Over the projected period, the growing number of coronavirus cases is likely to fuel the expansion of the coronavirus vaccine market. According to Worldometer, the total number of coronavirus cases reported worldwide till June 1, 2021 was over 171 million, with the number projected to climb in the near future.
Over the projection period, the market is likely to rise due to an increase in research & development initiatives by industry participants aimed at boosting the efficiency of coronavirus vaccine. For example, CanSinoBIO reported in November 2020 that it had successfully vaccinated the first set of individuals in a Phase III clinical study for the Recombinant Novel Coronavirus Vaccine (Adenovirus Type 5 Vector) ('Ad5-nCoV') in Mexico. The Mexican Federal Commission for the Protection Against Sanitary Risks authorised this study in October 2020. The trial's goal is to enrol a total of 15,000 people in order to show the candidate's effectiveness.
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