Covid-19 Vaccine Market By Technology (mRNA Technology, Viral Vector Technology), Application (Primary Vaccination, Booster Doses), & Region for 2024-2031
Report ID: 35863|No. of Pages: 202
Covid-19 Vaccine Market By Technology (mRNA Technology, Viral Vector Technology), Application (Primary Vaccination, Booster Doses), & Region for 2024-2031
Covid-19 Vaccine Market Valuation – 2024-2031
Growing public understanding of vaccine benefits, leading to higher demand for COVID-19 vaccinations. Increased funding and support from governments and organizations to promote vaccination efforts worldwide is driving the market size surpass USD 7.64 Billion valued in 2024 to reach a valuation of around USD 12.64 Billion by 2031.
In addition to this, innovations in vaccine development and delivery methods enhancing production efficiency and distribution is spurring up the adoption of Covid-19 vaccine. Partnerships between pharmaceutical companies, governments, and NGOs accelerating research and distribution efforts is enabling the market to grow at a CAGR of 7.16% from 2024 to 2031.
Covid-19 Vaccine Market: Definition/ Overview
A COVID-19 vaccine is a biological preparation designed to provide immunity against the SARS-CoV-2 virus, which causes COVID-19. These vaccines work by introducing a harmless component of the virus, such as a spike protein or mRNA, into the body. This triggers the immune system to recognize and respond to the virus if exposed in the future, helping to prevent severe illness and transmission.
The application of COVID-19 vaccines has been crucial in controlling the pandemic. Vaccination campaigns have aimed to achieve widespread immunity in populations, significantly reducing hospitalization rates and deaths associated with the virus. In addition to individual protection, widespread vaccination contributes to herd immunity, helping to limit the virus’s spread and facilitating the return to normal societal functions.
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How will Growing Focus on Pediatric Vaccinations Increase Adoption of Covid-19 Vaccine?
Rising global vaccination rates have propelled the Covid-19 vaccine market forward, with governments worldwide implementing comprehensive immunization programs. According to the WHO, as of December 2023, over 13.5 billion Covid-19 vaccine doses had been administered globally, demonstrating massive market penetration. The emergence of new variants continues to drive demand for updated formulations, while health organizations emphasize the importance of booster doses for vulnerable populations.
Technological advancements in vaccine platforms have revolutionized the market landscape, particularly through mRNA technology. The US CDC reported that mRNA vaccines showed over 90% efficacy in preventing severe Covid-19 cases during initial trials in 2020-2021. In September 2023, Pfizer and Moderna launched their updated monovalent XBB.1.5 vaccines, targeting newer Omicron subvariants and expanding their market presence.
Growing focus on pediatric vaccinations and specialized formulations for immunocompromised individuals has created new market opportunities. The European Medicines Agency (EMA) data showed that approximately 82% of children aged 12-17 in the EU/EEA received at least one Covid-19 vaccine dose by mid-2023. Recently, Novavax announced successful trials of its combination Covid-19-influenza vaccine in March 2024, potentially revolutionizing the seasonal vaccination approach and expanding market possibilities.
How Supply Chain Disruptions Hampering Covid-19 Vaccine Market Growth?
The COVID-19 vaccine market faces several restraints that can impact its growth and accessibility. One major constraint is vaccine hesitancy, where individuals may be reluctant or refuse to receive the vaccine due to misinformation, fear of side effects, or distrust in pharmaceutical companies. This hesitancy can lead to lower vaccination rates, undermining public health efforts and prolonging the pandemic.
Supply chain disruptions have also posed significant challenges to the COVID-19 vaccine market. The rapid development and deployment of vaccines put immense pressure on manufacturing and distribution networks. Factors such as shortages of raw materials, transportation issues, and logistical challenges can lead to delays in vaccine availability, particularly in low- and middle-income countries.
Regulatory hurdles represent another restraint, as vaccine developers must navigate complex approval processes in various countries. Differences in regulatory standards can slow down the introduction of new vaccines and limit market expansion. Additionally, ongoing surveillance and post-marketing studies are necessary to monitor vaccine safety and efficacy, which can further complicate the approval process.
Category-Wise Acumens
Will Rise in Adoption of mRNA Technology Drive Covid-19 Vaccine Market Growth?
mRNA technology is expected to dominate Covid-19 vaccine market. The revolutionary mRNA technology is emerging as a game-changer in the Covid-19 vaccine landscape, offering unprecedented speed in vaccine development and manufacturing. According to the US FDA, mRNA vaccines demonstrated remarkable efficacy rates of 94-95% in preventing symptomatic Covid-19 infections during initial clinical trials in 2020. Moderna and Pfizer-BioNTech’s success with mRNA platforms has sparked increased investment in this technology, with both companies announcing expanded research facilities and enhanced production capabilities throughout 2023 to meet global demand.
The adaptability of mRNA technology has proven crucial in responding to emerging variants, enabling rapid modification of vaccine formulations. The European Medicines Agency reported that over 600 million mRNA vaccine doses were administered in the EU/EEA by December 2023, establishing them as the predominant vaccine type. In February 2024, Moderna announced positive results from its next-generation mRNA platform trials, promising enhanced stability at regular refrigeration temperatures and potentially eliminating the ultra-cold storage requirement that initially challenged distribution.
Will Rise in Adoption of Booster Dose Drive Covid-19 Vaccine Market Growth?
Booster dose is anticipated to hold major share in the Covid-19 vaccine market. The increasing emphasis on booster doses has become a significant driver in the Covid-19 vaccine market, as health authorities worldwide recommend additional shots to maintain immunity levels. The US CDC reported that by January 2024, over 56.5% of eligible adults had received at least one booster dose, highlighting substantial market potential. Major manufacturers like Pfizer-BioNTech and Moderna have adapted their production strategies to meet this sustained demand, with both companies releasing variant-specific boosters targeting the latest strains.
