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(Health-NewsWire.Net, July 16, 2020 ) MarketsandMarkets™ recently launched the report, "COVID-19 Impact on Vaccines and Drugs Market - Global Forecast to 2025". The study states that the COVID-19 Impact on the global Vaccines Market size is estimated at USD 2,273 million in 2022 and projected to reach USD 1,401 million by 2025, resulting in a CAGR of -14.9%. On the other hand, the COVID-19 impact on the global Drugs Market size is anticipated at 165 million in 2020 and estimated to reach USD 2 million by 2025, at a CAGR of -57.8%.
The growth of the COVID vaccines market is attributed majorly to the increasing number of people infected with coronavirus and growing funding for vaccine development. The growth of the COVID drugs market is primarily attributed to use of repurposed drugs for compassionate use, the emergence of alternate therapies, such as convalescent plasma therapy which were earlier used for treating epidemic diseases such as SARS, MERS, and H1N1, collaborations between global organizations and governments of various nations to promote the supply of essential drugs and medical supplies.
Browse 14 market data tables and 15 figures spread through 66 pages and in-depth TOC - Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=112248051
Funding from global governments and foundations is promoting the growth of the market;
Incentives are needed to engage manufacturers for the large-scale capacity to guarantee sufficient production of SARS-CoV-2 vaccines. In line with this, various global organizations have come forward to expedite the process, such as Gavi, CEPI, and WHO. However, considering the pandemic scenario of COVID-19, much stronger initiatives are required.
In April 2020, the Bill and Melinda Gates Foundation announced plans to help fund factories for seven promising vaccines, even before seeing conclusive data. The foundation aims to help scale up manufacturing during testing, rather than after the vaccines have passed the trials.
Besides the most promising Moderna program, several other big pharma companies are involved in COVID-19 vaccine work. Johnson & Johnson has pledged a manufacturing scale-up to 1 billion doses for its federally partnered program. Meanwhile, Sanofi has two partnerships underway—one with the federal government and another with Translate Bio.
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Recent Developments;
- April 2020, Johnson & Johnson to Produce 900M COVID-19 Vaccine Doses by Q1 2021
- April 2020, GSK and Sanofi. Sanofi and GSK are working together on the development of Covid-19 vaccine
- March 2020, WHO conduction global clinical trial for most promising drugs in multiple countries
Geographical Regions Mapped in Report:
North America is expected to account for the largest share of the COVID drugs market in 2020. The large share of North America is attributed to the increasing prevalence of COVID-19, rising demand for repurposed drugs, collaborations among manufacturers and academics, and the implementation of favorable initiatives by the government in the US and Canada. The North American market is also expected to grow at the highest rate during the forecast period.
Key Market Players;
Key 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.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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