The COVID-19 outbreak has created turbulence across the supply chain, taking a toll on the healthcare industry.
The COVID-19 outbreak has created turbulence across the supply chain, taking a toll on the healthcare industry. The current situation of lockdown is arising uncertainties amongst the healthcare professionals regarding the future. With plentiful negative impacts, coronavirus is creating a path of progress in the market for vaccines. The ongoing research and developments for the coronavirus vaccine are arising in opportunities for growth in the market. However, the hard-hit economy will play a pivotal role in the days ahead.
Drug discovery, production and manufacturing have been an outcome of global effort with countries like China and India establishing themselves as major players in the supply chain of the global pharmaceutical industry. A decrease in the production capacity of these leading nations is expected to cause a drug shortage in the major part of the world. With the world implementing robust virus control strategies, the pharmaceutical sector may witness new dynamics in the market.
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Ease Of Mass Immunization Enhances Acceptability
COVID-19 is expected to change the course of development in different health programs. While vaccines have always been perceived as medium for personal care and disease prevention, the corona virus pandemic is highlighting the importance of mass immunizations. The oral vaccine will gain preference over injectable vaccines owing to their ease of application and potential to reach masses. According to the report from persistence market research, oral vaccines are highly popular in the demographics, especially in children population, for their painless action.
Apart from ease of delivery, COVOD-19 has highlighted oral vaccines as a safe medium of vaccination. With a virus, the chances of infection remains very high, creating a challenge for healthcare professionals to maintain proper sanitation in injectable devices. Owing to the high chances of contamination of these medical equipment, health care professionals may choose oral vaccines over other types for different diseases, especially epidemics that spread fast and impact huge populations.
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Also, a huge chunk of population refrains from getting vaccinated during the time of pandemics, fearing possibilities of catching infection from injectable devices. Oral vaccines tend to have greater consumer trust and compliance from all sections of population. All the above-mentioned factors collectively create a thriving ground for oral vaccines.
Advancement in vaccine technology boosts growth
Active participation of leading national and international research organizations in the quest or corona virus vaccine is projected to introduce advanced drug delivery models and formulations in the vaccines market. PMR report states that such developments will further aid the development of oral vaccines with fewer clinical failures. Moreover, several in-line oral vaccines may quickly reach their final stage of development using these advanced vaccine technologies.
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The COVID-19 pandemic has hard-hit the global economy, penetrating many businesses at the micro-level. However, the end of the COVID-19 pandemic can be projected to positively influence the oral vaccine market growth determinants such as job opportunities, vaccine technology and participation of major market players. The PMR report closely analyzes the impact of these growth levers in the period after the development of the COVID-19 vaccine.
Even if the corona virus vaccine is highly effective, the possibilities of vaccinating every individual in remote areas of developing and under-developed regions will stay a major challenge before the health authorities, as per the PMR report. To achieve a higher adoption rate of vaccine, the healthcare industry is expected to further approach in the direction of cost-effectiveness, making these vaccines affordable by the lower middle class.
Such initiatives are provide a growth trajectory to the market for vaccines. COVID-19 is forecasted to be a major element boosting the awareness regarding oral vaccines, especially with targeting mass immunizations.
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