Growing evidence supporting the effectiveness of booster doses in preventing severe illness has strengthened their market position. According to the UK Health Security Agency, booster shots provided 88% additional protection against hospitalization from the Omicron variant in studies conducted through 2023. In March 2024, Moderna announced positive trial results for its combination respiratory booster vaccine, which targets both Covid-19 variants and influenza strains, potentially revolutionizing the seasonal vaccination approach.
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Country/Region-wise Acumens
Will Advanced Cold Chain Logistics in North America Drive Covid-19 Vaccine Market Growth?
North America maintains its leadership position in the global Covid-19 vaccine market through robust healthcare infrastructure and substantial government investments in vaccination programs. According to the US CDC, more than 674 million Covid-19 vaccine doses were administered in the United States by December 2023, demonstrating the region’s massive vaccine uptake. The presence of major pharmaceutical companies and research institutions has further strengthened North America’s market dominance, with recent expansions of manufacturing facilities by Pfizer in Michigan and Moderna in Massachusetts announced in early 2024.
Advanced cold chain logistics and efficient distribution networks have enabled seamless vaccine delivery across the continent, supporting market growth. Health Canada reported that approximately 83% of eligible Canadians completed their primary vaccination series by the end of 2023. Moderna’s announcement in March 2024 regarding the establishment of a new research and development hub in Toronto, focusing on next-generation mRNA technologies, reinforces North America’s position as a key innovation center for vaccine development.
Will Robust Healthcare Infrastructure Enhance Adoption of Covid-19 Vaccine in Asia Pacific?
North America maintains its leadership position in the global Covid-19 vaccine market through robust healthcare infrastructure and substantial government investments in vaccination programs. According to the US CDC, more than 674 million Covid-19 vaccine doses were administered in the United States by December 2023, demonstrating the region’s massive vaccine uptake. The presence of major pharmaceutical companies and research institutions has further strengthened North America’s market dominance, with recent expansions of manufacturing facilities by Pfizer in Michigan and Moderna in Massachusetts announced in early 2024.
Advanced cold chain logistics and efficient distribution networks have enabled seamless vaccine delivery across the continent, supporting market growth. Health Canada reported that approximately 83% of eligible Canadians completed their primary vaccination series by the end of 2023. Moderna’s announcement in March 2024 regarding the establishment of a new research and development hub in Toronto, focusing on next-generation mRNA technologies, reinforces North America’s position as a key innovation center for vaccine development.
Competitive Landscape
The Covid-19 vaccine market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.
The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the Covid-19 vaccine market include:
- Pfizer-BioNTech
- Moderna
- AstraZeneca
- Johnson & Johnson (Janssen)
- Novavax
- Sinovac Biotech
- Sinopharm
- Sputnik V (Gamaleya Research Institute)
- Bharat Biotech
- COVAXIN (Bharat Biotech)
- CanSino Biologics
- Zydus Cadila
- Valneva
- Merck & Co.
- Sanofi
- GSK (GlaxoSmithKline)
- CureVac
- Vaxart
- ModernaTX
- Inovio Pharmaceuticals
Latest Developments
- In October 2023, several pharmaceutical companies announced the results of clinical trials for new Covid-19 vaccines aimed at emerging variants, demonstrating increased efficacy and safety profiles.
- In September 2023, the WHO approved a new vaccine platform designed for rapid development and deployment in response to future Covid-19 variants, enhancing global readiness.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~7.16% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis. |
| Segments Covered |
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| Regions Covered |
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| Key Players | Pfizer-BioNTech, Moderna, AstraZeneca, Johnson & Johnson (Janssen), Novavax, Sinovac Biotech, Sinopharm, Sputnik V (Gamaleya Research Institute), Bharat Biotech, COVAXIN (Bharat Biotech), CanSino Biologics, Zydus Cadila, Valneva, Merck & Co., Sanofi, GSK (GlaxoSmithKline), CureVac, Vaxart, ModernaTX, Inovio Pharmaceuticals |
| Customization | Report customization along with purchase available upon request. |
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
- South America
- Middle East & Africa
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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Frequently Asked Questions
1. Introduction
• Market Definition
• Market Segmentation
• Research Methodology
2. Executive Summary
• Key Findings
• Market Overview
• Market Highlights
3. Market Overview
• Market Size and Growth Potential
• Market Trends
• Market Drivers
• Market Restraints
• Market Opportunities
• Porter’s Five Forces Analysis
4. Covid-19 Vaccine Market, By Technology
• mRNA vaccines
• Viral Vector Vaccines
• DNA vaccines
• Protein Subunit Vaccines
• Inactivated Vaccines
5. Covid-19 Vaccine Market, By Application
• Primary Vaccination
• Booster doses: Given
7. Regional Analysis
• North America
• United States
• Canada
• Mexico
• Europe
• United Kingdom
• Germany
• France
• Italy
• Asia-Pacific
• China
• Japan
• India
• Australia
• Latin America
• Brazil
• Argentina
• Chile
• Middle East and Africa
• South Africa
• Saudi Arabia
• UAE
8. Market Dynamics
• Market Drivers
• Market Restraints
• Market Opportunities
• Impact of COVID-19 on the Market
9. Competitive Landscape
• Key Players
• Market Share Analysis
10. Company Profiles
• Pfizer
• Moderna
• AstraZeneca
• Johnson & Johnson
• Sinopharm
• Sinovac Biotech
• Bharat Biotech
11. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities
12. Appendix
• List of Abbreviations
• Sources and References
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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