Increasing investments particularly in the research and development activities as well as strong government support is anticipated to propel the global coronavirus vaccine market. In addition, the present coronavirus outbreak has led to an increasing demand for the vaccines all over the world.
The viruses group causing diseases and infections in birds and mammals is called as coronaviruses. They come from the Torovirinae or Coronaviridae subfamily. Initially in the 1960s, the Human coronaviruses (HCoV) were discovered. People infected with this virus suffer from common cold which can extend to severe infections as well as serious breathing complications, sometimes kidney failure, pneumonia, and even death. All such infections are usually seen in people suffering from cardiopulmonary disease, people having an immune system that is very weak (such as elderly people and infants). Other types of infections in this category include 2019-nCoV in 2019, MERS-CoV in 2012, HKU1 in 2005, HCoV NL63 in 2004, SARS-CoV in 2003.
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The 2019-nCoV is popularly known as Wuhan coronavirus. Having a very contagious nature, it causes people serious respiratory infections. This deadly virus was initially recognized in 2019by Wuhan healthcare authorities in China. It has caused a severe and ongoing 2019–2020 coronavirus outbreak in China as well as all over the world. Though not confirmed, there are reports suggesting that this 2019-nCoV is epidemiologically linked to animals and seafood. Hence, the virus is said to perhaps have a zoonotic origin.When the genetic sequence of Wuhan coronavirus is compared to other prevailing viruses, there have been few similarities to SARS-CoV (close to 79.5%). It is also around 96% similar to the bat coronaviruses.
The global coronavirus vaccine market is segmented on the basis of infection type (caused due to coronavirus), vaccine type, by end user, and region. Based on the infection type, the global market is classified as HCoV-229E, HCoV-OC43, SARS-CoV, New Haven CoV, HKU1-CoV, and MERS-CoV. On the basis of vaccine type, the global coronavirus vaccine market is bifurcated as inactivated coronavirus vaccine, live attenuated coronavirus vaccine, and S-protein based coronavirus vaccine. Segmentation, Based on the end user, the global market is classified as hospitals, clinics, research institutes, and others.
Key Players in the Global Coronavirus Vaccine Market report
Various companies are presently trying their best and putting their efforts in the development of new drugs that can treat this deadly coronavirus. Some of the major companies in the global coronavirus vaccine market are AbbVie Inc., Novavax, Inc., BioCryst Pharmaceuticals, Inc., Inovio Pharmaceuticals, Inc., and Regeneron Pharmaceuticals, Inc.
Increasing Demand For The Vaccines Along With High Geriatric Population Is Boosting The Global Coronavirus Vaccine Market Growth
The 2019–2020 Coronavirus outbreak in China, particularly in Wuhan City,along with the virus’ rapid spread all over the world has put millions of people’s lives in danger. All this has in fact put pressure on the development of the vaccine. Moreover, there is high demandfor medicine to treat symptoms that are caused due to the virus. Hence, the demand for related drugs and products is continuously increasing exponentially since all the countries all over the world are preparing themselves for a possible outbreak. Allthese factorsare anticipated to propel the growth of the global coronavirus vaccine market considerably.
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Some of the major biotech industry players along with research organizations,for example, the National Institutes of Health (NIH) and pharmaceutical companies are supported by the governments in order to develop a new vaccine as well as drugs to cure the coronavirus. The technological advancements particularly in the sector of pharmaceutical are witnessing nucleic acid vaccines development that will allow human body for producing vaccine antigen. These are also are RNA- and DNA-based. All theseactivities and initiatives are expected to boost the overall growth of the global coronavirus vaccine market considerably.
More to the list of major factors that are enhancing the global coronavirus vaccine market growth include high spending specifically on the sector of healthcare, increasing fearsabout thevirus outbreaks regularly, as well as growing demand from the global population to protect themfrom various unknown as well as known viruses. The COVID19 outbreak of 2019–2020 can negativelyaffect the various markets’ growth and hence impacting the global GDP as well. One such example of this is the tourism particularly in the Chinese territory (semi-autonomous) of Macao that has drastically dropped by 73.6% in the time span of 2019 to 2020 all because of the coronavirus outbreak. This data is as per the recent statistics made public by the government.
Healthcare authorities and governments are trying their best to get some help of drugs so as to treat the infected people and further avoid spread of this deadly virus.Nevertheless, the high cost that is involved in R&D of necessary therapeutic vaccines and drugs along with the time needed for every clinical trial and its various phases are some other factors that are further anticipated to hamper the growth of the global coronavirus vaccine market significantly.
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North America To Account Highest Revenue Share In The Global Coronavirus Vaccine Market
North America is the region that is expected to account for the biggest share of the global coronavirus vaccine market as far as revenue is considered. This trend is further expected to be followed by Europe accounting for the second-highest global coronavirus vaccine market share in terms of revenue. Such good growth of the global coronavirus vaccine market is due to the various coronavirus outbreaks recently along with the major players present in these regions. Not only this,high investments made for the research and development activities as well as strong government support is further propelling the global coronavirus vaccine market in these regions. Asia Pacific is also expected to witness considerable growth due to the present coronavirus outbreak. Additionally, increasing demand as well as the high demand for new vaccines and therapeutics so as to use them as preventive measures is also expected to boost the global coronavirus vaccine market regionally.
By Regional & Country Analysis:
- North America
- U.S.
- Canada
- Europe
- U.K.
- France
- Germany
- Italy
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- GCC
- Africa
- Rest of Middle East and Africa
Related Report:
virus filtration Market: Global Market Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025
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