What Is The Current and Historic Market Size Analysis Of The Spikevax Market?
The spikevax market has seen considerable growth due to a variety of factors.
• The market size for Spikevax has increased at a rate of XX (HCAGR) in the past few years. Its projection is to expand from a figure of $XX million in 2024, to $XX million in 2025 with a Compound Annual Growth Rate (CAGR) of XX%.
The growth observed during the previous years can be linked to the COVID-19 vaccines demand due to the pandemic, increase in government fundings, swift regulatory clearances, surge in worldwide vaccination drives, successful results against SARS-CoV-2 and its variants, and an increase in collaborations for mass production and distribution.
What Are The Predictions for The Spikevax Market in the Coming Years?
The spikevax market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions suggest an upward trend in the Spikevax market size with an estimated XX (FCAGR) increase over the coming years, reaching a monetary value of $XX million by 2029 at a compounded annual growth rate (CAGR) of XX%.
Reasons for growth projected in this forecast period include an increase in booster shot initiatives, the development of new SARS-CoV-2 variations, enhanced government contracts for pandemic readiness, improved vaccination rates in emerging nations, widening to pediatric and adolescent demographics, and a growth in regulatory approvals for variant-specific formulations. Key patterns expected during this forecast period comprise the creation of bivalent vaccines aimed at multiple COVID-19 variants, progress in storage systems, the extension of mRNA technology for expedited production, and the implementation of digital resources for tracking and monitoring vaccines.
Which Drivers Are Accelerating Growth In The Spikevax Market?
The surge in COVID cases is anticipated to drive the expansion of the spikevax market. COVID-19, a disease triggered by the SARS-CoV-2 virus, is transmitted through respiratory droplets and can cause symptoms ranging from a mild fever to severe respiratory problems. Its spread can be hindered by vaccines and hygienic practices. The hike in COVID-19 cases is linked to factors like new variants, weakened immunity, lifted restrictions, indoor gatherings during the winter season, and a lack of uniform vaccine coverage. Spikevax fights coronavirus by instructing the immune system to identify and fight the virus using an mRNA-induced spike protein, offering robust protection against severe illness and variants. As of March 2023, a report from the Office for National Statistics, a UK government department specialising in official statistics, estimated that 1.9 million people in the UK (or 2.9% of the population) had long COVID. A vast majority (92%) had contracted COVID-19 more than 12 weeks ago, with 69% experiencing symptoms for more than a year and 41% for more than two years. Consequently, the increasing prevalence of COVID cases will boost the growth of the spikevax market.
What Are The Core Segments Of The Global Spikevax Market?
The spikevax market covered in this report is segmented –
1) By Clinical Indication: COVID-19
2) By Formulation: Spikevax Original, Spikevax Bivalent (Original Or Omicron), Spikevax XBB.1.5
3) By Age Group: Adults, Adolescents, Children
4) By Distribution Channel: Government Channels, Hospitals, Clinics
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Who Are the Key Players In The Spikevax Market?
Major companies operating in the spikevax market are:
• Moderna Inc.
What Are The Regional Insights Into The Spikevax Market?
North America was the largest region in the spikevax market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spikevax market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
