One of the new classes of vaccines, mRNA-based vaccines facilitate cells in the body to make specific proteins for triggering an immune response, further producing antibodies against a specific disease.
The mRNA-based vaccines gained massive prominence by healthcare stakeholders for preventing SARS-CoV-2 due to their associated underlying advantages. These advantages include high efficacy, safety, reliability, less manufacturing time, and the ability to protect individuals against infections of new SARS-CoV-2 mutant strains, among others.
According to the market intelligence report published by BIS Research, the global mRNA vaccines and therapeutics market for COVID-19 vaccines is projected to reach $28.92 billion in 2025 from $51.65 billion in 2021, witnessing a CAGR of -13.50%, during the forecast period 2021-2025.
At the same time, the global mRNA vaccines and therapeutics market based on non-COVID-19 vaccines is projected to reach $1.69 billion by 2031 from $0.05 billion in 2026, growing at a CAGR of 96.49%, during the forecast period 2026-2031.
The growth of the non-COVID-19 vaccine market can be majorly attributed to the growing emphasis on R&D pertaining to the development of mRNA-based vaccines and therapeutics for non-COVID-19 applications, increasing funding, the growing prominence of mRNA-based treatment modalities, and increasing emphasis on the adoption of targeted therapeutics for rare diseases and cancer.
Factors Influencing mRNA Vaccines Market Growth
The global mRNA vaccines and therapeutics market is influenced by several factors, including the factors responsible for driving the growth of the market and restraining it at the same time.
The factors responsible for driving the growth of the market include growing cases of COVID-19 globally, a favorable regulatory environment, and significant external funding for the development of mRNA-based COVID-19 vaccines.
With a steep rise in the COVID-19 patients, there exists a strong requirement for effective and efficacious vaccines by refueling vaccine innovation. Although there has been a wide array of COVID-19 vaccines in places, such as inactivated vaccines, live-attenuated vaccines, and viral vector vaccines, mRNA-based vaccines are considered to be the most promising on account of their advantages. The mRNA-based COVID-19 vaccines increase protein translation, innate modulation, and offer adaptive immunogenicity to patients suffering from COVID-19.
In addition, the demand for mRNA-based COVID-19 vaccines is getting outpaced due to massively increasing COVID-19 cases worldwide. The regulatory authorities worldwide have loosened restrictions pertaining to the regulations of these vaccines. Regulatory authorities such as the Food and Drug Administration (FDA) and the European Medicines Agency (EMA) are offering emergency use authorizations (EMAs) and conditional marketing authorizations (CMAs), respectively, to the companies manufacturing mRNA-based COVID-19 vaccines, in order to ensure a constant supply for continuing vaccination strategies.
Moreover, owing to the overall increase in COVID-19 cases worldwide and various national governments taking significant measures to contain the spread of SARS-CoV-2 to mitigate its impact, there has been a massive surge in funding for executing vaccine development.
Factors that are restraining the growth of the market include logistical challenges associated with mRNA-based COVID-19 vaccines and the high price associated with mRNA-based COVID-19 vaccines.
Despite the benefits, there exist potential logistical challenges that are associated with the supply of mRNA-based COVID-19 vaccines, which are restraining emerging economies from adopting it. Further, the absence of adequate infrastructures having stable ultra-cold temperatures in the emerging economies has further resulted in the prohibition pertaining to the adoption of mRNA-based COVID-19 vaccines. mRNA-based vaccines are highly fragile and could get easily denatured and destabilized if a controlled ultra-low supply chain is not present from the time the vaccine is produced to the commencement of inoculation.
The mRNA-based COVID-19 vaccines have garnered massive attention from healthcare professionals and governments owing to the fact that these vaccines allow the body’s own molecular mechanism to generate its own drug against the infection, thereby ensuring high efficacy and safety. While mRNA-based vaccines have become an integral part of the developed economies to establish robust vaccination strategies, developing countries are facing economic challenges pertaining to the high-cost of these vaccines.
Global mRNA Vaccines and Therapeutics Market Segmentation
Segmentation by Application
The mRNA vaccines and therapeutics market segmentation based on application has been categorized into COVID-19 mRNA vaccines and non-COVID-19 vaccines. The COVID-19 mRNA vaccines further include vaccines that have been commercialized and the ones in the pipeline. The commercialized vaccines listed in the report include mRNA-1273 and BNT162b2. Along with the commercialized ones, other vaccines that are in the pipeline include CVnCoV, LUNAR-COV19, MRT5500, and DS-5670.
The non-COVID-19 vaccines include vaccines for conditions such as oncology, infectious diseases, and other diseases. The COVID-19 vaccine development landscape has taken a positive turn in recent months. This is majorly attributed to the strong investments being made by pharmaceutical companies and government organizations to accelerate the development of vaccine candidates for the prevention of COVID-19.
Segmentation by Type
The mRNA vaccines and therapeutics segmentation market based on mRNA type is separated into two major sub-heads i.e., COVID-19 and non-COVID-19. As of Q4 2020, the global mRNA vaccines and therapeutics market for COVID-19 vaccine segment was dominated by nucleoside-modified mRNA (modRNA) and held a massive market share of 100%.
Segmentation by Region
The mRNA vaccines and therapeutics market segmentation by region is categorized under North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World. The North America region is expected to dominate the global mRNA vaccines and therapeutics market for COVID-19 vaccines during the forecast period Q1 2021-Q4 2025.
North America holds 54.80% share of the global mRNA vaccines and therapeutics market for COVID-19 vaccines. Underlying factors such as the growing number of COVID-19 cases, the rising emphasis of the governments to establish robust vaccination strategies, the presence of established pharmaceutical companies, and increasing funding by the government, are some of the factors responsible for the market growth. Moreover, the presence of advanced ultracold manufacturing and supply chains has massively supported the growth of the market in the region.
Major Players Operating in the Global mRNA Vaccines and Therapeutics Market
- Arcturus Therapeutics Holdings Inc.
- BioNTech SE
- CureVac N.V.
- Daiichi Sankyo Company, Limited.
- Ethris GmbH
- GlaxoSmithKline plc
- Gennova Biopharmaceuticals Ltd
- Moderna, Inc.
- Pantherna Therapeutics GmbH
- Providence Therapeutics
- Silence Therapeutics
- VERSAMEB AG
- Verve Therapeutics, Inc.
- Translate Bio
mRNA Vaccines and Therapeutics Market Report
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About the Publisher: BIS Research is a global market intelligence, research and advisory company that focuses on emerging technology trends that are likely to disrupt the market. Its team includes industry veterans, experts, and analysts with diverse backgrounds in consulting, investment banking, government, and academia