Covid-19 Vaccine Market Size, Growth, Share, Industry Trends and Forecast 2024-2032

Covid-19 Vaccine Market Valuation – 2024-2031

The rising element driving the COVID-19 vaccine market is the urgent global need to contain the pandemic and prevent its catastrophic health and economic consequences. Significant investments from governments, international organizations, and private groups have accelerated and scaled up vaccine development and delivery to new levels. This endeavor aims to promote broad immunization, minimize COVID-19-related illness and mortality, and restore social and economic stability. The covid-19 vaccine market is expected to surpass a revenue of USD 7.64 Billion in 2024 and reach USD 12.64 Billion by 2031.

The COVID-19 vaccine business has seen extraordinary growth and innovation, fueled by global urgency and collaboration. Since the pandemic began, multiple vaccines have been developed and approved for emergency use, utilizing diverse technologies such as mRNA (Pfizer-BioNTech, Moderna), viral vector (AstraZeneca, Johnson & Johnson), and protein subunit (Novavax). To fulfill worldwide demand, these vaccines underwent fast clinical studies and were ramped up in production. Continuous research has resulted in the creation of novel formulations and booster doses to counteract developing variations. The market is expected to rise with a projected CAGR of 7.16% from 2024 to 2031.

Covid-19 Vaccine Market: Definition/ Overview

The COVID-19 vaccination is a medicinal intervention that provides protection against the SARS-CoV-2 virus, which causes COVID-19. These vaccines, developed using a variety of technologies including mRNA, viral vectors, and protein subunits, encourage the immune system to recognize and fight the virus, lowering the risk of infection, severe disease, and death. COVID-19 vaccines are administered via injection and have undergone extensive clinical trials and regulatory evaluation to ensure their safety and efficacy. They play an important role in pandemic containment by promoting herd immunity, slowing the spread of the virus, and allowing communities to resume normal operations safely. The future scope of COVID-19 vaccines involves continued adaptation to developing variations, the creation of next-generation vaccines with broader and longer-lasting immunity, and the possibility of using them in combination with other vaccinations for increased protection. Research is concentrating on universal coronavirus vaccines to protect against a wide range of related viruses. Additionally, there is a focus on enhancing vaccine delivery techniques, such as nasal sprays or oral formulations, to boost accessibility and compliance.

Will the Increasing Manufacturing Capabilities and Government Funding Lead the Expansion of the Covid-19 Vaccine Market?

The increasing and improving manufacturing capabilities allow for bulk vaccination production, ensuring a consistent supply to meet worldwide demand. Investing in new facilities, expanding current plants, and improving production procedures has resulted in a huge rise in output. Pharmaceutical companies have gone into licensing agreements and collaborations to leverage extra manufacturing capacity, allowing vaccines to be distributed more widely and quickly. Increased manufacturing capabilities aid these initiatives by supplying the essential materials.

Improved manufacturing infrastructure enables faster adaptability to novel COVID-19 variations, guaranteeing that revised vaccine formulations are manufactured promptly to keep up with the virus’s evolution. Government financing has helped to accelerate COVID-19 vaccine research and development. Government funding has permitted rapid development in clinical studies and regulatory approvals.

Furthermore, public-private collaborations, such as Operation Warp Speed in the United States, have brought together resources, expertise, and logistics to speed up vaccine research and distribution. Government subsidies and advance purchase agreements provide a market for vaccines, encouraging firms to invest in large-scale production.

Additionally, government funding has been utilized to build and expand distribution infrastructure, such as cold chain logistics, storage facilities, and transportation networks. This funding is critical to ensure that vaccines reach every corner of the planet, particularly distant and underserved communities. The combination of increasing production capabilities and significant government support has resulted in a rapid expansion of the COVID-19 vaccination market. Accelerated production and delivery methods have made vaccines more widely available, helping to boost worldwide vaccination efforts.

Global demand for COVID-19 vaccines is better addressed as production capacities expand and governments continue to engage in vaccine procurement and distribution. This allows additional countries to vaccine their citizens, which helps to curb the virus’s spread. Government support, notably through efforts such as COVAX, ensures that vaccines are distributed equitably to low and middle-income countries. These factors influence worldwide vaccine manufacturing, distribution, and accessibility, ultimately contributing to pandemic control and eradication.

How does Vaccine Hesitancy and Supply Chain Issues Withhold the Covid-19 Vaccine Market?

