Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Worldwide

Worldwide

The COVID-19 Vaccines market worldwide is anticipated to witness a substantial growth in revenue, with projections indicating that it will reach a staggering US$10.69bn by the year 2024.
Moreover, the market is expected to display a commendable compound annual growth rate (CAGR 2024-2028) of -20.73%.
This growth trajectory is predicted to propel the market volume to a remarkable US$4.22bn by the year 2028.
When considering the global landscape, it is noteworthy that United States is poised to dominate in terms of revenue generation within the COVID-19 Vaccines market.
In fact, it is estimated that United States will account for a substantial portion, with projected revenue of US$1,832,000.00k in the year 2024.
The COVID-19 vaccine rollout has been widely successful in countries like the United States, United Kingdom, and Germany, with high vaccination rates and significant reductions in cases.

Key regions: Japan, Italy, China, South Korea, Brazil

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Analyst Opinion

The COVID-19 pandemic has caused an unprecedented global crisis, leading to a growing demand for vaccines worldwide. The COVID-19 Vaccines market has been developing at an unprecedented pace, with several companies developing vaccines to combat the virus.

Customer preferences: The customer preference for vaccines has been rapidly changing due to the COVID-19 pandemic. People are now more inclined towards vaccines that are effective against the virus and have been approved by regulatory authorities. There has been a significant increase in the demand for vaccines that offer a high level of protection against the virus.

Trends in the market: The COVID-19 Vaccines market has been witnessing several trends globally. In the United States, there has been a growing trend towards vaccine hesitancy, with a significant number of people choosing not to get vaccinated. In Europe, there has been a trend towards vaccine nationalism, with countries prioritizing their own citizens for vaccination. In developing countries, there has been a growing trend towards vaccine inequity, with low-income countries struggling to access vaccines due to the high cost and limited supply.

Local special circumstances: In India, the COVID-19 Vaccines market has been witnessing a surge in demand due to the second wave of the pandemic. The government has been working towards increasing the supply of vaccines to meet the growing demand. In China, the COVID-19 Vaccines market has been witnessing a significant increase in demand for vaccines due to the country's large population. The government has been working towards increasing the production of vaccines to meet the growing demand.

Underlying macroeconomic factors: The COVID-19 Vaccines market has been influenced by several underlying macroeconomic factors. The global economy has been impacted by the pandemic, leading to a decline in economic activity. Additionally, the high cost of vaccine development and production has been a significant barrier for many companies, leading to a limited supply of vaccines. The government's role in regulating and funding vaccine development and distribution has also been a significant factor in the COVID-19 Vaccines market's development.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.