For the pharmaceutical industry and the greater scientific community, developing and producing effective COVID-19 vaccines has been a once-in-a-lifetime challenge and opportunity – a chance to save humanity from a global catastrophe.
But, from a commercial sense, how large is the COVID vaccine market? Kelly Scientific, a leading market research firm that focuses on the pharmaceutical, biotechnology, and medical diagnostics industries, has revealed fresh statistics on the revenue potential of these critical technologies.
The COVID vaccine industry is expected to reach $59 billion in 2021, according to Kelly Scientific’s recent report SARS-CoV-2 COVID Vaccine Market Analysis & Forecast to 2026.
“From zero vaccinations available and little understanding about SARS-CoV-2 at the start of 2020 to a handful of vaccines approved for use at the start of 2021, the COVID market effectively defied every pharma and global trend,” the study claims.
Following are some insights on the COVID vaccine industry and its development based on the report’s detailed investigation:
- COVID vaccine revenue forecast: Revenues are expected to peak in 2021, coinciding with the virus’s pandemic phase. Kelly Scientific forecasts a first decline in 2022 due to the use of single booster doses rather than two shot vaccinations and lower vaccine prices. The COVID vaccination industry, on the other hand, is predicted to increase at a compound annual growth rate of more than 9% from 2022 to 2026, reaching $47.5 billion, as the market opens up and moves away from government control.
- COVID vaccines under development: 94 SARS-CoV-2 vaccine Phase III clinical trials have been submitted across the globe. Pfizer/BioNTech, Moderna, AstraZeneca, Gamelaya, Johnson & Johnson, Novavax, Sinovac, and Curevac are among the companies developing significant vaccines in the pipeline.
- According to Kelly Scientific, Pfizer/BioNTech, Moderna, and Novavax are predicted to generate the most income in 2021, followed by Gamaleya, CureVac, Johnson & Johnson, and AstraZeneca.
- Analysis of the COVID vaccination market by region: In 2021, the European Union has committed $24.19 billion in advance purchase agreements and financing to pharmaceutical companies to finance COVID vaccine research and development. The US has donated $10.7 billion, Japan has provided $7.64 billion, and the UK has contributed $2.88 billion.
- COVID vaccine technology: Because mRNA vaccines are so adaptable and efficient, Kelly Scientific believes this trend will continue.
Learn More About the COVID Vaccine Market
SARS-CoV-2 COVID Vaccine Market Analysis & Forecast to 2026, a 137-page report from Kelly Scientific, provides a comprehensive overview of the SARS-CoV-2 COVID vaccine market, industry segmentation (by geography and vaccine technology), key players, and the vast potential of vaccines currently in clinical trials.
Please click the above link to visit MarketResearch.com’s research page, where you can get a free sample or purchase the whole report.