Vaccine hesitancy reduces vaccination rates, which lowers overall population immunity, prolonging the pandemic and increasing the danger of virus propagation and mutation. Slowly achieving herd immunity prolongs the pandemic’s economic disruptions, harming sectors that rely on unfettered mobility and operations.

Hesitancy and logistical supply chain issues have an unequal impact on vaccination distribution, resulting in excess vaccines in some locations or demographic groups while shortages exist in others. Global recovery efforts are stalled as countries with poor vaccination rates continue to experience increased infection rates and economic stagnation. Vaccine production and distribution are delayed due to supply chain interruptions, such as raw material shortages or manufacturing concerns.

Furthermore, some vaccinations require tight cold chain logistics, which might be challenging to maintain in specific regions or under strained supply chain conditions. Higher levels of vaccination hesitancy add to the disease burden and pressure on healthcare systems, especially during outbreaks or surges in cases. Continued virus transmission due to low vaccination rates raise the probability of new variations arising, potentially reducing vaccine efficacy and necessitating additional adjustments. Vaccine hesitancy undermines public trust in immunization efforts, making it more difficult to undertake subsequent vaccination programs beyond COVID-19.

Additionally, hesitancy is frequently associated with the dissemination of disinformation, which weakens public health efforts and hampers communication techniques for encouraging vaccination. Countries with poor immunization rates may suffer long-term travel and trade restrictions, affecting economic recovery and international relations. Low vaccination rates have resulted in ongoing social upheaval, which has an impact on mental health and general societal well-being.

There have been considerable differences in vaccine access between high- and low-income countries. Patent and intellectual property issues have slowed vaccine manufacture and distribution in some countries. Determining the need for and timing of booster doses to maintain immunity is a continuing challenge. Long-term data collection on vaccine efficacy and immunity persistence takes time and thorough monitoring. Developing adaptive vaccination techniques that target novel variations while maintaining efficacy over time is a continuous issue.

Category-Wise Acumens

How does the Increasing Demand for mRNA Technology for Primary Vaccination Forges the Growth of the Covid-19 Vaccine Market Ahead?

The increasing efficacy rates in clinical trials against COVID-19 have boosted confidence among healthcare authorities, governments, and the general public, resulting in broad adoption for primary vaccination campaigns using mRNA vaccines created by Pfizer-BioNTech and Moderna. mRNA technology enables faster vaccine creation and deployment than traditional methods, allowing firms to respond quickly to the COVID-19 pandemic by producing vaccines in record time and initiating large-scale distribution.

Flexibility and adaptability to novel viral types are significant features of mRNA technology, which positions mRNA vaccines advantageously for ongoing primary immunization efforts as SARS-CoV-2 evolves. Companies that use mRNA technology, such as Pfizer-BioNTech and Moderna, have created robust worldwide supply chains to fulfil the growing demand for vaccinations. This preparation comprises manufacturing facilities, distribution networks, and logistics experience, ensuring that vaccines reach a wide range of communities around the world.

Furthermore, governments around the world have provided substantial financial support to advance the development, manufacture, and dissemination of mRNA vaccines. This finance has increased manufacturing capacity, secured advance purchase agreements, and discounted vaccine costs, boosting market growth. mRNA vaccines’ strong effectiveness rates and safety profiles have contributed to widespread public acceptance and confidence. This strong reception has resulted in mRNA vaccines being the favoured choice for primary vaccination programs across all demographics.

Additionally, the necessity for booster doses becomes clear as immunization efforts proceed and immunity fades over time. mRNA vaccines are well-positioned to meet this demand because of their capacity to elicit significant immune responses and possible flexibility to variant-specific boosters. Collaboration among governments, pharmaceutical companies, and international organizations (e.g., the COVAX effort) has facilitated the equal distribution of mRNA vaccines worldwide.

Pharmaceutical companies and governments have made significant efforts in research and development (R&D) to speed the development of mRNA technology for COVID-19 vaccines. The efficacy of mRNA vaccines in treating COVID-19 has laid the groundwork for future vaccine development employing similar technology. Researchers and pharmaceutical companies are currently investigating the use of mRNA technology to generate vaccines for additional infectious diseases, as well as cancer treatment.

Will the Rising Utilization of Viral Vector Technology and Protein Subunit Technology Drive the Growth of the Covid-19 Vaccine Market?

