mRNA Vaccines and Therapeutics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The mRNA vaccines and therapeutics market is expected to register a CAGR of 7. 2% over the forecast period (2022-2027). While the sudden outbreak of the COVID-19 pandemic negatively affected most business sectors, the mRNA vaccines and therapeutics market showed significant growth in 2020 and 2021.
New York, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "mRNA Vaccines and Therapeutics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06373314/?utm_source=GNW
The market under study continues to flourish with the detection of a new COVID-19 variant. The increase in demand for the development of new vaccines to control the spread of the coronavirus disease has led to the growth of the market under study. Demand for mRNA vaccines and therapeutics has increased during the pandemic because they are designed to trigger an immune response only to the viral spike protein, which is only one component of the viral membrane and allows the virus to invade target cells. According to data from the Centers for Disease Control and Prevention (CDC), updated in January 2022, the use of mRNA vaccines is safe and effective, and the safety of which has been rigorously tested to help with the COVID-19 pandemic. Therefore, COVID-19 has shown a significant positive impact on the market under review.
Growth in research and development (R&D), collaborations, and strategic partnerships along with growing demand for new vaccines and therapeutics and increasing chronic and infectious diseases are expected to drive the growth of the studied market. For example, in January 2021 Ribometrix, Inc. and Genentech (a member of the Roche Group) announced an exclusive worldwide license and collaboration agreement to discover, develop and commercialize novel RNA-targeted small molecule therapeutics against multiple targets. As part of this collaboration, Genentech paid Ribometrix USD 25.0 million upfront and received exclusive rights to several pre-defined targets, including an exclusive global license to develop and commercialize the molecules.
In addition, in February 2022, Eli Lilly and Company invested USD 700.0 million to build a facility at the Port of Boston to support its RNA-based research and development activities. Therefore, the increase in research and development activities, collaborations, and strategic partnerships of major players is expected to drive the growth of the study market during the forecast period. However, strict legal requirements and frameworks and high prices associated with mRNA-based vaccines and therapeutics are likely to hinder the market growth.
Key Market Trends
Infectious Disease Segment is Expected to Occupy a Significant Share in the mRNA Vaccines and Therapeutics Market Over Forecast Period
Infectious diseases by application segment are expected to witness significant growth during the forecast period. The increasing prevalence of Ebola, influenza, human immunodeficiency virus (HIV), and other viral infections including Covid-19 act as major driving factors for this segment. Earlier in 2020, the outbreak of Covid-19 sparked demand for mRNA vaccines and therapeutics. Several major players are actively involved in the research and development of vaccines to combat the Covid-19 infection. Covid-19 has shown a significant positive impact on the infectious diseases segment of applications.
In addition, non-covid-19 mRNA vaccines for HIV, influenza, and other viral infections are currently in development and clinical trials. For example, in April 2022, the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH), launched a Phase 1 clinical trial to evaluate three experimental messenger RNA (mRNA)-based HIV vaccines. platform. The HVTN 302 study is sponsored by NIAID and conducted by the NIAID-funded HIV Vaccine Trials Network (HVTN) based at the Fred Hutchinson Cancer Research Center in Seattle. Additionally, in July 2021, Moderna announced that the first participants had been dosed in Phase 1 and 2 clinical trials of its quadrivalent influenza candidate, mRNA-1010. Approximately 180 healthy adults in the United States participated in the study and were fully enrolled in early September 2021. Therefore, these increasing mRNA vaccine and therapeutics developments and clinical trials for several infectious diseases are anticipated to grow over the forecast period.
North America Region is Expected to Dominate the mRNA Vaccines and Therapeutics Market
North America is expected to dominate the mRNA vaccines and therapeutics market during the forecast period. An increasing number of research and development (R&D) activities and investments in the sector, new product launches, and an increasing number of chronic diseases are the major factors attributed to the growth of the market in the region. For instance, according to the Pfizer Inc. annual report for 2022, their research and development expenditure has increased over the years from USD 9,393 million in 2020 to USD 13,829 million in 2021. Hence, increasing research and development expenditure of the key companies in the region is expected to boost growth in the mRNA vaccines and therapeutics market over the forecast period.
In addition, through the Immunization Partnership Fund (IPF), the Government of Canada has reached populations with lower vaccine uptake by enabling informed vaccination choices. In 2020 and 2021, IPF received USD 45.5 million in additional funding over 2.5 years to allow the Public Health Agency of Canada to continue supporting vaccination efforts across Canada. Through these initiatives, the Government of Canada is working to increase vaccine confidence, uptake, and access to COVID-19 vaccines across Canada. Additionally, in May 2021, the Government of Canada announced an investment of up to USD 199.16 million in Resilience Biotechnologies Inc. to increase its manufacturing and filling/finishing capacity for several vaccines and therapeutics that use new technologies such as mRNA. Therefore, these countries’ health care and drug spending and increasing government activities in the region are expected to increase in the region over the next few years.
Strategic activities such as new product development, approvals, collaborations, and acquisitions in the United States are driving the growth of the mRNA therapeutics market. For example, in June 2021, Cambridge, Massachusetts, United States-based Strand Therapeutics raised USD 52.0 million to “program” new cancer therapies. The company entered into an option and license agreement with BeiGene to develop and commercialize Strand’s innovative, multifunctional mRNA therapeutics for solid tumors. Therefore, strategic activities by major players are increasing in the region and are anticipated to grow, hence, driving the market growth over the forecast period.
Competitive Landscape
The market for mRNA vaccines and therapeutics is fragmented in nature due to the presence of several companies globally. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known including AstraZeneca, Pfizer Inc., Johnson & Johnson, Bayer AG, Moderna, BioNTech, GlaxoSmithKline, Boehringer Ingelheim, and Eli Lilly, among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
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