Leading Players in Vaccines and Drugs Market Have Entered the Race to Launch Vaccines and Drugs Targeting COVID-19
The global COVID-19 vaccines market is projected to reach USD 1,401 million by 2025 from USD 2,273 million in 2022, at a CAGR of -14.9%% during the forecast period. The growth of the COVID-19 vaccines market is attributed majorly to the rising number of people infected with COVID-19 and increasing funding for vaccine development.
The global COVID-19 drugs market is projected to reach USD 2 million by 2025 from USD 165 million in 2020, at a CAGR of -57.8% during the forecast period. The growth of the COVID-19 drugs market is attributed primarily to the use of repurposed drugs for compassionate use and the emergence of alternative therapies such as convalescent plasma therapy, which were earlier used for treating epidemic diseases such as SARS, MERS, and H1N1. Moreover, collaborations between global organizations and governments of various nations to promote supply of essential drugs and medical supplies are augmenting the market growth. However, factors such as herd immunity and uncertainty over the efficacy of vaccines and drugs are expected to hinder the market growth.
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Some of the major players in the COVID-19 vaccines market include Pfizer Inc. (US), Johnson & Johnson Services, Inc (US), GlaxoSmithKline plc. (UK), Sanofi (France) Serum Institute of India (India), among others. Major players in the COVID-19 drugs market include Gilead Sciences, Inc. (US), Sanofi (France), F. Hoffmann-La Roche Ltd (Switzerland), Merck KGaA (Germany), Janssen Pharmaceuticals, Inc. (Belgium) among others.
Of the confirmed active vaccine candidates, the majority are being developed by private/industry developers, with the remaining projects are being led by academic institutes as well as public-sector and other non-profit organizations. Although several large multinational vaccine developers (such as Janssen, Sanofi, Pfizer, and GlaxoSmithKline) have already engaged in COVID-19 vaccine development, many of the leading developers are small and/or inexperienced in large-scale vaccine manufacturing. This makes it crucial to ensure the coordination of vaccine manufacturing and supply capabilities and the capacity to meet demand.
Some of the key players are collaborating to expedite the vaccines and drug development. For instance, In February 2020, Janssen announced that it would work collaboratively with laboratories to screen antiviral therapies. Janssen already donated several doses of PREZCOBIX (for research use) to the Shanghai Public Health Clinical Center, Zhongnan Hospital of the Wuhan University, and the Chinese Center for Disease Control and Prevention. Big players in vaccines have also entered the race of launching vaccines targeting COVID-19, such as GSK and Sanofi. Sanofi and GSK are coming together to work on a Covid-19 vaccine, which, if it passes clinical trials, will become available in the next 12- 18 months’ timeline.
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COVID-19 Impact on Vaccines & Drugs Market - Global Forecast to 2025
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