Pharmaceutical and healthcare have witnessed a major challenge in the form of the development of a vaccine to prevent coronavirus. It was nearly impossible for the companies to develop a vaccine in such a short span of time. But, the technological developments in healthcare industries coupled with the ongoing research and development activities have made this possible. The production of the covid vaccine served both a challenge and opportunity for the healthcare sector and possess a chance to save mankind from this global and life-threatening crisis.

In general terms, coronavirus disease an infectious disease that is caused by a newly discovered coronavirus. This virus is majorly transmitted through droplets generated when an infected person sneezes, coughs or exhales.  In late 2019, new coronavirus SARS-CoV-2 (Severe Acute Respiratory Syndrome Coronavirus 2) infected Wuhan, China, and this deadly infection further affected Europe, the Americas, and Asia-Pacific at a rapid pace.

The sudden outbreak of coronavirus has diverted the focus of regional governments, regulatory bodies, and key market players towards the prevention of human lives followed by drowning economies, which in turn will boost the market shares globally.

Moreover, the implementation of a new vaccine development strategy that combines the phase 1 & 2 clinical trial stages along with faster regulatory approvals will ensure the availability of vaccine doses worldwide. Furthermore, the budding initiatives for covid vaccination along with the emergence of next-generation vaccine platforms will further contribute to the growth of the coronavirus vaccine market during the forecast period.

The existing year seems to have the highest revenue generation curve, owing to the pandemic phase of coronavirus. However, factors such as the development of single booster covid vaccination shot instead of two-shot vaccines coupled with the availability of the vaccine at a reasonable price are likely to offer promising growth to the coronavirus vaccine market during the predictable years.

Coronavirus vaccine in the pipeline

Globally, more than 90 vaccines are registered for SARS-CoV-2 and are in phase III clinical trials. However, prominent market players such as AstraZeneca, Curevac, Gamelaya, Johnson & Johnson, Moderna, Novavax, Pfizer/BioNTech, and Sinovac have invented the main vaccines in the pipeline.

Region-wise, the European Union invested the highest possible amount in pharmaceutical companies for the innovation and marketing of coronavirus vaccine. The league is then followed by the United States, Japan, the UK.

Global Coronavirus Vaccine Market Segmentation

The global coronavirus vaccine market report can be segmented into technology and geography. Based on technology, the segment can be classified into Vector-based, Nucleic acid-based, Protein-based, and Whole Virus. Among these, the protein-based vaccine technology accounts to have the majority of market share; as it comprises purified pathogens instead of the whole pathogen that trigger the immune response. Besides, the protein-based vaccines do not result in any adverse effect on the human body, which is further expected the segmental growth during the predicted years.

Based on regions, the global coronavirus vaccine market is fragmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Among all, the North American region is expected to dominate the market followed by Europe and the Asia Pacific. The growth of the North America coronavirus vaccine market accounts for the presence of prominent market players coupled with the rising research and development activities within this region. Other factors such as rising healthcare expenditure in the US are also expected to propel the market size shortly.

Key market players

The major players in the coronavirus vaccine market are AstraZeneca plc, GlaxoSmithKline plc, Moderna Inc., The Gamaleya Research Institute of Epidemiology and Microbiology, Bharat Biotech International Limited, and Pfizer Inc. Other key players in the coronavirus vaccine market include Johnson & Johnson, BioNTech SE, CureVac N.V., Serum Institute of India, Novavax Inc., Sinovac Biotech Ltd., and Sino China National Pharmaceutical Group Corporation (Sinopharm).

In order to combat the situation, many global and regional companies are entering into strategic business collaborations, to expand their global presence along with their existing product portfolio. For instance, in January 2020, GeoVax Labs, Inc. collaborated with BravoVax for the development of the coronavirus vaccine.

Moreover, in January 2021, Zydus Cadila received approval from the Drugs Controller General of India (DCGI) to initiate the phase III clinical trial of ZyCoV-D. In the same pace, May 2021 another milestone in the treatment of coronavirus; as Dr. Reddy's Laboratory elaborated with Eli Lilly and Company for the production and marketing of Baricitinib in India.

So far, the World Health Organization has issued an Emergency Use Listing (EULs) for the vaccinations that are developed by Pfizer Inc., AstraZeneca plc, Serum Institute of India, Janssen Pharmaceuticals (Johnson & Johnson), and Moderna Inc. However, the EUL for Sinovac Biotech Ltd. and Sino China National Pharmaceutical Group Corporation (Sinopharm) is expected to be finalized by the end of May 2021.