Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Hong Kong

Hong Kong

In Hong Kong, the COVID-19 Vaccines market is expected to witness substantial growth in the coming years.
By 2024, the projected revenue is estimated to reach US$4.57m.
This demonstrates the increasing demand for COVID-19 Vaccines market and the significant investment potential within this market.
Furthermore, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of -17.66%.
This positive trend is expected to continue, leading to a market volume of US$1.73m by 2029.
These figures highlight the potential for sustained growth and profitability within the COVID-19 Vaccines market industry.
When considering global comparisons, it is worth noting that United States is expected to generate the highest revenue in this market.
In 2024, the projected revenue for the United States alone is estimated to be a substantial US$4,389,000.00k.
This reflects the size and economic strength of the US market, as well as its significant contribution to the global COVID-19 Vaccines market industry.
In summary, the COVID-19 Vaccines market in Hong Kong is poised for substantial growth, with projected revenues reaching impressive figures by 2024.
The market's positive trajectory is expected to continue, driven by increasing demand and a favorable growth rate.
Additionally, United States stands out as a key player in terms of revenue generation within this market.
Hong Kong is witnessing a high demand for COVID-19 vaccines, as the government focuses on vaccinating the entire population to achieve herd immunity.

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

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Analyst Opinion

Hong Kong, a bustling metropolis situated in Southeast Asia, has been making strides in its COVID-19 vaccination efforts. As of August 2021, over 4 million doses of vaccines have been administered in the region, with a significant portion of the population receiving at least one dose. The COVID-19 Vaccines market in Hong Kong is rapidly developing, with various trends and local special circumstances shaping its growth.

Customer preferences: Hong Kong citizens have shown a high level of interest in receiving COVID-19 vaccinations, with many of them eager to get vaccinated as soon as possible. The demand for vaccines in the region is high, and there has been a significant uptake of vaccines among the elderly population. Moreover, there has been a growing trend of people opting for mRNA vaccines over traditional ones.

Trends in the market: The COVID-19 Vaccines market in Hong Kong has seen a significant increase in the number of vaccines available in the region. Initially, the market was dominated by Pfizer-BioNTech and Sinovac vaccines. However, with the approval of Moderna and AstraZeneca vaccines, the market has become more diverse. The availability of different vaccines has also led to a shift in consumer preferences, with many opting for mRNA vaccines over traditional ones.

Local special circumstances: Hong Kong's special circumstances, including its high population density and proximity to Mainland China, have contributed to the development of its COVID-19 Vaccines market. The region's close proximity to Mainland China has allowed for the easy procurement of vaccines from Chinese manufacturers such as Sinovac. Additionally, the high population density has made Hong Kong vulnerable to outbreaks, making the need for vaccination even more crucial.

Underlying macroeconomic factors: The COVID-19 Vaccines market in Hong Kong is also influenced by various macroeconomic factors such as government policies, international trade, and the global vaccine supply chain. The Hong Kong government has implemented various measures to encourage vaccination, including free vaccination programs and vaccine incentives. International trade has also played a significant role in the development of the market, with vaccines being procured from various countries worldwide. The global vaccine supply chain has also been a crucial factor, with disruptions in the supply chain leading to delays in vaccine delivery.In conclusion, the COVID-19 Vaccines market in Hong Kong is rapidly developing, with various factors shaping its growth. The high demand for vaccines, consumer preferences, local special circumstances, and macroeconomic factors have all played a role in the market's development. As the region continues to combat the COVID-19 pandemic, the market is expected to grow further, with more vaccines being made available to the public.

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.