Key regions: Japan, Italy, China, South Korea, Brazil
The COVID-19 pandemic has created a surge in demand for vaccines globally, and Southeast Asia is no exception.
Customer preferences: As in other regions, customers in Southeast Asia are looking for vaccines that are effective, safe, and affordable. However, there is also a strong preference for vaccines that are easy to store and transport, given the region's diverse geography and limited cold chain infrastructure.
Trends in the market: Indonesia, the Philippines, and Vietnam are among the countries in Southeast Asia with the highest demand for COVID-19 vaccines. These countries have large populations and high infection rates, and are thus prioritizing vaccination efforts. In Indonesia, the Sinovac vaccine has been the most widely used, while the Philippines has been using a combination of Sinovac, AstraZeneca, and Pfizer-BioNTech vaccines. Vietnam has developed its own vaccine, called Nanocovax, which is currently in phase 3 clinical trials. In addition to these trends, there is also a growing interest in booster shots and vaccine mix-and-match strategies, as countries try to stay ahead of new variants and prolong immunity.
Local special circumstances: One unique challenge in Southeast Asia is the presence of a large informal sector, which can make it difficult to track and vaccinate all eligible individuals. In addition, there are cultural and language barriers that can hinder communication and trust-building efforts. Furthermore, there are geopolitical tensions at play, as countries try to secure vaccine supplies from different sources and avoid becoming overly reliant on any one country or manufacturer.
Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the economies of Southeast Asia, with many countries experiencing a contraction in GDP. As a result, there is a need to balance the cost of vaccines with other competing priorities, such as healthcare infrastructure and social welfare programs. In addition, the region's reliance on tourism and trade has been disrupted by the pandemic, further highlighting the need for a swift and effective vaccination campaign.
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.
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