Vaccines - Australia & Oceania

Australia & Oceania

In Australia & Oceania, the Vaccines market is expected to witness a significant increase in revenue, reaching a projected value of US$595.40m by 2024.
The market is anticipated to display a steady annual growth rate (CAGR 2024-2028) of 7.27%, leading to a market volume of US$788.40m by 2028.
When comparing the global market, United States is expected to generate the highest revenue, amounting to US$25,690.00m in 2024.
Australia & Oceania is experiencing a surge in vaccine demand due to increased public awareness and government initiatives.

Key regions: South Korea, India, China, Australia, Italy

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Analyst Opinion

The Vaccines market in Australia & Oceania has been developing steadily over the years, driven by various factors such as customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Australia & Oceania have shown a growing preference for vaccines that provide protection against diseases such as influenza, pneumococcal disease, and human papillomavirus (HPV). This is due to the increasing awareness of the importance of preventive healthcare and the high incidence of these diseases in the region. Additionally, customers are also seeking vaccines that are safe, effective, and affordable.

Trends in the market: The vaccines market in Australia & Oceania is characterized by a growing trend towards the development of new and innovative vaccines. This is due to the increasing demand for vaccines that can provide protection against emerging infectious diseases and the need to improve the efficacy of existing vaccines. Furthermore, there is a growing trend towards the use of combination vaccines, which provide protection against multiple diseases in a single dose. This is particularly important in the region, where there is a high incidence of infectious diseases.

Local special circumstances: Australia & Oceania is a geographically diverse region, with a population that is spread across a large area. This presents unique challenges in terms of vaccine distribution and access. To address this, governments in the region have implemented various initiatives to improve vaccine access, such as the establishment of vaccination clinics in remote areas and the provision of free vaccines for certain population groups.

Underlying macroeconomic factors: The vaccines market in Australia & Oceania is influenced by various macroeconomic factors, such as government policies, healthcare spending, and the regulatory environment. For example, the Australian government has implemented policies to increase vaccination rates, such as the No Jab, No Pay policy, which withholds certain benefits from parents who do not vaccinate their children. Additionally, the regulatory environment in the region is characterized by stringent safety and efficacy standards, which has led to the development of high-quality vaccines.In conclusion, the vaccines market in Australia & Oceania is driven by customer preferences, local special circumstances, and underlying macroeconomic factors. The region is characterized by a growing trend towards the development of new and innovative vaccines, as well as a focus on improving vaccine access and distribution.

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.