The rising utilization of viral vector technology and protein subunit technology indeed plays a significant role in driving the growth of the COVID-19 vaccine market. Once the vector is designed, viral vector technology enables relatively rapid production, allowing for large-scale manufacture to fulfil global demand, which is critical for obtaining high immunization coverage worldwide. Some viral vector vaccines, such as the Johnson & Johnson vaccine, require only one dosage for complete vaccination, which simplifies logistics and improves patient compliance as compared to two-shot vaccines.

Viral vector vaccines often have lower cold chain needs than mRNA vaccines (e.g., Pfizer-BioNTech, Moderna), making them easier to store and transport, particularly in areas with limited infrastructure. The platform can be readily changed to target new virus variations by altering the genetic material carried by the viral vector, which is critical for addressing emerging variants and ensuring vaccine efficacy over time.

Furthermore, protein subunit vaccines are generally well tolerated and have a positive safety profile, making them appropriate for a wide range of patients, even those with impaired immune systems. Protein subunit vaccines have shown great efficacy in clinical studies, equivalent to other types of COVID-19 vaccines, eliciting powerful immune responses against the virus, including neutralizing antibodies. Protein subunit vaccines are stable at typical refrigeration temperatures (2-8°C), making storage and distribution logistics easier, especially in resource-constrained settings and rural locations.

Protein subunit vaccine production is well established and can be swiftly ramped up to meet worldwide demand, ensuring a continuous supply. Protein subunit vaccines can be combined with adjuvants (substances that boost immune response), potentially increasing their immunogenicity and efficacy. The use of viral vector and protein subunit technologies broadens the vaccine portfolio for COVID-19, minimizing reliance on a single type of vaccine and mitigating supply chain risks associated with technologies.

Additionally, these methods enable the development of vaccines suitable for a wide range of individuals and situations, including low- and middle-income nations, increasing worldwide access to COVID-19 immunization. Investments in viral vector and protein subunit technologies for COVID-19 vaccines help to improve global preparation for future pandemics by developing vaccine development platforms that can swiftly adapt to new infections.

Gain Access into Covid-19 Vaccine Market Report Methodology

Country/Region-wise

How do Strong Biotechnology and High Investments in North America Boost Up the Covid-19 Vaccine Market?

The leading biotechnology firms and research organizations specializing in mRNA technology are based in North America, notably the United States. Companies like Moderna and BioNTech (in collaboration with Pfizer) were among the first to use mRNA technology for COVID-19 vaccines. The region’s powerful biotechnology sector has facilitated scientific advances in vaccine development by using existing knowledge, infrastructure, and talent in molecular biology, genetics, and immunology. The versatility and scalability of mRNA technology were emphasized, which are critical for responding quickly to the emerging COVID-19 pandemic and generating successful vaccines like Pfizer-BioNTech’s Comirnaty and Moderna’s Spikevax.

Government financing and initiatives such as Operation Warp Speed (OWS), sponsored by the United States government, boosted R&D investments. OWS offered major financial and logistical support to speed COVID-19 vaccine development and manufacturing, and distribution, streamlining regulatory processes and fostering collaboration between public and private sectors. Substantial money from grants, subsidies, and advance purchase agreements encouraged biotech companies to invest in R&D and production capacities.

Furthermore, private sector investments from venture capital firms and pharmaceutical companies fuelled vaccine technology innovation, enabling the expansion of production facilities and clinical trial capabilities required for vaccine development and deployment. These efficient trial techniques sped up data gathering and regulatory submissions. Regulatory agencies such as the United States Food and Drug Administration (FDA) and Health Canada have created expedited review routes and emergency use authorizations (EUAs) for COVID-19 vaccines, assuring quick approvals while maintaining stringent safety and effectiveness standards.

Additionally, to address the enormous demand for COVID-19 vaccines, North American biotech companies expanded and retrofitted existing manufacturing facilities to increase production capacity. This increase secured enough supply to meet domestic and worldwide vaccination needs. The region’s excellent logistics and supply chain infrastructure allowed for efficient vaccination distribution, including the requirements for mRNA vaccine cold chain storage and shipping.

North American governments and biotech corporations actively participated in international projects like COVAX, which intended to promote equitable worldwide vaccination distribution. Collaboration facilitated technological transfer, capacity building, and increased access to vaccines in low- and middle-income countries. Scientific diplomacy, via partnerships and collaborations, improved worldwide immunization efforts and strengthened international health security.

