Vaccines - Russia

Russia

The Vaccines market in Russia is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is projected to reach US$312.80m in 2024.
Moreover, it is anticipated that the market will exhibit an annual growth rate (CAGR 2024-2028) of 8.72%, resulting in a market volume of US$437.00m by 2028.
In a global comparison, it is worth noting that United States is expected to generate the highest revenue in the Vaccines market, with an estimated revenue of US$25,690.00m in 2024.
Russia has been actively investing in the research and development of vaccines, aiming to strengthen its domestic pharmaceutical industry and reduce dependence on foreign suppliers.

Key regions: South Korea, India, China, Australia, Italy

Market

Region

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Currency

Analyst Opinion

Russia, being the largest country in the world, has a unique market for vaccines. The country has a long history of vaccine production and development, with several local companies dominating the market.

Customer preferences: Russian consumers generally prefer locally produced vaccines due to their perceived quality and safety. However, there is also a growing demand for imported vaccines, especially those from Western countries, which are perceived to have better efficacy and fewer side effects.

Trends in the market: The vaccines market in Russia is growing steadily, with an increasing demand for both preventive and therapeutic vaccines. The COVID-19 pandemic has also led to a surge in demand for vaccines, with several local companies developing their own vaccines. The government has also launched a nationwide vaccination campaign, further driving the growth of the market.

Local special circumstances: One of the unique aspects of the vaccines market in Russia is the dominance of local companies. These companies have a strong reputation for producing high-quality vaccines, which has helped to build trust among consumers. However, there are also concerns about the lack of transparency in the industry, with some companies accused of cutting corners to save costs.

Underlying macroeconomic factors: The Russian economy has been struggling in recent years due to a combination of factors, including sanctions, low oil prices, and the COVID-19 pandemic. This has had an impact on the vaccines market, with some consumers unable to afford the high cost of imported vaccines. However, the government has been investing heavily in the healthcare sector, which has helped to drive the growth of the market. In addition, the country's aging population is also driving demand for vaccines, particularly those for chronic diseases such as cancer and diabetes.

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.