June 20, 2022
According to the research report titled ‘India COVID-19 Vaccines Market - Growth, Demand, Trends, Opportunity, Forecasts (2021-2027)’, available with MarketStudyReport, India COVID-19 vaccines market is estimated to be valued at USD 2.3 billion by the end of forecast period of 2021-2027, with robust CAGR of 25% throughout.
India COVID-19 vaccines market is expected to be driven by a greater emphasis on immunization programs, approval/launch of new vaccines, and higher government funding for vaccine development. Besides, prevalence of COVID-19 cases, and surge in R&D activities are enhancing the industry outlook.
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Experts cite that high costs and extended durations necessary for vaccine development and production are anticipated to hinder market growth. On the other hand, increase in healthcare spending will present new opportunities in coming years. Increased participation of Indian government with World Health Organization (WHO) will further increase the potential for vaccine generation and supply in India.
Apart from the growth drivers and restraints, the report offers an up-to-date analysis regarding the current market trends, latest developments, doses administered, and number of persons being vaccinated within the boundaries of the Indian nation.
Moreover, the document covers exhaustive details about the contribution of various Indian ministries in COVID-19 vaccine drive and the COVID-19 vaccine intelligence network (Co-WIN). By compiling data on the aforementioned aspects, the document predicts market size, scope, and behavior over the forecast period 2021-2027.
Elaborating on the competitive landscape, leading contenders influencing India Covid-19 vaccines market trends are Serum Institute of India Pvt. Ltd., Bharat Biotech International Limited, Dr. Reddy's Laboratories Limited, Zydus Cadila Healthcare Limited, Biological E. Limited, and Gennova Biopharmaceuticals Limited.
The companies are actively focusing on improving their production capacity and investing in R&D of vaccines to battle against the coronavirus. Further, they are also undertaking collaboration, partnership, and licensing deals to improve their standing in the marketplace.