vaccines segment is anticipated to contribute the largest market share in 2028.

Application Overview:

Children are under the age of 18. There are a number of ways for families to get their children vaccinated against COVID-19, including at pediatricians’ offices, hospitals, pharmacies, community health centers, community events, and clinics.

Adults are over the age of 18. A safe and effective COVID-19 vaccine is a critical component for adults to reduce COVID-19-related illnesses, hospitalizations, and deaths.

The market's largest segment by application is the segment Adult, with a market share of 97.91% in 2022.

Key Companies in the global COVID-19 Vaccines & Therapeutics market covered in Chapter 3:

Pfizer
Merck
AstraZeneca
Eli Lilly and Company
GSK
Sinopharm
Zhifei Longcom
Moderna
Johnson & Johnson
Sinovac
Novavax
Gilead Sciences

In Chapter 4 and Chapter 14.2, on the basis of types, the COVID-19 Vaccines & Therapeutics market from 2018 to 2029 is primarily split into:

COVID-19 Vaccines
COVID-19 Therapeutics

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the COVID-19 Vaccines & Therapeutics market from 2018 to 2029 covers:

Children
Adult

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)