COVID-19 Vaccines - Australia

Australia

Highlights

Australia is projected to see a significant increase in revenue within the COVID-19 Vaccines market.
By 2024, the revenue is expected to reach US$135.40m.
This projection indicates a positive growth trend for the country.
Looking ahead, the market is anticipated to continue expanding at an annual growth rate of -17.58% from 2024 to 2029, resulting in a market volume of US$51.51m by 2029.
When comparing Australia's revenue to other countries globally, it is important to note that United States is expected to generate the highest revenue in the COVID-19 Vaccines market.
In 2024 alone, United States is projected to generate a staggering US$4.39bn in revenue.
This demonstrates the significant market potential and economic impact of the COVID-19 Vaccines market industry on a global scale.
Despite initial supply challenges, Australia has successfully ramped up its COVID-19 vaccine distribution, ensuring equitable access nationwide.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Australia, like many other countries, has been affected by the COVID-19 pandemic. The country's response to the pandemic has been praised globally, and as a result, the COVID-19 Vaccines market in Australia has been developing in a certain way.

Customer preferences: Australian customers have been showing a growing preference for vaccines that have been approved by the Therapeutic Goods Administration (TGA), which is the regulatory body for therapeutic goods in Australia. This preference for TGA-approved vaccines has been driven by the country's successful response to the pandemic, which has led to a high level of trust in the TGA's approval process.

Trends in the market: The COVID-19 Vaccines market in Australia has been dominated by the Pfizer and AstraZeneca vaccines, which have been approved by the TGA. The Pfizer vaccine has been preferred by younger Australians, while the AstraZeneca vaccine has been preferred by older Australians. This preference has been driven by the different efficacy rates of the two vaccines and the different age groups that have been eligible for each vaccine.

Local special circumstances: Australia's successful response to the pandemic has been driven by the country's strict border controls, quarantine measures, and contact tracing capabilities. These measures have allowed Australia to keep its COVID-19 case numbers low, which has led to a high level of confidence in the government's response to the pandemic. This confidence has translated into a high level of trust in the TGA's approval process for COVID-19 vaccines.

Underlying macroeconomic factors: Australia's strong economy has allowed the country to invest heavily in its COVID-19 response, including the development and distribution of vaccines. The government has also provided financial incentives to encourage Australians to get vaccinated, which has helped to drive demand for COVID-19 vaccines. Additionally, Australia's high level of trust in its regulatory bodies has helped to build confidence in the COVID-19 vaccines that have been approved by the TGA.

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.