Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Malaysia

Malaysia

In Malaysia, the COVID-19 Vaccines market is estimated to witness a significant growth in revenue, with projections indicating that it will reach US$172.50m in 2024.
This expected revenue surge is anticipated to continue over the next few years, with an annual growth rate (CAGR 2024-2029) of -17.16%.
By 2029, the market volume is projected to reach US$67.30m.
When compared on a global scale, it is noteworthy that United States is expected to generate the highest revenue in the COVID-19 Vaccines market.
In 2024 alone, United States is projected to generate a revenue of US$4,389,000.00k, surpassing other countries in terms of market potential.
Malaysia's COVID-19 vaccine distribution efforts have been commendable, ensuring equitable access and prioritizing vulnerable populations.

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

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Analyst Opinion

The COVID-19 Vaccines market in Malaysia has been rapidly developing since the first vaccine was approved for emergency use in late February 2021.

Customer preferences: Malaysia has a diverse population with varying levels of trust in vaccines, which has been a challenge for the government in promoting vaccination. However, there has been a growing demand for vaccines as the country faced a surge in COVID-19 cases, and the government has implemented various initiatives to encourage vaccination, including mobile vaccination clinics and incentives for vaccinated individuals.

Trends in the market: One of the main trends in the COVID-19 Vaccines market in Malaysia is the increasing availability of vaccines from different manufacturers. Initially, the government procured vaccines mainly from Sinovac and AstraZeneca, but now vaccines from Pfizer-BioNTech, CanSino, and Johnson & Johnson are also available. This has led to a wider range of choices for consumers and increased competition among vaccine suppliers. Additionally, the government has recently announced plans to start administering booster shots, which will further boost demand for vaccines.

Local special circumstances: Malaysia has a unique healthcare system with both public and private sectors, and the distribution of vaccines has been a joint effort between the two. Private healthcare providers have been allowed to procure vaccines directly from manufacturers and administer them to their clients, which has contributed to the overall vaccination rate in the country. However, this has also led to concerns about vaccine equity and access for marginalized populations.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the Malaysian economy, with the country experiencing its worst economic contraction in over two decades in 2020. The government has implemented various measures to mitigate the economic impact, including stimulus packages and financial assistance for affected individuals and businesses. The vaccination rollout is seen as a crucial step towards economic recovery, as it will allow for the easing of restrictions and the resumption of economic activities. As such, there has been a strong emphasis on accelerating the vaccination rate in the country.

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.