Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - NAFTA

NAFTA

The COVID-19 Vaccines market is anticipated to generate a revenue of US$2.21bn in 2024.
It is expected to experience a compound annual growth rate (CAGR 2024-2028) of -21.25%, leading to a market volume of US$0.85bn by 2028.
Among the global market, United States is forecasted to generate the highest revenue, reaching US$1,832,000.00k in 2024.
The United States has been leading the way in the NAFTA region in terms of COVID-19 vaccine development and distribution.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The COVID-19 vaccines market in NAFTA has been experiencing significant growth in the past few months.

Customer preferences: The customers in the NAFTA region are showing a high demand for COVID-19 vaccines due to the ongoing pandemic. The increasing number of cases and deaths has led to a surge in demand for vaccines. Customers are also looking for vaccines that are affordable and easily accessible.

Trends in the market: The United States is one of the largest markets for COVID-19 vaccines in the NAFTA region. The country has been successful in vaccinating a large percentage of its population, which has led to a decline in the number of cases. The demand for vaccines in Mexico and Canada has also been increasing, and both countries have been ramping up their vaccination efforts. The market has seen the entry of several new players, and the competition is expected to intensify in the coming months.

Local special circumstances: Mexico has been facing challenges in procuring vaccines due to supply chain disruptions and logistical issues. The country has been relying on vaccines from different manufacturers, and this has led to delays in the vaccination process. Canada, on the other hand, has been facing challenges in administering second doses of the vaccine due to supply shortages. The country has been exploring different options to secure more doses of the vaccine.

Underlying macroeconomic factors: The NAFTA region has been witnessing a strong economic recovery in the past few months. The United States has been leading the recovery, and this has led to an increase in consumer spending. The demand for COVID-19 vaccines is expected to remain high, and this is likely to drive the growth of the market. The vaccination efforts are also expected to have a positive impact on the overall economy, as it will help in the reopening of businesses and the resumption of economic activities.

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.