Vaccines - Australia

Australia

In Australia, the Vaccines market is expected to achieve a projected revenue of US$616.10m in 2024.
Looking ahead, the market is anticipated to exhibit a compound annual growth rate (CAGR 2024-2029) of 4.18%.
As a result, by 2029, the market volume is projected to reach US$756.20m.
When comparing the global landscape, United States is expected to generate the highest revenue, with an estimated amount of US$29,120.00m in 2024.
Australia is experiencing a surge in demand for vaccines due to increased public awareness and government initiatives.

Key regions: Australia, Italy, France, South Korea, Brazil

Market

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Analyst Opinion

The demand for vaccines in Australia has been increasing steadily in recent years.

Customer preferences: Australian consumers are becoming more aware of the importance of vaccination, leading to an increase in demand for vaccines. The government has also been promoting vaccination through various campaigns, which has helped to raise awareness and encourage more people to get vaccinated.

Trends in the market: One of the trends in the Australian vaccine market is the increasing demand for flu vaccines. The flu season in Australia typically runs from June to September, and there has been a growing trend of people getting vaccinated before the season starts. In addition, there has been a rise in demand for vaccines that protect against multiple strains of the flu, as well as vaccines that are more effective for older adults.Another trend in the market is the growing demand for travel vaccines. Australia is a popular destination for international travelers, and many of these travelers require vaccinations before they can enter the country. This has led to an increase in demand for travel vaccines, such as those that protect against hepatitis A and B, typhoid, and yellow fever.

Local special circumstances: One of the unique factors in the Australian vaccine market is the government's National Immunisation Program (NIP). The NIP provides free vaccines to eligible individuals, including children, pregnant women, and individuals with certain medical conditions. This has helped to increase vaccination rates in Australia and has also influenced the types of vaccines that are in demand.Another special circumstance is the recent COVID-19 pandemic. The pandemic has led to a surge in demand for vaccines, particularly for the COVID-19 vaccine. The Australian government has been working to secure a sufficient supply of vaccines for the population and has been rolling out a vaccination program to vaccinate the population.

Underlying macroeconomic factors: The Australian vaccine market is influenced by a variety of macroeconomic factors, including population growth, healthcare spending, and government policies. Australia has a growing population, which has contributed to the increasing demand for vaccines. In addition, the government has been investing in healthcare and has been promoting vaccination through various policies and campaigns. These factors have helped to create a favorable environment for the vaccine market to grow.

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.