Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - G7

The COVID-19 Vaccines market is anticipated to witness a substantial growth in revenue, with a projected value of US$4.52bn by the year 2024.
This growth is expected to continue at an annual growth rate of -21.12% (CAGR 2024-2028), resulting in a market volume of US$1.75bn by 2028.
When compared to other countries, United States is poised to generate the highest revenue in this market, with an estimated value of US$1,832,000.00k in 2024.
Germany is leading the way in COVID-19 vaccine development with its strong pharmaceutical industry and robust research infrastructure.

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

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Analyst Opinion

The COVID-19 Vaccines market in G7 has been rapidly growing since the emergence of the pandemic. As the global race for vaccine development continues, the G7 nations have been at the forefront of vaccine research and distribution.

Customer preferences: The G7 countries, comprising the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom, have shown a strong preference for vaccines that are safe, effective, and readily available. The demand for vaccines has been driven by the urgent need to contain the spread of the virus and to protect public health.

Trends in the market: The COVID-19 Vaccines market in G7 has witnessed several trends in recent times. The first trend is the emergence of multiple vaccines with varying efficacy rates. The Pfizer-BioNTech vaccine, for instance, has an efficacy rate of 95%, while the Johnson & Johnson vaccine has an efficacy rate of 72%. Another trend is the increasing use of mRNA technology in vaccine development, which has shown promising results in clinical trials. Furthermore, the market has seen a surge in demand for booster shots as new variants of the virus continue to emerge.

Local special circumstances: Each G7 country has its unique circumstances that have influenced the COVID-19 Vaccines market. In the United States, the government has prioritized vaccine distribution to high-risk groups, such as healthcare workers and the elderly. In Canada, the government has faced challenges in vaccine procurement, leading to delays in the vaccination campaign. In France, vaccine hesitancy has been a significant challenge, with many citizens expressing concerns about the safety and efficacy of vaccines. In Germany, the government has faced criticism for its slow vaccine rollout, leading to calls for a more efficient distribution system. In Italy, the government has prioritized vaccinating the elderly and vulnerable population. In Japan, the government has faced challenges in vaccine procurement, leading to delays in the vaccination campaign. In the United Kingdom, the government has been praised for its efficient vaccine rollout, with over 80% of the adult population having received at least one dose of the vaccine.

Underlying macroeconomic factors: The COVID-19 Vaccines market in G7 has been influenced by several macroeconomic factors. The first factor is government funding for vaccine research and development. Governments in G7 countries have invested heavily in vaccine research, leading to the rapid development of multiple vaccines. The second factor is vaccine procurement and distribution. Governments have had to navigate complex supply chains to procure vaccines, leading to delays and shortages in some countries. The third factor is the impact of the pandemic on the global economy. The pandemic has led to widespread job losses and economic uncertainty, leading to increased demand for vaccines as a means of containing the spread of the virus and returning to normalcy.

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.