Vaccines - BRICS

BRICS

The Vaccines market in BRICS countries is anticipated to witness a significant growth in revenue, with projections indicating a staggering figure of US$9.71bn in 2024.
Moreover, it is expected to exhibit a steady annual growth rate (CAGR 2024-2029) of 6.51%.
This growth trajectory will result in a substantial market volume of US$13.31bn by 2029.
When compared globally, United States is expected to generate the highest revenue in the Vaccines market, reaching an impressive US$29,120.00m in 2024.
In Brazil, the government's push for universal vaccination has led to a surge in demand for vaccines.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for vaccines in BRICS countries has been on the rise in recent years due to various factors such as the increasing prevalence of diseases, growing population, and rising healthcare expenditure.

Customer preferences: Customers in BRICS countries are increasingly looking for vaccines that offer protection against a wide range of diseases. In addition, there is a growing demand for vaccines that are affordable and easily accessible. As a result, there has been a shift towards the development of combination vaccines that offer protection against multiple diseases in a single shot.

Trends in the market: Brazil is one of the largest vaccine markets in the world and has been experiencing significant growth in recent years. The country has a well-established vaccination program that covers a wide range of diseases, and there has been a growing demand for new and innovative vaccines. Russia has also been experiencing growth in the vaccine market, driven by the increasing prevalence of infectious diseases and the government's focus on improving the healthcare system. India is a major producer of vaccines and has been focusing on developing new vaccines that are affordable and accessible to the population. China has been investing heavily in the vaccine market and has been focusing on developing vaccines for diseases such as cancer and HIV.

Local special circumstances: In Brazil, the government plays a significant role in the vaccine market and provides free vaccines to the population through the national vaccination program. In Russia, the vaccine market is dominated by a few large companies, and there is a growing trend towards the development of vaccines for niche markets. In India, the vaccine market is highly fragmented, with a large number of small and medium-sized companies operating in the market. In China, the vaccine market is heavily regulated by the government, and there has been a growing focus on improving the quality and safety of vaccines.

Underlying macroeconomic factors: The BRICS countries have been experiencing strong economic growth in recent years, which has led to an increase in healthcare expenditure. In addition, the growing population and increasing prevalence of diseases have led to a higher demand for vaccines. The governments in these countries have also been investing in the healthcare sector, which has led to the development of new vaccines and the expansion of vaccination programs. However, the vaccine market in these countries is also facing challenges such as regulatory hurdles, high manufacturing costs, and a lack of awareness among the population about the importance of vaccination.

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.