Vaccines - GCC | Statista Market Forecast

The Vaccines market in GCC is expected to witness significant growth in the coming years.
According to projections, the revenue is anticipated to reach US$575.20m by 2024.
Furthermore, it is estimated that the market will exhibit a compound annual growth rate (CAGR 2024-2029) of 6.02%, leading to a market volume of US$770.50m by 2029.
When compared globally, United States is expected to generate the highest revenue, with a projected figure of US$29.12bn in 2024.
This highlights the dominance of the US market in the Vaccines market.
The GCC countries have witnessed a surge in vaccine demand, with governments implementing robust immunization campaigns to protect their populations.

Definition:
This market covers vaccines against infectious diseases. They help to prevent diseases, usually through active immunization. Vaccines against infectious diseases transmitted by viruses (e.g., hepatitis A and B or COVID-19) and bacteria (e.g., typhoid fever or meningococcus) are included.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Pfizer, GlaxoSmithKline, Merck & Co, Sanofi, Moderna, AstraZeneca

Vaccines against infectious diseases
Prophylactic and therapeutic vaccines
Flu vaccines
COVID-19 vaccines

Sera and gammaglobulins
Antivirals
Antibiotics

The demand for vaccines in the GCC region has been steadily increasing in recent years.

Customer preferences: Customers in the GCC region have shown a growing interest in preventative healthcare measures, including vaccinations. This is partly due to an increase in awareness about the importance of vaccinations in preventing diseases and the availability of more information about the benefits of vaccines. Additionally, the COVID-19 pandemic has highlighted the importance of vaccines and has led to a surge in demand for vaccines in the region.

Trends in the market: One of the key trends in the GCC vaccine market is the development of new and innovative vaccines. Pharmaceutical companies are investing heavily in research and development to create new vaccines that are more effective and have fewer side effects. Another trend is the increasing use of combination vaccines, which offer protection against multiple diseases in a single shot. In addition, there has been a growing demand for flu vaccines, as the region experiences an annual flu season.

Local special circumstances: The GCC region has a unique demographic profile, with a large expatriate population. This has led to a higher demand for vaccines, as many expatriates come from countries with different vaccination schedules and may require additional vaccinations before traveling to the GCC. Additionally, the region has a high prevalence of certain diseases, such as hepatitis and tuberculosis, which has led to a higher demand for vaccines that protect against these diseases.

Underlying macroeconomic factors: The GCC region has a growing population and a high standard of living, which has led to an increase in demand for healthcare services, including vaccines. Additionally, the region has a strong healthcare infrastructure and government support for healthcare initiatives, which has helped to drive the growth of the vaccine market. Finally, the region's strategic location has made it an attractive destination for pharmaceutical companies, which has led to increased investment in the region's healthcare sector.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

As of March 2023, more than 13 billion COVID-19 vaccine doses had been administered worldwide. Wide-spread vaccine availability, increasing herd immunity, and lower case numbers led to renewed hope and a feeling of normality in 2023. However, especially during the winter seasons and with the potential emergence of new variants of the virus (like Omicron in 2021-2022), tracking of coronavirus cases repeatedly becomes a focus for the public. Thus, there is a level of uncertainty about what developments the winter season 2023/2024 might bring.