Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Thailand

Thailand

Thailand is expected to witness a significant increase in revenue within the COVID-19 Vaccines market.
By 2024, the projected revenue is estimated to reach US$233.60m.
This growth is anticipated to continue with an annual growth rate (CAGR 2024-2029) of -17.58%, ultimately resulting in a market volume of US$88.82m by 2029.
When compared to other countries globally, United States is predicted to generate the highest revenue within this market, with an estimated revenue of US$4,389,000.00k in 2024.
Thailand is witnessing a surge in demand for COVID-19 vaccines as the government ramps up its vaccination campaign to curb the spread of the virus.

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

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Analyst Opinion

Thailand has been making steady progress in its COVID-19 vaccination drive, with the government aiming to vaccinate 70% of the population by the end of the year. As of August 2021, around 20% of the population has received at least one dose of the vaccine. In this context, let's take a look at the trends and developments in the COVID-19 Vaccines market in Thailand.

Customer preferences: The Thai government has been providing free COVID-19 vaccines to all citizens and residents in the country. The vaccines are being administered through a mix of channels, including hospitals, clinics, and vaccination centers. There has been a high demand for the vaccines, with long queues reported at many vaccination centers. The preference for vaccines varies among individuals, with some preferring the Pfizer-BioNTech vaccine, while others prefer the Sinovac vaccine.

Trends in the market: The COVID-19 Vaccines market in Thailand is dominated by the Sinovac vaccine, which is being produced locally by the Thai company, Siam Bioscience. The government has also signed agreements to procure vaccines from other companies, including Pfizer-BioNTech and AstraZeneca. However, the supply of these vaccines has been limited, with delays in delivery reported in some cases.

Local special circumstances: One of the factors affecting the COVID-19 Vaccines market in Thailand is the ongoing political unrest in the country. The protests and demonstrations have led to disruptions in the supply chain and logistics, affecting the delivery of vaccines to some areas. In addition, the government has been criticized for its handling of the pandemic, with some questioning the efficacy of the Sinovac vaccine.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the Thai economy, with the country experiencing a contraction in GDP in 2020. The government has implemented various measures to support the economy, including stimulus packages and monetary policy measures. The successful rollout of the COVID-19 vaccine is seen as a key factor in the country's economic recovery, with the government aiming to reopen the country to international tourists by October 2021. In conclusion, the COVID-19 Vaccines market in Thailand is characterized by a high demand for vaccines, limited supply of certain vaccines, and concerns over the efficacy of the Sinovac vaccine. The successful rollout of the vaccine is seen as a key factor in the country's economic recovery, with the government aiming to reopen the country to international tourists by October 2021. However, the ongoing political unrest in the country and disruptions in the supply chain and logistics could pose challenges to the vaccine rollout.

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.