COVID-19 Vaccines - North America

North America

Highlights

The North American COVID-19 Vaccines market is forecasted to witness a significant revenue growth, projected to reach US$5.30bn by 2024.
This market is expected to exhibit a strong compound annual growth rate (CAGR 2024-2029) of -18.15%, leading to a substantial market volume of US$1.95bn by 2029.
In terms of global comparison, United States is poised to generate the highest revenue in the COVID-19 Vaccines market, with an estimated revenue of US$4.39bn in 2024.
In North America, the demand for COVID-19 vaccines has skyrocketed, with citizens eagerly lining up for their doses.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The COVID-19 pandemic has had a significant impact on the global economy, including the pharmaceutical industry. The race to develop a vaccine for COVID-19 has been intense, and North America has been at the forefront of this effort.

Customer preferences: The demand for COVID-19 vaccines in North America has been high due to the severity of the pandemic in the region. Customers are looking for vaccines that are safe, effective, and easily accessible. There is also a preference for vaccines that require only one dose, as this simplifies the vaccination process.

Trends in the market: The COVID-19 vaccine market in North America has been dominated by Pfizer-BioNTech and Moderna. These two companies were the first to develop and receive emergency use authorization for their vaccines in the region. However, other companies such as Johnson & Johnson and AstraZeneca have also entered the market. The availability of multiple vaccines has increased the supply of vaccines in the region, which has helped to address the high demand.

Local special circumstances: The United States has been the largest market for COVID-19 vaccines in North America. The country has a large population and has been one of the worst affected by the pandemic. The government has played a significant role in the distribution of vaccines, with the Biden administration setting a goal of vaccinating 70% of the adult population by July 4th, 2021. Canada has also been actively vaccinating its population, with a goal of vaccinating all eligible individuals by September 2021.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the global economy, including the pharmaceutical industry. Governments around the world have invested heavily in the development and distribution of vaccines, which has created opportunities for pharmaceutical companies. In North America, the government has played a significant role in the distribution of vaccines, which has helped to address the high demand. The availability of vaccines has also had a positive impact on the economy, as it has allowed for the reopening of businesses and the resumption of economic activity.

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.