COVID-19 Vaccines Market Size Anticipated to Grow at a CAGR of 7.6% During the Forecast Period 2021-2026

(EMAILWIRE.COM, January 17, 2022 ) COVID-19 Vaccines Market size is estimated at $13.6 billion in 2021, projected to grow at a CAGR of 7.6% during the forecast period 2021-2026. COVID-19 Vaccines generate a defense mechanism against the ailment caused by the corona virus. This is achieved as the outcome of building an immune counter-response to the attack of the SARS-Cov-2 virus. Building up immunity by way of vaccination implies that the hazard of acquiring the ailment and its aftereffects is decreased. The immunity thus gained support in combating the virus, if exposed to it. The increasing count of individuals being infected with COVID-19 and the boost in funding towards the production of vaccines are the primary determinants fueling the growth of the COVID-19 Vaccines industry. Various therapies and drugs are also playing a vital role in fighting the virus. For instance, Convalescent plasma therapy is a technique of treatment that utilizes blood from individuals who have recuperated from an ailment to help patients currently infected and cured. The Food and Drug Administration (FDA) of the U.S. has granted emergency approval to use convalescent plasma therapy with elevated antibody levels to tackle COVID-19. Hospital in-patients with COVD-19 who are suffering from the early stages of the ailment or who have feeble immune systems may undergo convalescent plasma therapy. The rise of substitute therapies like convalescent plasma therapy used earlier for handling the outbreak of ailments like SARS, MERS and H1N1 and the utilization of re-intended medicines for sympathetic use, are driving the drugs segment of the COVID-19 Vaccines Market. Remdesivir is the earliest drug authorized by the FDA to heal COVID-19 patients who have been hospitalized and aged over 12 years. Research indicates that some patients recuperate rapidly after taking Remdesivir. Remdesivir was developed to combat Ebola. However, the FDA has carried out an emergency use ruling approving the usage of Remdesivir against COVID-19. Dexamethasone is a corticosteroid utilized in an extensive series of medical conditions owing to its anti-inflammatory and immunosuppressant consequences. In the U.K, it was put to test with inpatients with COVID-19 in the hospital in the national clinical trial recuperation and helped patients who were seriously ill. Furthermore, collaborations amidst organizations worldwide and governments of different countries to advance the supply of important drugs and medical supplies are propelling the growth of the COVID-19 Vaccines Market during the forecast period 2021-2026.

COVID-19 Vaccines Market Segment Analysis – By Vaccines:

Based on Vaccines, Pfizer BioNTech COVID-19 Vaccines Market accounted for the largest revenue market share in 2021 owing to the vaccine being the earliest vaccine being utilized in the U.S. and the vaccine being selected for use by the maximum number of countries worldwide. The combination of CoviShield and Covaxin segment is estimated to grow with the fastest CAGR of 8.0% during the forecast period 2021-2026 owing to huge population in the Asia Pacific region and the combination dose of Covishield followed by a Covaxin dose being safe and drawing out improved immunogenicity as per the Indian Council of Medical Research (ICMR).

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COVID-19 Vaccines Market Segment Analysis – By Drugs :

Based on Drugs, Remdesivir dominates the COVID-19 Vaccines Market in 2021 and is also estimated to grow with the fastest CAGR of 7.9% during the forecast period 2021-2026 owing to Remdesivir being an antiviral medicine which is the sole drug to be completely authorized for treatment of COVID-19. Remdesivir is prescribed for healing of COVID-19 patients who are adults and sick in the hospital. It can be utilized in the treatment of children who are 12 years old or more and weigh a minimum of 40 kg. Research efforts are underway to analyze more drugs that could possibly be used to combat the COVID-19 ailment. Dexamethasone has been considered useful against extreme cases of COVID-19. As per initial data shared with WHO (and currently a preprint) for patients being treated on ventilators, the use of Dexamethasone in the process demonstrated a decrease in fatality by one-third and for patients needing only oxygen, fatality dropped by one-fifth. Dexamethasone has found a position in the WHO Model List of Essential Medicines (EML) from 1977 for various indications in different formulations. Dexamethasone is usually safe. Dexamethasone Is available worldwide. Dexamethasone is affordable.

