COVID-19 Vaccines - China

China

Highlights

China is projected to see a substantial revenue growth in the COVID-19 Vaccines market.
In 2024, the projected revenue for this market in China is estimated to reach US$4.57m.
Looking ahead, there is an expected annual growth rate (CAGR 2024-2029) of -17.62%, which will contribute to a market volume of US$1.73m by 2029.
When comparing in China to other countries globally, it is worth noting that United States is expected to generate the highest revenue in this market, with a projected amount of US$4.39bn in 2024.
China's COVID-19 vaccine market is experiencing a surge in demand as the country ramps up its vaccination campaign.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

China, the most populous country in the world, has been at the forefront of the COVID-19 pandemic since its outbreak. The country has made significant strides towards controlling the spread of the virus, and the development of vaccines has been a crucial part of its strategy.

Customer preferences: The Chinese population has shown a high level of willingness to get vaccinated against COVID-19. This can be attributed to the government's efforts to educate the public about the importance of vaccination, as well as the country's previous experience with infectious disease outbreaks. Chinese consumers are also more likely to trust vaccines that are developed and manufactured domestically.

Trends in the market: China has been actively developing and distributing COVID-19 vaccines since mid-2020. The country's vaccine manufacturers have been able to ramp up production quickly, and China has become a major supplier of vaccines to other countries. The government has also been implementing a vaccine diplomacy strategy, providing vaccines to countries in need as a way to strengthen diplomatic ties.

Local special circumstances: China's large population and high population density make it particularly susceptible to disease outbreaks. The country's experience with previous outbreaks, such as SARS in 2003, has led to a strong emphasis on disease control and prevention. The government's response to the COVID-19 pandemic has been swift and efficient, with strict lockdowns and mass testing campaigns. The country's authoritarian political system has also allowed for quick decision-making and implementation of policies related to vaccine development and distribution.

Underlying macroeconomic factors: China's economy has rebounded quickly from the pandemic, with GDP growth of 2.3% in 2020. The country's strong economic position has allowed it to invest heavily in vaccine development and distribution, as well as in vaccine diplomacy efforts. China's vaccine manufacturers have also been able to benefit from economies of scale, as the country's large population provides a large market for vaccines. In conclusion, China has been a major player in the development and distribution of COVID-19 vaccines, both domestically and globally. The country's strong emphasis on disease control and prevention, combined with its large population and strong economic position, have allowed it to make significant strides towards controlling the spread of the virus.

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.