Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Chile

Chile

The COVID-19 Vaccines market in Chile is projected to reach a revenue of US$37.50m in 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2028) of -20.95%, leading to a market volume of US$14.64m by 2028.
When comparing globally, United States is anticipated to generate the highest revenue, with US$1,832,000.00k in 2024.
Chile experiences a high demand for COVID-19 vaccines due to its efficient vaccination campaign and a proactive government.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The COVID-19 vaccine market in Chile has been developing rapidly in recent months, with increasing demand for vaccines and a growing number of suppliers entering the market.

Customer preferences: Chilean customers are showing a strong preference for vaccines with high efficacy rates and a good safety profile. This has led to increased demand for vaccines from Pfizer-BioNTech and Moderna, which have been shown to have high efficacy rates in clinical trials. Customers are also looking for vaccines that are easy to access and administer, with many preferring to receive their vaccines at local pharmacies or clinics.

Trends in the market: One of the key trends in the COVID-19 vaccine market in Chile is the increasing number of suppliers entering the market. In addition to Pfizer-BioNTech and Moderna, other vaccine manufacturers such as AstraZeneca and Sinovac have also been approved for use in Chile. This has led to greater competition in the market, with suppliers vying for market share by offering competitive pricing and other incentives.Another trend in the market is the growing use of digital technologies to facilitate vaccine distribution and administration. Many pharmacies and clinics are now offering online appointment booking and vaccine registration, which has helped to streamline the process and reduce wait times for customers. This trend is likely to continue as more customers become comfortable with using digital technologies for healthcare services.

Local special circumstances: One of the unique challenges facing the COVID-19 vaccine market in Chile is the country's geography. Chile is a long and narrow country, with many remote and isolated areas that can be difficult to access. This has made vaccine distribution and administration more challenging, particularly in rural areas. To address this issue, the government has been working to increase vaccine distribution to remote areas and has also launched mobile vaccination campaigns to reach underserved populations.

Underlying macroeconomic factors: The rapid development of the COVID-19 vaccine market in Chile can be attributed to a number of underlying macroeconomic factors. These include the country's strong healthcare system, which has been able to quickly and efficiently distribute vaccines to the population. In addition, Chile has a relatively high level of income and education, which has helped to increase demand for vaccines and facilitate the adoption of digital technologies for healthcare services. Finally, the government's proactive approach to vaccine distribution and administration has helped to build public trust in the vaccine and encourage uptake among the population.

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.