Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - LATAM

LATAM

Revenue in the COVID-19 Vaccines market is projected to reach US$1,104.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -20.81%, resulting in a market volume of US$434.10m by 2028.
In global comparison, most revenue will be generated in the United States (US$4,389,000.00k in 2024).

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

Market

Region

Region comparison

Currency

Analyst Opinion

As vaccines are mainly used for prophylactic purposes, i.e., to prevent diseases, the Vaccines market holds a special position in the Pharmaceuticals market. This also means that they are administered to a larger share of the population, whereas the drugs covered in most of the other markets are administered if you have an existing condition, and thus only certain groups of individuals are potential patients. With only a few important players, the Vaccines market is very concentrated.

A few new players have entered the market due to COVID-19 vaccines, and these vaccines have led to a major growth boost. They were developed under high time pressure but prove to be highly effective, and billions of doses have been produced. Demand for COVID-19 vaccines is expected to continue throughout the coming years. The mRNA-based COVID-19 vaccines are the first approved drugs of their kind, boosting this research area. There are very promising prospects regarding a large range of diseases, such as cancer, psoriasis, malaria, HIV, osteoarthritis, and Alzheimer's disease, but also when it comes to vaccines against other infectious diseases.

The growth of revenues generated by other types of vaccines has declined since the start of the pandemic because other types of vaccinations are seen as non-emergency treatments, which is why many people suspended their refreshments. Moreover, the need for travel-related vaccinations has decreased. At the same time, the awareness of flu vaccines has grown, with increased demand from at-risk persons, such as cancer patients. In the forecast period, the revenue growth rates are expected to be back at high levels.

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.