Coronavirus: Will someone develop a vaccine?
While the world worries about the spread of the deadly coronavirus, now known as Covid-19, one would expect the major pharmaceutical firms to make millions, even billions, by rushing to develop a vaccine.
According to a new market research study ‘Vaccines Market the global vaccines market is expected to reach US$ 64,538.4 Mn in 2027 from US$ 36,998.8 in 2018. The market is estimated to grow with a CAGR of 6.5% from 2019-2027. The report highlights the trends prevalent in the global vaccines market and the factors driving the market along with those that act as deterrents to its growth.
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Some of the prominent players operating in vaccines market are PFIZER INC, GlaxoSmithKline plc, Merck & Co., Inc., Sanofi, Johnson & Johnson Services, Inc, Panacea Biotec Limited, Astellas Pharma Inc., NOVAVAX, INC., VBI Vaccines Inc, and Bavarian Nordic.
Market Insight
Increasing Support for Vaccine Development
In addition to the funds from traditional research-funding institutions, the Gates Foundation has invested hundreds of millions of dollars in R&D of new vaccines against the leading killers of children and adults everywhere. GAVI has established public-private partnerships to accelerate late-stage development and introduction of priority vaccines against diseases such as rotavirus and pneumococcus. These partnerships are designed to work with governments, donors, and industry to streamline demand, supply, and financing decisions. They coordinate and fund the efforts of partners supporting national decision makers whether to introduce these new products, ensuring a reliable and sustainable supply of affordable vaccine to developing countries, and reducing risks and creating incentives for private investment to ensure access to the product. Global Vaccine Fund commits $150 Million in vaccines and funding over five years to 13 developing countries. Countries will receive financial and technical assistance in order to strengthen basic immunization systems and to introduce newer, under-used vaccines such as hepatitis B and Haemophilus influenzae type b (Hib). Some countries will receive support in both areas. Thus the growing support for vaccine development is likely to favor market growth.
Driving factors such as, growing focus on immunization programs, increasing support for vaccine development, rising prevalence of infectious diseases. However, the complexity and cost of vaccine manufacturing and soaring costs of vaccines are likely to pose a negative impact on the market growth. On the other hand, robust pipeline of vaccines is likely to have a positive impact on the growth of the global vaccines market in the coming years.
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