Key regions: Japan, Italy, China, South Korea, Brazil
The COVID-19 Vaccines market in Southern Asia has been developing rapidly in recent months, with several countries in the region ramping up their vaccination efforts to combat the spread of the virus.
Customer preferences: Customers in Southern Asia have shown a growing preference for vaccines that have been proven to be effective against COVID-19, with many opting for vaccines developed by Western pharmaceutical companies. However, there is also a significant population that is hesitant to take the vaccine, often due to concerns about its safety and efficacy.
Trends in the market: India, the largest country in Southern Asia, has emerged as a major player in the global vaccine market, with its home-grown Covaxin and Covishield vaccines being distributed both domestically and internationally. Other countries in the region, such as Pakistan and Bangladesh, have also been working to secure vaccine supplies to inoculate their populations. However, the distribution of vaccines has been uneven, with some countries struggling to obtain sufficient doses to meet demand.
Local special circumstances: The COVID-19 pandemic has had a significant impact on the healthcare systems of many countries in Southern Asia, with hospitals and clinics overwhelmed by the sheer number of cases. This has led to a greater sense of urgency in the push to vaccinate the population, as governments seek to prevent further outbreaks and ease the burden on healthcare workers. Additionally, the region has a large population of migrant workers who may be more susceptible to the virus due to their living and working conditions.
Underlying macroeconomic factors: The COVID-19 pandemic has had a major impact on the economies of Southern Asia, with many countries experiencing a sharp contraction in GDP as a result of lockdowns and other restrictions. This has made it more difficult for governments to fund their vaccination programs, and has also led to a greater reliance on aid and support from international organizations. However, the region has also seen significant growth in industries such as pharmaceuticals and healthcare, as demand for COVID-19 related products and services has surged.
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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