Key regions: United Kingdom, Germany, France, South Korea, Italy
The COVID-19 vaccines market in Eastern Asia has been developing rapidly in recent months, with several countries in the region making significant progress in vaccinating their populations.
Customer preferences: In general, customers in Eastern Asia have shown a strong willingness to get vaccinated against COVID-19. This is due in part to the high level of public trust in science and healthcare institutions in the region, as well as the severity of the pandemic in some countries.
Trends in the market: China has been leading the way in the COVID-19 vaccines market in Eastern Asia, with several domestically developed vaccines receiving emergency use authorization and being distributed both domestically and abroad. Japan, South Korea, and Taiwan have also been ramping up their vaccination efforts, with a focus on vaccinating vulnerable populations first.
Local special circumstances: One trend that has emerged in the COVID-19 vaccines market in Eastern Asia is the use of vaccine diplomacy as a tool for soft power. China, in particular, has been using its vaccine exports to strengthen ties with other countries in the region and beyond. Additionally, some countries in the region have experienced vaccine hesitancy among certain populations, which has led to targeted public education campaigns to increase vaccine uptake.
Underlying macroeconomic factors: The rapid development of the COVID-19 vaccines market in Eastern Asia can be attributed to several underlying macroeconomic factors. First, the region has a strong healthcare infrastructure and a history of successful vaccination campaigns, which has enabled countries to quickly distribute and administer vaccines. Second, the severity of the pandemic in some countries has created a sense of urgency around vaccination efforts. Finally, the region's strong economic growth and high levels of investment in research and development have allowed for the rapid development and production of vaccines.
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.
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