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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.
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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.
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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.
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
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