Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - BRICS

BRICS

The COVID-19 Vaccines market in BRICS is anticipated to witness significant growth, with projected revenue reaching US$2.29bn by 2024.
This suggests a positive outlook for the market, driven by the increasing demand for COVID-19 vaccines.
Furthermore, the market is expected to exhibit a steady annual growth rate (CAGR 2024-2029) of -17.22%.
This growth trajectory is anticipated to result in a market volume of US$0.89bn by 2029.
Such growth is a testament to the increasing importance of vaccination programs within the BRICS countries, as they strive to combat the ongoing pandemic.
When considering global comparisons, it is worth noting that United States is projected to generate the highest revenue in the COVID-19 Vaccines market.
In 2024, United States is expected to generate approximately US$4,389,000.00k in revenue.
This highlights the significant market potential withUnited States, driven by its large population and robust healthcare infrastructure.
Brazil, the largest country in BRICS, is facing challenges in distributing COVID-19 vaccines to its vast and diverse population.

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

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Region comparison

Currency

Analyst Opinion

The COVID-19 pandemic has spurred a global race to develop and distribute vaccines, and the BRICS countries - Brazil, Russia, India, China, and South Africa - are no exception. The COVID-19 Vaccines market in BRICS has seen significant developments in recent months.

Customer preferences: Customer preferences in BRICS countries are diverse, and each country has unique needs and challenges. While Brazil and Russia have a high demand for vaccines due to their large populations, India and China are major vaccine producers. South Africa, on the other hand, has been struggling with vaccine shortages and has been relying on imports.

Trends in the market: In Brazil, the COVID-19 vaccine market has seen a surge in demand due to the country's high infection rate. The government has been actively procuring vaccines from different manufacturers to meet the demand. Russia has been promoting its Sputnik V vaccine globally and has signed deals with several countries in the region. In India, the Serum Institute of India, the world's largest vaccine manufacturer, has been producing the Oxford-AstraZeneca vaccine, which is being distributed globally through the COVAX initiative. China has been producing and exporting its Sinovac and Sinopharm vaccines to different countries, including Brazil and South Africa. In South Africa, the government has been struggling to secure enough vaccines to meet the demand, and the country is currently relying on imports.

Local special circumstances: Each country in the BRICS region has its own unique circumstances that have influenced the COVID-19 vaccine market. Brazil has been hit hard by the pandemic, and the government has been under pressure to secure enough vaccines to meet the demand. Russia has been promoting its vaccine globally, and its success in vaccine diplomacy has helped boost its global standing. India's vaccine manufacturing capabilities have been critical in supplying vaccines globally. China has been using vaccine diplomacy as a tool to expand its influence globally. South Africa has been facing vaccine shortages and has been relying on imports to meet the demand.

Underlying macroeconomic factors: The COVID-19 vaccine market in BRICS is influenced by several underlying macroeconomic factors. The size of the population and the infection rate have been critical in determining the demand for vaccines. The vaccine manufacturing capabilities of each country have also played a significant role. The geopolitical environment has also influenced the vaccine market, with countries using vaccine diplomacy to expand their influence. The availability of resources and the government's ability to procure vaccines have also been critical in determining the vaccine market's development.

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.