Source: Edu Terrataca, Shutterstock
- The global vaccine market is going through serious competition right now.
- The vaccine market is expected to surge till 2026, with a drop in 2022.
- Several global challenges are being faced in terms of vaccine production and distribution.
The coronavirus pandemic that took the world by storm in 2020 brought about several impacts on different industries and the world economy in general. When the world was suffering huge losses, the race to find a suitable vaccine for the crucial disease began. Over the course of a year, several pharma giants have come up with various options for the vaccines and the administration of the same has also begun full swing in most parts of the world.
Image Source: © Silverv | Megapixl.com
Several companies across the world are trying to improve on each other in terms of finding a more effective solution that can help prevent the spread of the COVID-19 virus.
With the current COVID-19 vaccine market having orders of about $59billion, in the backdrop of different companies trying to make the most potent vaccine, it is being predicted that there will be a lull in the year 2022. This could be because of reasons such as the price reduction due to the mighty competition and the administration of single booster vaccines as compared to two vaccines besides others.
Further by the year 2026, there has been an expected rise of 9% CAGR and $47.5 billion. This shift is expected to occur because the market is becoming open from a government-controlled to a space where various private organisations across the world are now invited to make purchases as well as extensive distribution of the same. This will open a new spectrum altogether and help make the vaccine reach to different parts of the world more widely than previously.
It is further being predicted that in the endemic stage or the final stage of the pandemic, there would be the possible shortage of the vaccine boosters.
What is the course of action being looked at?
In the current situation, the priority for most vendors is the development as well as the distribution of the kind of vaccines that are protein based, DNA based, mRNA based, as well as vaccines that exhibit antigen cells, in an attempt stop the growing cases of COVID-19. So much so that Protein-based vaccines take up as much as 30% of the total market of the vaccines in the pipeline currently.
What are the challenges to be tackled?
One of the main challenges being witnessed in the preservation and distribution of the vaccines is some of them require below-zero temperatures, which is difficult to maintain throughout the life of the vaccine shot.
Another challenge being faced is the inability of a few developing nations to purchase vaccines in adequate amount, while developed countries such as the UK, the U.S, and Germany have been able to procure the same in substantial amount.
In relation to New Zealand, the vaccine administration process is in full swing and about 2 million Kiwis are expected to be given the shot in next 4 months. Frontliners as well as the elderly, especially the people in aged care homes, are expected to be the top priorities for the vaccine in the time to come.