PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1378598
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1378598
Global Coronavirus Vaccine Market is estimated to be valued at US$ 43.9 Bn in 2023, and is expected to exhibit a CAGR of 7.4% during the forecast period (2023-2030).
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 43.9 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 7.40% | 2030 Value Projection: | US$ 72.3 Bn |
Coronavirus disease (COVID-19) is an infectious disease that is caused by the SARS-CoV-2 virus. It is contagious and spreads quickly, and causes mild to moderate respiratory illness. The manufacturing and development of vaccine are basically of three types the whole-microbe vaccine approach which has inactivated vaccine, live-attenuated vaccine, and viral vector vaccine; the sub-unit approach which consists of protein or sugar subunit of a virus and genetic material approach vaccine that has dna or RNA of the virus. According to the data published by World Health Organization(WHO), in January, 2023, 183 corona virus vaccine are in clinical development and 199 are in pre clinical development. Vaccination is the best method to control the rising cases of coronavirus cases across the globe. The increasing number of COVID-19 cases is expected to support growth of the market over the forecast period. For instance, according to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 169 million cases and 3.5 million deaths due to coronavirus (COVID-19) were reported up till May 30, 2021 globally. Key players are actively involved in increasing their research and development activities and clinical trials, and this is expected to drive the global coronavirus vaccine market growth.
Key players in the vaccine industry are focusing on the development of new vaccines. Moreover, increasing investments by government to support manufacturing and distribution of COVID-19 vaccines is expected to propel the market growth. For instance, on September 13, 2023, Centers for Disease Control and Prevention (CDC) recommended any one six months and older to get the new dose of COVID vaccine. Introduction of such regulations by government is expected to drive growth of the global coronavirus vaccine market over the forecast period.
Global Coronavirus Vaccine Market Detailed Segmentation: