Urgency to Vaccinate Against COVID-19 Makes Players Spend Billions in Vaccines Market, Says Fairfield Market Research

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Fairfield Market Research

15 Sep, 2021, 13:15 GMT

LONDON, Sept. 15, 2021 /PRNewswire/ -- Pharmaceutical companies have reaped a windfall during the outbreak of COVID-19 and none more so than vaccine manufacturers as the world battles one wave after another. Vaccines are critical as they minimize the probability of infection, reduce the severity of illness in infected individuals, and lessen the transmissibility of those affected. The vaccine market is aided by a stringent regulatory environment that creates barriers to entry, preventing intense competition and allowing companies to thrive.

The global vaccines market was worth $33,572.5 Mn in 2020 and is expected to rise to US$54,684.8 Mn by 2025, witnessing a CAGR of 10.2% for the period.

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Fat Margins to Generate New Avenues for Growth in the Global Vaccines Market

Combination vaccines are high-margin products that should generate enormous profits for companies in near future. Combination vaccines deliver a higher efficiency and have a multi-pronged action, in contrast to a single shot, explaining their premium positioning in the vaccines market. Moreover, combination vaccines are playing a vital role in overcoming trypanophobia, aiding growth in the vaccines market.

mRNA Vaccines Receive Emergency Use Authorization by FDA to Tackle COVID-19

COVID-19 has resulted in unprecedented developments in the global vaccines market. mRNA vaccines were being researched for decades but received a shot in the arm with funding hastened and bureaucratic procedures simplified to tackle this pandemic. Comirnaty and Spikevax were the inaugural mRNA vaccines to receive emergency use authorization from the U.S. Food and Drug Administration with the former being granted full approval recently.

In the emerging world, the Serum Institute of India has entered into an agreement with UNICEF to manufacture and supply the Oxford/ Astra-Zeneca vaccine for the COVAX initiative. This will facilitate 1.1 billion doses to be supplied to 100 countries, primarily in Africa, Latin America, and Asia.

High Mortality Rate Ensures That Pneumococcal Segment Will Dominate Vaccines Market

The World Health Organization states that pneumococcal diseases kill 500,000 adults above 70 and 320,000 children annually. As of 2019, 152 countries have either fully or partially incorporated pneumococcal conjugate vaccine in their infant vaccination programmes. The addition of PCV by Asian giants China, India, and Indonesia is poised to spike vaccine demand by 60 million doses in the next decade, boding well for companies in the vaccines market.

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Low Rates of Penetration Allow Shingles Segment to Grow Rapidly in Vaccines Market

The highest CAGR of 15.5% is predicted to be in the shingles vaccine segment, with 35% of U.S. citizens above 60 vaccinated in 2018, as per data from the Center for Disease Control and Prevention. Presently, only 17 million have been administered a dose of Shingrix – a vaccine by GSK – even though it is recommended for 100 million people.

Multinationals Investing Huge Sums Make North America Key From Revenue Perspective

North America is the largest regional contributor to the vaccines market by revenue due to the U.S. and Canada. Nearly half of the revenue should be derived from this prosperous continent until 2025 because of the presence of large multinationals investing billions into R&D coupled with regulatory support provided by the FDA.

The need for vaccines is acutely felt in emerging economies and is likely to remain so throughout the forecast period. The two most populous nations – China and India – are both massive producers and consumers of vaccines. Furthermore, strong demand is anticipated in South and Southeast Asia and the Western Pacific.

Barriers to Entry Allow Incumbents to Reap Handsome Rewards in Global Vaccines Market

The vaccines market is oligopolistic in nature with Merck, GSK, Sanofi, and GSK accounting for 90% of value. However, 60% of the volume is produced by Sanofi, GSK, Haffkine, Bharat Biotech, and the Serum Institute of India. No single manufacturer dominates any region as each has different market dynamics.

Companies from emerging economies began manufacturing vaccines in the 1980s and have become a force to be reckoned with, contributing approx. 50% of UNICEF's vaccine procurement by volume and 30% by value. This has resulted in vaccine prices being lowered, directly benefiting low and middle-income countries.

Other companies profiled in this report on the vaccines market are Moderna, Novavax, and Sinopharm, CSL Limited (Seqirus), Emergent BioSolutions Inc., and Mitsubishi Tanabe Pharma Corporation.

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