COVID-19 Vaccines - United States

United States

Highlights

The United States is expected to generate the highest revenue in the COVID-19 Vaccines market, with a projected amount of US$4.39bn in 2024.
This figure represents the revenue United States alone, showing the significant market potential of the country.
Looking ahead, the market is anticipated to experience a robust growth rate, with an expected annual growth rate (CAGR 2024-2029) of -18.21%.
This growth trajectory is projected to result in a market volume of US$1.61bn by 2029, further emphasizing the potential of the United States in the global COVID-19 Vaccines market.
The United States is experiencing a surge in demand for COVID-19 vaccines as more states expand eligibility criteria.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The COVID-19 vaccines market in the United States has been rapidly developing since the first vaccine was authorized for emergency use in December 2020.

Customer preferences: The majority of Americans have shown a willingness to get vaccinated against COVID-19, with over 50% of the population receiving at least one dose as of June 2021. This high demand for vaccines has resulted in a surge in production and distribution in the United States.

Trends in the market: One of the most significant trends in the COVID-19 vaccines market in the United States is the shift towards vaccinating younger age groups. Initially, vaccines were primarily distributed to high-risk populations and older individuals. However, with the increasing availability of vaccines, states have begun to expand eligibility to younger age groups. Another trend is the emergence of booster shots, with pharmaceutical companies already developing and testing booster shots to increase immunity against COVID-19 variants.

Local special circumstances: The United States has a complex healthcare system, with a mix of public and private insurance providers. This has resulted in disparities in vaccine distribution, with some states and communities experiencing higher vaccination rates than others. Additionally, vaccine hesitancy and misinformation have been prevalent in certain areas, leading to lower vaccination rates.

Underlying macroeconomic factors: The United States government has played a significant role in the development and distribution of COVID-19 vaccines. The government has provided funding to pharmaceutical companies for vaccine development and has implemented initiatives to increase vaccine production and distribution. Additionally, the government has provided financial incentives to individuals to get vaccinated, such as free transportation and gift cards. The strong government support and investment in the COVID-19 vaccines market have contributed to its rapid development in the United States.

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.