Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Vietnam

Vietnam

Vietnam is projected to see a significant revenue growth in the COVID-19 Vaccines market.
In 2024, the country's revenue is expected to reach US$0.31bn.
This projection is part of a global trend, as the market is predicted to witness a steady annual growth rate (CAGR 2024-2029) of -17.29%.
By 2029, the market volume in Vietnam is estimated to reach US$0.12bn.
When comparing in Vietnam to other countries, it is important to note that United States is expected to generate the highest revenue in the COVID-19 Vaccines market.
In 2024, United States is projected to reach a revenue of US$4,389,000.00k, surpassing other nations in terms of market size and potential.
Vietnam's COVID-19 vaccine market is experiencing a surge in demand as the government ramps up its vaccination efforts nationwide.

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

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Analyst Opinion

Vietnam, like many other countries, is experiencing the impact of the COVID-19 pandemic. With the increasing number of cases, the demand for COVID-19 vaccines has risen. In this market analysis, we will explore the trends and developments in the COVID-19 vaccines market in Vietnam.

Customer preferences: Vietnamese consumers have shown a high level of interest in COVID-19 vaccines. However, there is still a significant portion of the population that is hesitant to get vaccinated. This is due to concerns about the safety and effectiveness of the vaccines. Additionally, there are some concerns about the side effects of the vaccines.

Trends in the market: The Vietnamese government has been actively working to secure COVID-19 vaccines for the population. As of now, Vietnam has received vaccines from various sources, including the COVAX facility, Chinese and Russian vaccines. The government has also been in talks with various vaccine manufacturers to secure more doses. As a result, the vaccination rate in Vietnam has been steadily increasing.

Local special circumstances: Vietnam has a unique set of circumstances that have impacted the COVID-19 vaccines market. The country has a large population and a high population density, which has made it challenging to control the spread of the virus. Additionally, Vietnam has a relatively low GDP per capita, which has made it difficult to secure vaccines at a reasonable price. The government has had to rely on donations and aid from other countries to secure vaccines.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the Vietnamese economy. The country's GDP growth has slowed, and there has been a significant increase in unemployment. Additionally, the pandemic has disrupted global supply chains, which has made it challenging to secure vaccines. However, the Vietnamese government has implemented various measures to support the economy, including stimulus packages and tax breaks.In conclusion, the COVID-19 vaccines market in Vietnam is growing, with the government actively working to secure vaccines for the population. However, there is still a significant portion of the population that is hesitant to get vaccinated. The unique circumstances in Vietnam, such as the high population density and low GDP per capita, have impacted the market. Despite these challenges, the Vietnamese government has been implementing measures to support the economy and secure vaccines for the population.

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.