Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Africa

Africa

The COVID-19 Vaccines market in Africa is expected to witness a significant surge in revenue, reaching a projected value of US$1.63bn by 2024.
This indicates a robust growth potential for the market in the coming years.
Furthermore, it is anticipated that the market will maintain a steady growth trajectory with a compound annual growth rate (CAGR 2024-2029) of -17.31%.
This growth rate is expected to result in a market volume of approximately US$0.63bn by 2029.
When compared to global figures, it is noteworthy that United States is expected to generate the highest revenue in the COVID-19 Vaccines market.
The projected revenue for the United States alone is estimated to amount to US$4,389,000.00k in 2024.
This signifies the dominance of the United States in terms of market share and revenue generation in the COVID-19 Vaccines market.
In Africa, the COVID-19 vaccine distribution is facing challenges due to limited healthcare infrastructure and logistical issues.

Key regions: United Kingdom, Germany, France, South Korea, Italy

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Analyst Opinion

The COVID-19 pandemic has affected every region in the world, and Africa is no exception. The COVID-19 Vaccines market in Africa is developing at a steady pace, with several factors contributing to its growth.

Customer preferences: African countries have shown a strong interest in acquiring COVID-19 vaccines to protect their populations. However, there are some concerns about the safety and efficacy of the vaccines, which have led to some hesitancy among the population. Additionally, the cost of the vaccines remains a barrier for many African countries.

Trends in the market: Several African countries have started administering COVID-19 vaccines, with the aim of vaccinating a significant portion of their populations. The African Union has also secured vaccine doses through the COVAX facility and other bilateral agreements. However, the pace of vaccination remains slow in many countries, due to factors such as vaccine hesitancy, logistical challenges, and limited healthcare infrastructure.

Local special circumstances: Several African countries have unique challenges that affect their ability to roll out COVID-19 vaccines. For example, conflict and instability in some countries make it difficult to distribute vaccines to all parts of the country. Additionally, some countries have limited healthcare infrastructure, which makes it difficult to deliver vaccines to remote areas.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the African economy, with many countries experiencing a recession. This has led to reduced government spending on healthcare and other social services, which has made it difficult for some countries to procure vaccines. Additionally, the cost of vaccines remains a barrier for many African countries, which has led to calls for more affordable vaccine options.

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.