COVID-19 Vaccines - Taiwan

Taiwan

Highlights

The COVID-19 Vaccines market in Taiwan is expected to witness a significant revenue growth, with projections indicating that it will reach US$81.73m in 2024.
Furthermore, the market is anticipated to exhibit a robust compound annual growth rate (CAGR) of -17.90% from 2024 to 2029, resulting in a market volume of US$30.48m by the end of the forecast period.
When comparing global markets, it is noteworthy that United States is expected to generate the highest revenue, amounting to US$4.39bn in 2024.
Taiwan is leading the way in COVID-19 vaccine research and development, with its local pharmaceutical companies playing a crucial role.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The COVID-19 Vaccines market in Taiwan has been steadily growing since the country began its vaccination campaign earlier this year.

Customer preferences: Taiwanese citizens have shown a strong willingness to get vaccinated against COVID-19, with a high percentage of the population getting vaccinated within the first few months of the campaign. This is likely due to the government's effective communication and public health campaigns, as well as the general population's trust in the government's handling of the pandemic.

Trends in the market: There has been a significant increase in the demand for mRNA vaccines in Taiwan, particularly the Pfizer-BioNTech vaccine. This is likely due to the high efficacy rate of mRNA vaccines and the fact that they were the first vaccines to be approved in Taiwan. Additionally, there has been a growing interest in booster shots, with many Taiwanese citizens seeking to receive a third dose of the vaccine to further protect themselves against the Delta variant.

Local special circumstances: Taiwan's unique geopolitical situation has also played a role in the development of the COVID-19 Vaccines market. As a self-governing island that is not recognized as a sovereign state by many countries, Taiwan has had to navigate complex diplomatic relationships in order to secure vaccine supplies. This has led to some delays in vaccine procurement and distribution, but the government has been working to address these issues and ensure that all citizens have access to the vaccine.

Underlying macroeconomic factors: Overall, the COVID-19 Vaccines market in Taiwan is driven by a combination of government policies, public health campaigns, and the general population's willingness to get vaccinated. While there have been some challenges in securing vaccine supplies, the government has been proactive in addressing these issues and ensuring that all citizens have access to the vaccine. As the pandemic continues to evolve, it is likely that demand for COVID-19 vaccines will remain high in Taiwan, with a growing interest in booster shots and new vaccine technologies.

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.