Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Singapore

Singapore

The COVID-19 Vaccines market in Singapore is anticipated to witness a significant growth in revenue, with projections indicating a staggering amount of US$16.92m in 2024.
Furthermore, this market is expected to demonstrate a robust annual growth rate (CAGR 2024-2029) of -16.67%, culminating in a market volume of US$6.80m by 2029.
When compared on a global scale, it is noteworthy that United States is projected to generate the highest revenue in this market, amounting to a substantial US$4,389,000.00k in 2024.
Singapore's robust healthcare infrastructure and efficient distribution network have enabled the country to achieve high vaccination rates and effectively control the spread of COVID-19.

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

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Analyst Opinion

The demand for COVID-19 vaccines has been increasing globally due to the ongoing pandemic. Singapore is no exception to this trend, and the country has been actively working to vaccinate its population.

Customer preferences: Singaporeans have shown a high level of trust in the government's handling of the pandemic and vaccination program. As a result, there is a high willingness among the population to get vaccinated. Additionally, the government has made the vaccination free for all Singaporeans and long-term residents, which has further increased the demand for vaccines.

Trends in the market: The Singaporean government has secured a sufficient supply of vaccines from various manufacturers, including Pfizer-BioNTech, Moderna, and Sinovac. The vaccination program started in December 2020, and as of August 2021, over 80% of the population has received at least one dose of the vaccine. The government has also recently announced that it will start offering booster shots for certain groups, such as the elderly and healthcare workers. This will further drive the demand for vaccines in the country.

Local special circumstances: Singapore is a small island nation with a dense population, which makes it vulnerable to the spread of infectious diseases. The government has been proactive in containing the virus and has implemented strict measures, such as mandatory quarantine and contact tracing, to control the spread of the disease. The vaccination program is a crucial part of the government's strategy to combat the pandemic and ensure the safety of its citizens.

Underlying macroeconomic factors: Singapore has a strong and stable economy, which has allowed the government to invest in the vaccination program and secure a sufficient supply of vaccines. The country has also been successful in controlling the spread of the virus, which has helped to maintain economic stability. However, the ongoing pandemic has had a significant impact on the global economy, and Singapore is not immune to these effects. The government has implemented various measures, such as financial assistance and stimulus packages, to support businesses and individuals affected by the pandemic. In conclusion, the COVID-19 vaccine market in Singapore is developing rapidly due to the high demand for vaccines among the population. The government's proactive approach to controlling the spread of the virus and securing a sufficient supply of vaccines has been instrumental in driving the market. The ongoing vaccination program and the recent announcement of booster shots will further increase the demand for vaccines 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.