The global preventive vaccine market is estimated to grow at a CAGR of nearly 9.0% during the forecast period. Before the COVID-19, the major dynamic moving the market include rising per capita healthcare expenditure of the emerging economies, and increasing awareness related to the vaccine. With the increasing cases of COVID-19, the need to develop preventive vaccines increased all across the growth. A disruption in revenue of segments will be also witnessed during the forecast period. For instance, generally, most of the revenue is generated by pediatric vaccines however for the next couple of years it will be shift to adult vaccines.
To Request a Sample of our Report on Global Preventive Vaccine Market: https://www.omrglobal.com/request-sample/preventive-vaccine-market
Government organizations are funding and collaborating with private players to speed up vaccine development for COVID-19. For instance, the US Biomedical Advanced Research and Development Authority (BARDA) has announced to donate $483 million to Moderna Inc., a Biotech company for the development of the COVID-19 vaccine. The German government has announced to spend $812 million to develop and distribute the COVID-19 vaccine. Two-third of $812 million will be for vaccine development and the rest of the money for developing production capacity.
Generally, to develop a vaccine 10 to 15 years are required however the vaccine manufacturing companies are trying to reduce this time to 12 to 18 months. On 13th April 2020, the World Health Organization announced that there are around 70 coronavirus vaccines under development all across the globe. Out of this, three candidates already are being tested in human trials. Some of the major companies which are working significantly for the vaccine development include Pfizer Inc., GSK plc, Inovio Pharmaceuticals, Johnson & Johnson, Sanofi, and others.
In March 2020, Pfizer Inc. partnered with BioNtech SE for the development of mRNA based COVID-19 vaccine candidate BNT-162 of BioNtech SE. The company has entered the clinical stage in Germany and the US in May 2020. In April, two major drug companies Sanofi SA and GSK plc. collaborated to develop the COVID-19 vaccine. The candidate vaccine is expected to enter clinical trial by the second half of 2020 and if approved by the government it will be available to the market by the second half of 2021.
Inovio Pharmaceuticals is one of the first companies to work on the COVID-19 vaccine. In April 2020, the company completed the first dose of vaccine in 40 healthy volunteers in the phase-I clinical stage with INO-4800 in the US. The company will complete the second round of dosing by the end of May 2020. Several other companies such as Novavax, Heat Biologics, Glenmark, Vaxart, Vir Biotechnology are working in the COVID-19 vaccine.
(Get 15% Discount on Buying this Report)
A full Report of Global Preventive Vaccine Market is Available at: https://www.omrglobal.com/industry-reports/preventive-vaccine-market
Global Preventive Vaccine Market- Segmentation
By Vaccine Type
- Live-attenuated vaccines
- Inactivated vaccines
- Subunit, recombinant, polysaccharide, and conjugate vaccines
- Toxoid vaccines
- Other (DNA Vaccines and Recombinant Vector Vaccines)
By Patient
- Pediatric
- Adults
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
