Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - India

India

The COVID-19 Vaccines market in India is anticipated to witness significant growth in the coming years.
By 2024, the projected revenue is estimated to reach ₹US$0.53bn.
Moreover, the market is expected to exhibit an impressive compound annual growth rate (CAGR 2024-2028) of -20.66%, leading to a market volume of ₹US$0.21bn by 2028.
When compared globally, it is noteworthy that United States is anticipated to generate the highest revenue in the COVID-19 Vaccines market.
In 2024, the projected revenue United States is estimated to be a substantial amount of ₹US$1,832,000.00k.
India is experiencing a surge in COVID-19 vaccine production, leading to increased accessibility and immunization coverage.

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

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Analyst Opinion

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

Customer preferences: The Indian population has shown a high demand for COVID-19 vaccines due to the severity of the pandemic. The majority of the population is looking for affordable vaccines that are easily accessible. The government has been playing a major role in the distribution of vaccines and has been providing free vaccines to the citizens. The government has also been encouraging private companies to manufacture and distribute vaccines to increase the availability of vaccines in the country.

Trends in the market: The COVID-19 vaccines market in India has been dominated by two major players - Serum Institute of India and Bharat Biotech. Serum Institute of India has been manufacturing the Oxford-AstraZeneca vaccine, also known as Covishield, while Bharat Biotech has been manufacturing the indigenous vaccine, Covaxin. The demand for Covishield has been higher than Covaxin due to its lower cost and availability. However, with the recent surge in cases, the demand for Covaxin has also increased. Additionally, the government has recently approved the emergency use of the Russian-made Sputnik V vaccine which will increase the competition in the market.

Local special circumstances: India is the world's largest vaccine manufacturer and has been playing a key role in the global supply of vaccines. However, due to the sudden surge in cases, the government has temporarily banned the export of vaccines to meet the domestic demand. This has affected the global supply of vaccines and has led to delays in the vaccination programs of other countries.

Underlying macroeconomic factors: The Indian economy has been severely affected by the pandemic. The lockdowns and restrictions have led to a decline in economic activity and an increase in unemployment. The vaccination drive is expected to play a major role in the economic recovery of the country. The government has been investing heavily in the vaccination drive and has allocated a significant budget for the same. The success of the vaccination drive is expected to boost the consumer sentiment and increase economic activity in the country.In conclusion, the COVID-19 vaccines market in India has been evolving rapidly due to the severity of the pandemic. The demand for affordable and easily accessible vaccines has been high, and the government has been playing a major role in the distribution of vaccines. The market has been dominated by two major players, but the recent approval of the Sputnik V vaccine will increase the competition. The temporary ban on vaccine exports has affected the global supply of vaccines. The success of the vaccination drive is expected to play a major role in the economic recovery of the country.

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.