Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Japan

Japan

in Japan, a country known for its technological advancements and strong healthcare system, is also anticipated to play a significant role in the COVID-19 Vaccines market.
According to projections, the revenue in this market in Japan is expected to reach ¥US$2.60bn by the year 2024.
This suggests a promising growth potential for the country in combating the ongoing pandemic.
Looking ahead, the COVID-19 Vaccines market in Japan is projected to witness a compound annual growth rate (CAGR 2024-2029) of -17.90%.
This steady growth is expected to result in a market volume of ¥US$0.97bn by 2029, further solidifying Japan's position in the global market.
However, when compared on a global scale, it is worth noting that United States is expected to generate the highest revenue in the COVID-19 Vaccines market.
In 2024, United States is projected to generate a staggering ¥US$4,389,000.00k, highlighting its dominant position in the industry.
These numbers underscore the importance of the COVID-19 Vaccines market in Japan and emphasize the need for continued investment and innovation in the country's healthcare sector.
With its strong infrastructure and commitment to research and development, in Japan is well-positioned to contribute significantly to the global fight against the pandemic.
In Japan, the demand for COVID-19 vaccines is steadily increasing as the government accelerates its vaccination rollout to protect the population.

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

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Region

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Analyst Opinion

Japan, being one of the most technologically advanced countries in the world, has been actively involved in the development and distribution of COVID-19 vaccines.

Customer preferences: Japanese customers are known for their high standards of quality and safety, and this is reflected in their preferences for COVID-19 vaccines. They tend to favor vaccines that have undergone rigorous testing and have been approved by the Japanese government. Additionally, there is a preference for vaccines that have fewer side effects and are more convenient to administer.

Trends in the market: The COVID-19 vaccine market in Japan has been growing steadily, with more and more people getting vaccinated. The Japanese government has been actively promoting vaccination, and this has led to an increase in demand for vaccines. One trend that has emerged is the preference for mRNA vaccines, such as Pfizer-BioNTech and Moderna, over traditional vaccines. This is due to the higher efficacy rates and lower risk of side effects associated with mRNA vaccines.

Local special circumstances: One factor that has influenced the development of the COVID-19 vaccine market in Japan is the country's aging population. Japan has one of the oldest populations in the world, and this has made the government more proactive in promoting vaccination. Additionally, Japan has a highly centralized healthcare system, which has made it easier to distribute vaccines to the population.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the Japanese economy, with many businesses struggling to stay afloat. However, the development and distribution of vaccines have provided a glimmer of hope for economic recovery. The Japanese government has allocated significant resources to the vaccine rollout, and this has created opportunities for the pharmaceutical industry. Additionally, the high demand for vaccines has led to an increase in jobs in the healthcare sector.

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.