COVID-19 Vaccines Market Segment Analysis – By Geography:

Based on Geography, North America COVID-19 Vaccines Market accounted for the dominant revenue share of 45% in 2021. The growing choice of unnatural development approaches like partnerships and collaborations by important players with the government to accelerate the generation and delivery of COVID-19 vaccines is fuelling the progress of the COVID-19 Vaccines Market during the forecast period 2021-2026. The large acceptance of progressive technology and the existence of big players in this region are determinants fuelling the growth of the COVID-19 Vaccines Market in the region. COVID-19 Vaccines were initially prepared in Mexico and then spread to other parts of the world. Furthermore, it is prepared from Avocados which are extensively harvested in Mexico and the U.S.A. These determinants have propelled the growth of the COVID-19 Vaccines market in the North American region. Asia Pacific is estimated to grow with the fastest CAGR in the forecast period 2021- 2026 owing to the burgeoning population and the growth of the healthcare sector. The increasing count of COVID-19 cases and the policy alternatives to expand the COVID-19 vaccine rollout in the developing economies of the Asia Pacific region are driving the growth of the COVID-19 Vaccines market during the forecast period 2021-2026.

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COVID-19 Vaccines Market Drivers

Increased Financing From International Governments And Foundations:

Financial capital is required to employ makers and producers on a large scale to endorse adequate generation of SARS-CoV-2 vaccines. To accomplish this objective, multiple international organizations have stepped forward to accelerate this process like Gavi, WHO and CEPI. However, in the wake of the pandemic crisis, a much more powerful driving push is required. In April 2020, the Bill and Melinda Gates Foundation declared schemes to support manufacturing plants financially to come up with seven encouraging vaccines without looking at any definite data. The foundation targets to support increase in production while testing, rather than waiting for the vaccines to clear the trial tests. Apart from the hopeful Moderna programme, many more large pharma companies are engaged in COVID-19 work. Johnson & Johnson has promised a boost to 1 million doses towards its federally partnered programme. Sanofi has partnered with the federal government and with Translate Bio. These initiatives are driving the growth of the COVID-19 Vaccines market.

COVID-19 Vaccines Market Challenges

Extensive Research Essential, Reluctance To Vaccines And Overwhelming Logistics For Global Vaccination :

Thorough research is needed to establish how effective the vaccines are in individuals who are at extreme risk of COVID-19 inclusive of the elderly population. Furthermore, it is required to investigate how successful the vaccines will be for individuals with obesity and diabetes. It is not definite how substantially the vaccines guard against acute COVID-19. It is not evident to what measure the vaccines stop those who have been vaccinated from spreading the virus to more individuals. Furthermore, there is some reluctance to get vaccinated amidst some people. People are tired of the present-day public- health stipulations. The overwhelming logistics to vaccinate people worldwide is an issue that is challenging the COVID-19 Vaccines market.

COVID-19 Vaccines Market Landscape:

The COVID-19 Vaccines Market’s main strategies include important mergers and acquisitions, technological innovations, and part of makers and producers during the COVID-19 Pandemic crisis. COVID-19 Vaccines Market top 10 companies are Pfizer Inc., Moderna, SinoVac, AstraZeneca Plc, Johnson & Johnson Inc, Novavax, BioNTech, Glaxo Smith Kline Plc, CSL Ltd., and Abbott Laboratories.

Acquisitions/Product Launches:

In July 2021, it was reported that the COVID-19 vaccine of Biological E termed Corbevax will most possibly be introduced by end of September 2021. The vaccine has been reserved by the government prior to preclinical stage phase 3 analysis. Biological E is set to apply for an Emergency Use License (EUL) by end of August 2021 and will be providing 500 million doses to the Government of India by December 2021.

Key Takeaways

COVID-19 Vaccines Market growth is being driven by the elderly populace owing to the governments aiming to vaccinate the senior citizens first to protect them as the elderly constitute the vulnerable section of the population in this pandemic.

Geographically, North America COVID-19 Vaccines Market dominated the market share in 2021 owing to the expanding predominance of COVID-19 and the application of supportive initiatives by the governments of the U.S. and Canada. Furthermore, the rising collaborations amidst makers/producers and academicians are fuelling the COVID-19 Vaccines market during the forecast period 2021-2026,

Outsourcing of vaccine production and increasing collaborations among makers/producers, hospitals and physicians for improved comprehension of their demand and fulfilment of their needs are propelling the COVID-19 Vaccines market during the forecast period 2021-2026.

Hospitals, clinics, vaccination centers, Academic and research institutes are gaining prominence as points of use (POU) for vaccination. Vaccines like Pfizer and BioNTech, Moderna and Sinopharm are being delivered with millions of people being vaccinated till date and this is propelling the COVID-19 Vaccines market during the forecast period 2021-2026.

Related Reports:

A. Vaccines Market

https://www.industryarc.com/Report/17004/vaccines-market.html

B. COVID-19 Clinical Trials Market

https://www.industryarc.com/Report/19502/covid-19-clinical-trials-market.html

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