Coronavirus Vaccine Market Forecasts to 2030 – Global Analysis By Vaccine Type (Repurposed Vaccines, Inactivated Virus, Non-replicating Viral Vector, Protein Subunit, DNA Vaccine and RNA Vaccine), Age Group (12 to 18 and Above 18), Route of Administration

Coronavirus Vaccine Market Forecasts to 2030 – Global Analysis By Vaccine Type (Repurposed Vaccines, Inactivated Virus, Non-replicating Viral Vector, Protein Subunit, DNA Vaccine and RNA Vaccine), Age Group (12 to 18 and Above 18), Route of Administration, Distribution Channel, Technology and By Geography

According to Stratistics MRC, the Global Coronavirus Vaccine Market is accounted for $43.9 billion in 2023 and is expected to reach $82.3 billion by 2030 growing at a CAGR of 9.4% during the forecast period. A Coronavirus Vaccine is a medical substance developed to provide immunity against the novel coronavirus, SARS-CoV-2, which causes COVID-19. It stimulates the body's immune system to recognize and neutralize the virus, preventing infection or reducing the severity of symptoms if exposure occurs. Most vaccines target the virus's spike protein, which it uses to enter human cells. Different types of vaccines, including mRNA, viral vector, protein subunit, and inactivated virus vaccines, have been developed and authorized for emergency use globally.

According to the National Institutes of Health (NIH), the Pfizer-BioNTech COVID-19 vaccine received FDA approval for commercialization on 23 August 2021.

Market Dynamics:

Driver:

Urgent global need

The COVID-19 pandemic had unprecedented global impact, causing widespread illness, death, economic disruption, and social upheaval. Vaccines are recognized as a critical tool in controlling the spread of the virus, reducing the burden on healthcare systems, and ultimately saving lives. Moreover, governments, healthcare organizations, and the public are acutely aware of the urgency to develop, produce, and distribute vaccines on a massive scale. The urgency is further heightened by the emergence of new variants of the virus, emphasizing the need for continued vigilance and adaptation in vaccine development, which has accelerated market demand.

Restraint:

Manufacturing constraints

The rapid global demand for COVID-19 vaccines has strained manufacturing capacities, leading to supply shortages, delays in production, and distribution challenges. Several factors contribute to these constraints, including the complexity of vaccine production processes, limited manufacturing facilities equipped for vaccine production, and shortages of raw materials and specialized equipment. Additionally, shortages of critical components, such as lipid nanoparticles used in mRNA vaccine formulations, can disrupt manufacturing timelines and limit production capacity. As a result, manufacturing constraints are a significant factor hampering market demand.

Opportunity:

Government support

With the COVID-19 pandemic posing unprecedented public health challenges, governments worldwide have mobilized substantial resources, funding, and regulatory support to accelerate vaccine development, production, and distribution efforts. Additionally, governments have provided financial investments, research grants, and incentives to pharmaceutical companies and research institutions to expedite vaccine development timelines and scale up manufacturing capacity. Therefore, government support is a factor propelling market demand.

Threat:

Vaccine efficacy and safety concerns

Vaccine efficacy and safety concerns represent a significant restraint in the coronavirus vaccine market. Concerns regarding vaccine efficacy relate to how well a vaccine prevents infection or reduces the severity of the disease. Additionally, safety concerns regarding vaccines encompass potential adverse reactions, side effects, or long-term health implications. Reports of rare but serious adverse events following vaccination, such as blood clotting disorders or myocarditis, have raised concerns, eroded public confidence in vaccine safety, and impacted market growth.

Covid-19 Impact

The impact of COVID-19 on the coronavirus vaccine market has been profound and multifaceted. COVID-19 spurred unprecedented collaboration among scientists, researchers, pharmaceutical companies, and governments to accelerate vaccine development timelines. Moreover, the pandemic necessitated the rapid deployment of innovative vaccine technologies, such as mRNA and viral vector platforms, leading to the development and approval of multiple COVID-19 vaccines in record time.

The RNA vaccine segment is expected to be the largest during the forecast period

The RNA vaccine segment is estimated to hold the largest share. These vaccines utilize a novel technology based on messenger RNA (mRNA) to instruct cells in the body to produce a viral protein, triggering an immune response against the virus. The development of RNA vaccines offers several advantages, including rapid production and scalability. Additionally, RNA vaccines can be easily modified to target new variants of the virus by updating the mRNA sequence to match emerging strains, enhancing their versatility and adaptability in combating the evolving nature of the pandemic.

The recombinant vaccines segment is expected to have the highest CAGR during the forecast period

The recombinant vaccines segment is anticipated to have lucrative growth during the forecast period. These vaccines are developed using recombinant DNA technology, where specific genes from the SARS-CoV-2 virus, such as those encoding the spike protein, are inserted into host cells, such as yeast or mammalian cells, to produce viral proteins. Recombinant vaccines do not contain live virus particles, eliminating the risk of causing disease. This makes them suitable for individuals with compromised immune systems or other health conditions. Furthermore, recombinant vaccine production is highly scalable and can be rapidly scaled up to meet global demand.

Region with largest share:

North America commanded the largest market share during the extrapolated period. North America has been at the forefront of vaccine innovation, with several leading pharmaceutical companies headquartered in the region spearheading the development of COVID-19 vaccines. These companies have leveraged cutting-edge technologies, such as mRNA and recombinant DNA, to rapidly develop vaccines with high efficacy and safety profiles. Furthermore, governments in North America have provided substantial financial investments, regulatory support, and procurement initiatives to expedite vaccine development and ensure widespread access to vaccines for their populations.

Region with highest CAGR:

Asia Pacific is expected to witness profitable growth over the projection period, due to its large population, diverse healthcare landscape, and emerging economies. China and India, in particular, have emerged as key players in vaccine manufacturing, producing large quantities of COVID-19 vaccines for domestic use and global distribution. These countries have leveraged their manufacturing capabilities and extensive vaccine production infrastructure to supply vaccines to both domestic and international markets. Moreover, several countries in the Asia-Pacific region have actively participated in vaccine research and development, contributing to the global effort to combat the pandemic.

Key players in the market

Some of the key players in the Coronavirus Vaccine Market include Moderna, AstraZeneca, Sinopharm, Pfizer-BioNTech, Sinovac, Johnson & Johnson, Serum Institute of India, Bharat Biotech, Gamaleya Research Institute, Novavax, CureVac, CanSino Biologics, Sanofi-GSK, GlaxoSmithKline and Entos Pharmaceuticals.

Key Developments:

In November 2023, AstraZeneca announced a collaboration and investment agreement with Cellectis, a clinical-stage biotechnology company, to accelerate the development of next generation therapeutics in areas of high unmet need, including oncology, immunology and rare diseases.

In July 2023, AstraZeneca, a global biopharmaceutical company, announced collaboration with Absci Corporation. This collaboration combines Absci's Integrated Drug Creation™ platform with AstraZeneca's expertise in oncology with the goal of accelerating the discovery of a potential new cancer treatment candidate.

In January 2022, Pfizer Inc. and BioNTech SE announced a new research, development and commercialization collaboration to develop a potential first mRNA-based vaccine for the prevention of shingles a debilitating, disfiguring and painful disease that impacts about one in three people in the United States during their lifetime.

In April 2020, Johnson & Johnson announced a collaboration between the Janssen Pharmaceutical Companies of Johnson & Johnson and Emergent BioSolutions, Inc. to support the manufacturing of its lead investigational COVID-19 vaccine candidate.

Vaccine Types Covered:
• Repurposed Vaccines
• Inactivated Virus
• Non-replicating Viral Vector
• Protein Subunit
• DNA Vaccine
• RNA Vaccine

Age Groups Covered:
• 12 to 18
• Above 18

Route of Administrations Covered:
• Intradermal
• Intramuscular
• Intranasal
• Other Route of Administrations

Distribution Channels Covered:
• Hospitals and Clinics
• Government Entities
• Vaccination Centers
• Other Distribution Channels

Technologies Covered:
• Synthetic Vaccines
• Recombinant Vaccines
• Live Attenuated Vaccines
• Conventional Vaccines
• Other Technologies

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements