Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - South Africa

South Africa

In South Africa, the projected revenue in the COVID-19 Vaccines market is expected to reach US$25.83m in 2024.
Looking ahead, it is anticipated that the revenue will demonstrate an annual growth rate (CAGR 2024-2028) of -21.40%, leading to a market volume of US$9.86m by 2028.
When comparing this data on a global scale, United States is forecasted to generate the highest revenue of US$1,832,000.00k in 2024.
Despite challenges in securing adequate vaccine supply, South Africa has implemented an effective vaccination strategy, prioritizing high-risk groups and ensuring equitable distribution across the country.

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

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Analyst Opinion

The COVID-19 pandemic has brought about unprecedented changes in the world, with the vaccines market being no exception. South Africa, like many other countries, has been impacted by the pandemic and has seen a surge in demand for COVID-19 vaccines.

Customer preferences: As in other parts of the world, South Africans are increasingly looking for vaccines that are effective against the COVID-19 virus. With the emergence of new variants, there is a growing concern about the efficacy of existing vaccines. Customers are also looking for vaccines that are affordable and easily accessible.

Trends in the market: The COVID-19 vaccines market in South Africa is witnessing a surge in demand for vaccines as the country battles a third wave of infections. The government has ramped up its vaccination efforts, and this has led to an increase in demand for vaccines. There is also a growing trend of private companies procuring vaccines for their employees, which has further boosted demand.

Local special circumstances: South Africa has a unique set of circumstances that have impacted the COVID-19 vaccines market. The country has a high burden of HIV and tuberculosis, which makes it more vulnerable to the COVID-19 virus. The country also has a large informal sector, which makes it difficult to implement social distancing measures. These factors have contributed to the high number of COVID-19 cases in the country and the consequent demand for vaccines.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the South African economy, which was already struggling before the pandemic. The country has experienced a recession, high unemployment rates, and a weak currency. These factors have made it difficult for the government to procure vaccines and for individuals to afford them. The government has had to rely on donations and partnerships with other countries to procure vaccines. In conclusion, the COVID-19 vaccines market in South Africa is witnessing a surge in demand for vaccines as the country battles a third wave of infections. Customers are looking for vaccines that are effective, affordable, and easily accessible. The country's unique set of circumstances, including a high burden of HIV and tuberculosis and a large informal sector, have contributed to the high number of COVID-19 cases and the consequent demand for vaccines. The underlying macroeconomic factors, including a struggling economy, have made it difficult for the government to procure vaccines and for individuals to afford them.

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.