Enjoy complimentary customisation on priority with our Enterprise License!
The COVID-19 vaccination market size is estimated to Decline at a CAGR of 29.3% between 2022 and 2027. The market size is forecast to increase by USD -54,598.89 million. The growth of the market depends on several factors that play a crucial role in the market's growth, such as the expansion of vaccination programs, the emergence of new COVID-19 variants, and expanded COVID-19 vaccine eligibility.
This covid-19 vaccination market report extensively covers market segmentation by type (mRNA and others), distribution channel (government entities, hospitals and clinics, and others), and geography (North America, Asia, Europe, and Rest of World (ROW)). The report also covers an in-depth analysis of drivers, trends, and challenges.
To know more about Covid-19 Vaccination Market size Download Report Sample
The emergence of new COVID-19 variants is the key factor driving the growth of the market. Since December 2020, numerous coronavirus variants have been discovered and studied. Variants contain genetic mutations that can affect their transmissibility and resistance to existing vaccines, making the need for updated vaccines critical. Omicron variants are responsible for the largest increase since 2019.
Furthermore, another variant is the emergence of the delta subspecies. Similarly, gamma variants have led to the development of targeted vaccines to address their unique properties. Therefore, the emergence of new coronavirus variants is driving the growth of the global coronavirus vaccine market and is expected to continue during the forecast period as further new variants emerge in the market.
Adoption of technology and innovation in COVID-19 vaccination market is the primary trend shaping the growth of the market. Technology and innovation have enabled the development of new vaccines, improved distribution logistics, and improved vaccine management and tracking. Platforms such as mRNA vaccines, exemplified by the Pfizer-BioNTech and Moderna vaccines, have revolutionized the field. These vaccines use innovative mRNA technology to teach cells to produce parts of the harmless viral spike protein, triggering an immune response.
Furthermore, the emergence of hybrid vaccine platforms that combine different vaccine technologies, such as the Sanof-GSK vaccine, is evidence of continued innovation in this field. Therefore, the adoption of technology and innovation will drive the growth of the global COVID-19 vaccine market during the forecast period.
The high cost of production of COVID-19 vaccines is a challenge that affects the growth of the market. The cost of developing a single vaccine against an epidemic disease, from preclinical testing to completion of Phase IIa trials, is estimated to be between USD 31 million and USD 68 million, assuming no risk of failure in clinical trials. Additionally, the average cost to advance at least one epidemic vaccine to the end of Phase IIa trials could be between USD 84 million and USD 112 million. This may include research and development (R&D) costs.
Additionally, new vaccines produced using advanced technologies such as mRNA are more complex to manufacture than vaccines using older, proven technologies, leading to higher costs. High vaccine costs are having a negative impact on vaccine development and will impede the growth of the COVID-19 vaccine market during the forecast period.
The mRNA segment is estimated to witness significant growth during the forecast period. mRNA is a single-stranded RNA. mRNA vaccines teach the cells in the human body how to make a protein that will trigger an immune response inside the body. That immune response, which produces antibodies, is what protects people who have received an mRNA vaccine from getting infected if the real virus enters the body.
Get a glance at the market segment contribution View the PDF Sample
The COVID-19 vaccines developed by Pfizer-BioNTech and Moderna use the mRNA technology. According to the National Institutes of Health (NIH), the Pfizer-BioNTech COVID-19 vaccine received FDA approval for commercialization on 23 August 2021. On 29 October 2021, it received approval for use in children aged 5 to 11 years. Thus, the most promising COVID-19 application prospects are for mRNA vaccine technology. Consequently, such factors will drive the growth of the mRNA segment of the global COVID-19 vaccination market during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
Rest of World (ROW) is estimated to contribute 5% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to market players is North America. North America accounted for the largest share of the global COVID-19 vaccination market mainly due to the presence of the most dominant players, including Pfizer, and Johnson and Johnson, which carry out strong clinical trials and are based in the US.
Moreover, the regional market is seeing a rising number of initiatives to generate awareness about immunization programs and increase people's access to COVID-19 vaccines, which will drive market growth. Moreover, the US also helps many developing and underdeveloped countries with their COVID-19 vaccination programs, which has also driven vaccine manufacturing in the region. Thus, such factors will boost the demand for COVID-19 vaccines which will promote the growth of the regional market during the forecast period.
In 2020, the outbreak of COVID-19 positively influenced the growth of the COVID-19 vaccination market in North America. The outbreak prompted an urgent demand for vaccines, conducting outstanding research, development, and production activities. Governments and healthcare sectors have supported heavily in vaccine procurement and distribution infrastructure. Additionally, in April 2023, the US government announced plans to spend USD 5 billion in partnership with the private sector to accelerate the development of COVID-19 vaccines and treatments. Project NextGen will accelerate and streamline the development of advanced vaccines and medicines in the coming years through public-private partnerships. Thus, such investment plans will boost the growth of the North American COVID-19 vaccine market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The covid-19 vaccination market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Covid-19 Vaccination Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 29.3% |
Market growth 2023-2027 |
USD -54,598.89 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
-38.7 |
Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
Performing market contribution |
Rest of World (ROW) at 5% |
Key countries |
US, UK, Germany, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AIVITA Biomedical Inc., AnGes Inc., AstraZeneca Plc, Bharat Biotech Ltd., CureVac AG, Emergent BioSolutions Inc., Eubiologics Co. Ltd., Genexine Inc., GreenLight Biosciences Holdings PBC, Inovio Pharmaceuticals Inc., Johnson and Johnson, Moderna Inc., Novavax Inc., Pfizer Inc., Serum Institute of India Pvt. Ltd., Shenzhen Kangtai Biological Products Co. Ltd., Sinovac Biotech Ltd., Tadbir innovation pharmaceutical Co., The Gamaleya National Center, and Zydus Lifesciences Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Market Segmentation by Distribution Channel
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.