Coronavirus Vaccine Market Witnessing Mixed Scenario As Many Remain Unconvinced By Efficacy of Coronavirus Vaccine

 

Corona Virus Vaccine Market

Current Case Load and Vaccination Status

The pandemic of COVID-19 continues to expand and impact over 175 countries and territories worldwide, which is expected to propel growth of the coronavirus vaccine market. Although the outbreak slowed after what was termed as a ‘peak point’, new strains of the virus have emerged worldwide, which has increased the number of cases again. The pandemic has adversely impacted three main aspects of the global economy: production, supply chain, and firms and financial markets. National governments have announced largely uncoordinated, country-specific responses to the virus.

Globally, as of 2:03pm CET, 7 March 2021, there have been 116,135,492 confirmed cases of COVID-19, including 2,581,976 deaths, as reported to the World Health Organization. As of 8 March 2021, a total of 249,160,837 vaccine doses have been administered.

Various Vaccines

Covid-19 vaccine being developed by Oxford University and AstraZeneca has demonstrated significant potential in generating immune response against the novel coronavirus. R&D of such effective vaccines is thus expected to propel growth of the coronavirus vaccine market. Serum Institute of India signed a pact to manufacture the Oxford-AstraZeneca Coronavirus vaccine and has received approvals to start critical phase III vaccine trials in India. The vaccine is also undergoing Phase III (last stage) of human trials in the U.K., Brazil, and South Africa.

The coronavirus vaccine market in North America is witnessing mixed trends as far as the market growth is concerned. The vaccination drives has begun in the U.S with initial preference to those who are aged 50 and above. People suffering from various chronic diseases are also been given preference for vaccination. These conditions include, cancer diabetes, overweight, smoking, and others.

However, the region has witnessed significant lack of confidence in the vaccination. According to a Census Bureau survey conducted in February 2021, only about 54% of American adults who have not been vaccinated are interested in getting vaccinated, about 23% say they will probably be vaccinated, and another 23% will either probably or definitely not get vaccinated.

In Asia Pacific, the coronavirus vaccine market is witnessing indulgence of various companies that are coming forward to boost vaccination drives. Various companies operating in India have announced their intention to cover the costs of vaccination for their employees and families, including Accenture Plc, Infosys Ltd., and Reliance Industries Ltd. Around 300 million people have received vaccination in the country so far, which includes 30 million doctors, nurses and other front-line workers, to be followed by 270 million people who are either over 50 or have illnesses that make them vulnerable to COVID-19.


Location: India

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