Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Philippines

Philippines

In the Philippines, the projected revenue in the COVID-19 Vaccines market is expected to reach US$0.48bn in 2024.
Moreover, a significant annual growth rate (CAGR 2024-2029) of -16.92% is anticipated, leading to a market volume of US$0.19bn by 2029.
When compared globally, it is worth noting that United States is projected to generate the highest revenue of US$4,389,000.00k in 2024.
The Philippines has seen a surge in demand for COVID-19 vaccines due to increased awareness and government initiatives.

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

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Analyst Opinion

The COVID-19 vaccine market in the Philippines has been steadily growing since the first vaccines were approved for emergency use.

Customer preferences: Philippine customers have shown a strong preference for vaccines that have been approved by the country's regulatory body, the Food and Drug Administration (FDA). This has led to a delay in the availability of some vaccines that have been approved by other countries but have yet to receive approval in the Philippines.

Trends in the market: One of the main trends in the COVID-19 vaccine market in the Philippines is the increasing availability of vaccines. Initially, there were concerns about vaccine supply, but as more vaccines have been approved for emergency use and more shipments have arrived in the country, the supply has increased. Another trend is the increasing number of vaccination sites, which has made it easier for people to get vaccinated.

Local special circumstances: The Philippines has faced unique challenges in rolling out its vaccination program due to its geography. The country is made up of more than 7,000 islands, which has made it difficult to distribute vaccines to some areas. Additionally, there have been concerns about vaccine hesitancy in some communities, which has slowed down the vaccination rate.

Underlying macroeconomic factors: The Philippine economy has been hit hard by the COVID-19 pandemic, with the country experiencing its worst economic contraction in decades in 2020. The government has been keen to reopen the economy as soon as possible, and the vaccination program is seen as a key part of this. The government has also been working to secure more vaccines and has recently signed deals with several manufacturers to purchase millions of doses.

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.