Vaccines - Canada | Statista Market Forecast

Canada's Vaccines market is projected to reach a revenue of US$1.50bn in 2024.
It is expected to experience an annual growth rate of 3.02% (CAGR 2024-2029), resulting in a market volume of US$1.74bn by 2029.
In comparison to other countries, United States will generate the highest revenue in the Vaccines market, reaching US$29.12bn in 2024.
Canada's robust healthcare system has made it a leading country in vaccine distribution and adoption, ensuring widespread access to immunization.

Definition:
This market covers vaccines against infectious diseases. They help to prevent diseases, usually through active immunization. Vaccines against infectious diseases transmitted by viruses (e.g., hepatitis A and B or COVID-19) and bacteria (e.g., typhoid fever or meningococcus) are included.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Pfizer, GlaxoSmithKline, Merck & Co, Sanofi, Moderna, AstraZeneca

Vaccines against infectious diseases
Prophylactic and therapeutic vaccines
Flu vaccines
COVID-19 vaccines

Sera and gammaglobulins
Antivirals
Antibiotics

The demand for vaccines in Canada has been on the rise in recent years.

Customer preferences: Customers in Canada have become more aware of the importance of vaccination and are increasingly seeking out vaccines to protect themselves and their families. The COVID-19 pandemic has also played a significant role in driving up demand for vaccines, with many Canadians eager to get vaccinated as soon as possible.

Trends in the market: One of the key trends in the Canadian vaccines market is the increasing popularity of flu vaccines. The flu season in Canada can be severe, and many Canadians are now choosing to get vaccinated to protect themselves from the virus. Another trend is the growing demand for travel vaccines, as more Canadians are traveling abroad and need to protect themselves from diseases that are not prevalent in Canada.

Local special circumstances: One of the unique features of the Canadian vaccines market is the role of the government in promoting vaccination. The Canadian government has a comprehensive immunization program that provides free vaccines to all Canadians. This has helped to increase vaccination rates across the country and has made vaccines more accessible to low-income Canadians. In addition, many Canadian employers offer free or subsidized vaccines to their employees as part of their employee benefits programs.

Underlying macroeconomic factors: The Canadian vaccines market is also influenced by broader macroeconomic factors. For example, the aging population in Canada has led to an increase in demand for vaccines that protect against diseases that are more common among older adults. The growing popularity of natural and holistic health remedies has also had an impact on the vaccines market, with some Canadians choosing to forgo vaccines in favor of alternative treatments. Finally, the Canadian healthcare system is constantly evolving, and changes in healthcare policy and funding can have an impact on the vaccines market.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

As of March 2023, more than 13 billion COVID-19 vaccine doses had been administered worldwide. Wide-spread vaccine availability, increasing herd immunity, and lower case numbers led to renewed hope and a feeling of normality in 2023. However, especially during the winter seasons and with the potential emergence of new variants of the virus (like Omicron in 2021-2022), tracking of coronavirus cases repeatedly becomes a focus for the public. Thus, there is a level of uncertainty about what developments the winter season 2023/2024 might bring.