As coronavirus infections continue to rise throughout the world, vaccination is considered to be the most effective strategy for containing the outbreak. According to the World Health Organization (WHO), as of May 13, 2021, at least 13 different vaccinations have been provided globally, including the Pfizer/BioNTech vaccine, the Sinopharm vaccine, and others. Moderna COVID-19 vaccine was added to the Emergency Use List on April 30, 2021. (EUL). The World Health Organization listed the Sinopharm COVID-19 vaccine for Emergency Use Listing (EUL) on May 7, 2021.
Over the projection period, the growing number of COVID-19 cases is likely to promote market growth. According to the World Health Organization's Coronavirus (COVID-19) Weekly Epidemiological Update, about 169 million cases and 3.5 million fatalities attributable to coronavirus (COVID-19) were documented globally up through May 30, 2021.
The worldwide coronavirus vaccine market is predicted to be worth US$ 38,563.2 million in 2021, with a CAGR of 56.1 percent during the forecast period (2021-2028).
However, due to severe regulatory approval requirements, the expansion of the coronavirus vaccine market may be limited. According to the Central Drugs Standard Control Organization (CDSCO), Government of India, the Drugs and Cosmetics Act, 1940, and the Drugs and Cosmetics Rules, 1945, as well as the New Drugs and Clinical Trials Rules, 2019, the SECOND SCHEDULE of the New Drugs and Clinical Trials Rules, 2019, specifies detailed requirements and guidelines for conducting non-clinical and clinical studies and the approval of new drugs, including vaccines. Vaccines, rDNA-derived products, Living Modified Organism (LMO), stem cell-derived goods, gene therapy products, and other items are always regarded as novel medications under the guidelines. Manufacturers of such items must get CDSCO manufacturing authorization under the New Drugs and Clinical Trials Rules, 2019 before licensing the product under the Drugs and Cosmetics Rules, 1945.