Key regions: South Korea, India, China, Australia, Italy
The vaccines market in Eastern Asia has been experiencing significant growth in recent years due to various factors.
Customer preferences: One of the main reasons for the growth of the vaccines market in Eastern Asia is the increasing awareness and importance of preventive healthcare measures among the population. As a result, more and more people are opting for vaccination to protect themselves from various diseases. Additionally, the rise in disposable income has also led to an increase in demand for vaccines.
Trends in the market: China is the largest market for vaccines in Eastern Asia, with a significant portion of the population in need of vaccination due to the country's large size and population density. The country has been investing heavily in its healthcare infrastructure, which has led to an increase in demand for vaccines. Japan and South Korea are also significant markets for vaccines in the region, with a high demand for flu vaccines during the winter season.
Local special circumstances: One of the unique circumstances in the Eastern Asian vaccines market is the prevalence of traditional medicine. Many people in the region still rely on traditional medicine, which can sometimes lead to skepticism towards modern medicine, including vaccines. However, governments in the region have been working to educate the population about the importance of vaccines and dispel any misconceptions.
Underlying macroeconomic factors: The growth of the vaccines market in Eastern Asia can also be attributed to the region's strong economic growth in recent years. With rising incomes and an expanding middle class, more people are able to afford healthcare services, including vaccines. Additionally, the region's aging population has also contributed to the growth of the vaccines market, as older individuals are more susceptible to diseases and require more vaccinations. Overall, the vaccines market in Eastern Asia is expected to continue growing in the coming years, driven by these underlying macroeconomic factors and increasing demand for preventive healthcare measures.
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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