Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Asia

Asia

The COVID-19 Vaccines market in Asia is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$3.74bn by 2024.
Furthermore, it is anticipated that the market will experience an impressive compound annual growth rate (CAGR) of -20.29% from 2024 to 2028, resulting in a market volume of US$1.51bn by the end of 2028.
When comparing the global market, United States is expected to generate the highest revenue in the COVID-19 Vaccines market.
In 2024, the revenue United States is projected to reach US$1,832,000.00k.
In Asia, Japan has emerged as a leader in the COVID-19 vaccine market, with its advanced healthcare infrastructure and robust vaccination campaign.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The COVID-19 Vaccines market in Asia has been rapidly developing since the beginning of the pandemic.

Customer preferences: In Asia, there is a high demand for COVID-19 vaccines due to the severity of the pandemic in the region. Customers are looking for vaccines that are effective, safe, and affordable. Additionally, there is a preference for vaccines that require fewer doses, as this can help to increase the speed and efficiency of the vaccination process.

Trends in the market: In China, there has been a significant increase in the production and distribution of COVID-19 vaccines. The government has been actively promoting the use of Chinese-made vaccines, and many citizens have been willing to receive them. However, there have also been concerns about the safety and efficacy of these vaccines, which has led to some hesitancy among the population.In India, there has been a surge in demand for COVID-19 vaccines due to the recent spike in cases. The government has been working to increase the supply of vaccines, but there have been logistical challenges in distributing them to rural areas. Additionally, there have been concerns about the affordability of vaccines for low-income populations.In Japan, there has been a slower rollout of COVID-19 vaccines compared to other countries in the region. This is partly due to regulatory hurdles and a lack of domestic production capacity. However, there has been a recent increase in the number of vaccines being administered, and the government has set a target of vaccinating all eligible citizens by November.

Local special circumstances: In some countries, there have been concerns about the safety and efficacy of certain COVID-19 vaccines. For example, in Thailand, there have been reports of blood clots in people who received the AstraZeneca vaccine. This has led to some hesitancy among the population, despite reassurances from health authorities.In other countries, there have been challenges in distributing vaccines to remote or rural areas. For example, in Indonesia, there have been logistical challenges in distributing vaccines to the country's many islands. This has led to delays in the vaccination process and concerns about unequal access to vaccines.

Underlying macroeconomic factors: The development of the COVID-19 Vaccines market in Asia is influenced by a range of macroeconomic factors. These include government policies, regulatory frameworks, and the availability of funding for vaccine development and distribution. Additionally, the severity of the pandemic in each country has played a role in shaping customer preferences and demand for vaccines.Overall, the COVID-19 Vaccines market in Asia is rapidly evolving as countries work to vaccinate their populations and control the spread of the virus. While there are challenges and concerns in some countries, there is also a sense of urgency and determination to overcome these obstacles and achieve widespread vaccination.

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.