Will the Increasing Market Access and Growing Pharmaceutical Industry in the Asia-Pacific Region Promote the Covid-19 Vaccine Market Further?

The increasing market access and growing pharmaceutical industry in the Asia-Pacific region play a pivotal role in promoting the COVID-19 vaccine market further. APAC is a varied and densely populated region that includes populous countries such as China and India. This generation alone provides a significant demand for COVID-19 vaccinations, which drives market expansion. The high illness burden caused by substantial COVID-19 outbreaks in many APAC nations has expedited the need for broad vaccination programs, driving up market demand for vaccines.

Government initiatives, including as immunization programs, have helped to build APAC’s public health infrastructure. This assistance has enabled the effective distribution and administration of COVID-19 vaccines throughout the region. Governments have streamlined regulatory processes to speed up vaccine approvals and assure conformity with global standards, improving market access for both domestically manufactured and imported vaccinations.

Furthermore, some APAC nations, particularly those with strong vaccine production capabilities, such as India and China, have pursued export potential through vaccine diplomacy efforts. Exporting vaccines to other regions increases their worldwide market presence and boosts domestic production capacity. APAC countries, including India, China, South Korea, and Japan, have created pharmaceutical manufacturing businesses. These countries have the technological competence, infrastructure, and manufacturing capacity to produce vaccines on a large scale.

Additionally, APAC is an important hub for contract manufacturing of pharmaceutical products, including vaccines, with many worldwide vaccine developers working with APAC manufacturers to increase production capacity and fulfil global demand. APAC countries are progressively investing in biotechnology and sophisticated manufacturing technologies to improve their ability to produce complex biologics, such as vaccines, efficiently and cost-effectively. Vaccination research and development in APAC is expanding, with cooperation between academic institutions, research organizations, and private firms focused on innovative vaccination technologies, adding to the worldwide vaccine pipeline.

Several APAC countries have produced and approved their own COVID-19 vaccines, exhibiting regional innovation while lowering reliance on imports. This local production capability boosts regional vaccine supply chains and contributes to broader vaccine access programs. The rise of the COVID-19 vaccine market in APAC drives economic growth by investing in infrastructure, research, and manufacturing. It generates job opportunities, promotes technological innovation, and helps to achieve sustainable development goals.

Competitive Landscape

The competitive landscape of the industry includes a variety of biotechnology corporations, contract manufacturers, and developing pharmaceutical companies. These organizations play critical roles in vaccine production through collaborations, licensing agreements, and subcontracting arrangements. Biotechnology companies that specialize in novel vaccination technologies other than mRNA and viral vector platforms are looking into alternatives such as protein subunit vaccines and DNA-based techniques. Contract manufacturers have been critical in expanding production capabilities and assuring worldwide distribution. Regulatory compliance, production capacities, distribution networks, and technological developments are all important elements in determining the competitive dynamics of the COVID-19 vaccine market.

Some of the prominent players operating in the COVID-19 vaccine market include:

• Pfizer
• Moderna
• AstraZeneca
• Johnson & Johnson
• Sinopharm
• Sinovac Biotech
• Bharat Biotech
• Novavax Inc

Latest Developments

• In February 2024, AstraZeneca has successfully completed its acquisition of Icosavax, Inc., a clinical-stage biopharmaceutical company based in the US. Icosavax specializes in developing advanced vaccines using a protein virus-like particle (VLP) platform. The acquisition is intended to bolster AstraZeneca’s Vaccines & Immune Therapies pipeline, particularly enhancing capabilities in respiratory syncytial virus (RSV). Included in the acquisition is Icosavax’s lead vaccine candidate, IVX-A12, a Phase III-ready combination protein VLP vaccine designed to target both RSV and human metapneumovirus (hMPV).
• In October 2023, U.S. pharmaceutical company Pfizer gained unconditional EU antitrust approval for its proposed $43 billion acquisition of cancer drug maker Seagen. Pfizer announced its largest purchase in a string of recent acquisitions thanks to a once-in-a-lifetime cash windfall from its COVID-19 vaccine and treatment. The European Commission said the deal would not significantly reduce competition in the 27-country European Union nor would it have a negative impact on prices.

Report Scope

Covid-19 Vaccine Market, By Category

Technology:

• mRNA Technology
• Viral Vector Technology
• Protein Subunit Technology
• DNA Technology

Application:

• Primary Vaccination
• Booster Doses

Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Research Methodology of Market Research: