Coronavirus highlights the $35 billion vaccine market. Here are the key players

"For every dollar invested in vaccination in the world's 94 lowest-income countries, the net return is $44. Hard to argue against," Wimal Kapadia, Bernstein's analyst, said in a note. "This oligopoly has been built through significant market consolidation driven primarily by the complexities of the manufacturing and supply chain."

Sanofi is teaming up with the U.S. government to develop a vaccine for the new virus, hoping its work on the 2003 SARS outbreak could speed up the process. GlaxoSmithKline said this month it is partnering with the Coalition for Epidemic Preparedness Innovations for a vaccine program. Its human papillomavirus vaccine Gardasil 9 will be "the biggest selling vaccine of all time," Kapadia said. "Gardasil 9 will take over the HPV market given competition is limited - supply is the only decelerator."

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