Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Mexico

Mexico

The COVID-19 Vaccines market in Mexico is forecasted to achieve a revenue of US$142.30m by 2024.
It is expected to experience a compound annual growth rate (CAGR 2024-2028) of -21.09%, leading to a market volume of US$55.16m by 2028.
When compared globally, United States is projected to generate the highest revenue of US$1,832,000.00k in 2024.
Mexico's COVID-19 vaccine distribution efforts have been hindered by logistical challenges and limited healthcare infrastructure.

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

Market

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Analyst Opinion

Mexico, like many other countries in the world, is currently experiencing a high demand for COVID-19 vaccines. The country's vaccination campaign started in late December 2020, and since then, millions of people have been vaccinated. In this context, we will analyze the trends and developments in the COVID-19 Vaccines market in Mexico.

Customer preferences: Mexican customers are actively seeking COVID-19 vaccines due to the high number of cases and deaths caused by the virus. The population is willing to get vaccinated as soon as possible to protect themselves and their loved ones from the virus. However, there is still a significant portion of the population that is hesitant to get vaccinated due to misinformation and lack of trust in the government's handling of the pandemic.

Trends in the market: The Mexican government has signed agreements with several pharmaceutical companies to acquire COVID-19 vaccines. Pfizer-BioNTech, AstraZeneca, Sinovac, and CanSino Biologics are among the companies that have supplied vaccines to Mexico. The government's goal is to vaccinate the entire population by the end of 2021. However, the vaccination campaign has faced several challenges, such as supply chain issues, distribution problems, and vaccine hesitancy.

Local special circumstances: Mexico's healthcare system has faced significant challenges during the pandemic due to a lack of resources and infrastructure. The country has a high poverty rate, and many people do not have access to healthcare services. Additionally, Mexico has a large informal economy, which has been severely impacted by the pandemic. These factors have contributed to the high number of COVID-19 cases and deaths in the country.

Underlying macroeconomic factors: Mexico's economy has been severely impacted by the pandemic, with a contraction of 8.5% in 2020. The country's GDP is expected to recover in 2021, with a growth rate of 4.5%. The government has implemented several measures to support the economy, such as tax breaks, loans, and subsidies. However, the country still faces significant challenges, such as high inflation, low productivity, and political instability.In conclusion, the COVID-19 Vaccines market in Mexico is developing rapidly due to the high demand for vaccines. The government's goal is to vaccinate the entire population by the end of 2021, but the vaccination campaign has faced several challenges. Mexico's healthcare system and economy have been severely impacted by the pandemic, and the country still faces significant challenges in the future.

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.