Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - G20

The COVID-19 Vaccines market is expected to witness significant growth in the coming years.
By 2024, the projected revenue for this market is estimated to reach a staggering US$18.69bn.
Furthermore, the market is anticipated to display a promising compound annual growth rate (CAGR) of -17.88% from 2024 to 2029.
This growth trajectory will ultimately result in a market volume of approximately US$6.98bn by 2029.
When compared on a global scale, it is predicted that United States will generate the highest revenue in this market.
In 2024 alone, United States is expected to contribute a remarkable US$4,389,000.00k towards the overall revenue.
In the G20 country of Germany, there is a growing trend towards vaccine hesitancy, as a significant portion of the population remains skeptical about the safety and effectiveness of COVID-19 vaccines.

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

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Analyst Opinion

The COVID-19 pandemic has brought about an unprecedented shift in the healthcare industry, with the race to develop and distribute vaccines being one of the most pressing issues worldwide. In the G20 countries, the COVID-19 Vaccines market has seen significant developments and trends that are worth exploring.

Customer preferences: As the pandemic continues to ravage the world, the demand for COVID-19 vaccines remains high in the G20 countries. Governments are investing heavily in vaccine research and development, and there is a growing preference for vaccines that have been approved by regulatory bodies. Customers are also showing a preference for vaccines that have higher efficacy rates.

Trends in the market: The COVID-19 Vaccines market in the G20 countries is characterized by a few key trends. Firstly, there is a growing trend towards the development of mRNA vaccines, which have been shown to have high efficacy rates. Pfizer-BioNTech and Moderna are the two most popular mRNA vaccines in the market. Secondly, there is a trend towards the development of vector-based vaccines, such as the AstraZeneca-Oxford vaccine and the Johnson & Johnson vaccine. These vaccines have been shown to be effective against the virus and have the added advantage of being easier to store and transport. Lastly, there is a trend towards the development of protein subunit vaccines, such as the Novavax vaccine, which have been shown to be effective against the virus and have a good safety profile.

Local special circumstances: The COVID-19 Vaccines market in each G20 country is unique and is influenced by local special circumstances. For instance, in the United States, there is a high level of vaccine hesitancy among some sections of the population, which has led to a slower uptake of vaccines. In contrast, in countries like India and Brazil, there is a high demand for vaccines due to the high number of COVID-19 cases.

Underlying macroeconomic factors: The COVID-19 Vaccines market in the G20 countries is also influenced by underlying macroeconomic factors. For instance, the availability of funding for vaccine research and development is a key factor that determines the pace of vaccine development. Additionally, the regulatory environment in each country plays a critical role in determining the approval process for vaccines. The level of competition in the market is also an important factor that determines the pricing of vaccines. In conclusion, the COVID-19 Vaccines market in the G20 countries is characterized by a high demand for vaccines and a growing preference for vaccines that have been approved by regulatory bodies. The market is also seeing a trend towards the development of mRNA, vector-based, and protein subunit vaccines. However, the market is influenced by local special circumstances and underlying macroeconomic factors, which play a critical role in determining the pace of vaccine development and uptake.

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.