Covid-19 Vaccination market will be valued at approximately 12.5 billion in 2020 & achieve the USD 26.1 billion by 2030. The year 2021 is expected to see a spike in revenue as it aligns with the pandemic phase of the infection. Forecast indicates an initial decline in 2022 due in part to the use of single booster vaccines rather than two-shot vaccines and lower vaccine prices. However, from 2022 to 2026 as the market opens and moves away from a government-dominated space. The growing government support for vaccine development and the growing involvement of global organizations in the development of adequate Covid-19 vaccination facilities in endemic regions is expected to influence positively the sales of the vaccine against the coronavirus in the years to come. Additionally, strong demand for the coronavirus vaccine, ongoing initiatives by governments to procure the vaccine and waves of infection are likely to drive the market growth during the forecast period. Covid-19 vaccination industry is projected to grow significantly at a compound annual growth rate of more than 9%.
Market Dynamics and Factors:
The global Covid-19 vaccination market is going to be valued at approximately USD 25 billion within the year 2024. The growing government support for vaccine development and therefore the increasing involvement of worldwide organizations within the development of adequate vaccination facilities in endemic regions is anticipated to positively influence the sales of Covid-19 vaccination within the upcoming years. Moreover, the strong demand for Covid-19 vaccination, the continued initiatives by governments to acquire the vaccine and therefore the waves of infection is probably going to drive the Covid-19 vaccination market growth during the forecast period.
Market Segmentation:
Based on theproduct type the market is segmented into Multivalent Vaccine, Monovalent vaccine, On the basis of Purchaserthe market is segmented into Government, Corporate, and Individual. On the basis of patient agethe market is segmented into Pediatric, Adult, Senior Citizens.On the basis of End Users the market is segmented into Hospitals, Clinics, Vaccination Centers, Academic and Research Organizations.
Geographic Analysis:
Developed countries have an advantage in the vaccination battle. The EU has contracted 1.88 billion doses of vaccine, and the United States has held 1.21 billion doses in one country. Japan secured 314 million doses. The African Union and COVAX, a group purchasing framework, are also increasing the number of contracts and are rushing to supply to developing countries. Some vaccines require multiple vaccinations to obtain immunity, and the number of people who can receive the vaccine is less than the number of contracts in each country.
Competitive Scenario:
Major leading players in the market includes AstraZeneca, Sinopharm, GlaxoSmithKline, Moderna, Pfizer, Gamaleya, Johnson & Johnson, Bharat Biotech, BioNTech CureVac, Serum Institute of India, Novavax, Sinovac, and many others.
