Vaccines - Ghana | Statista Market Forecast

The Vaccines market in Ghana is expected to witness significant growth in the coming years.
According to projections, the revenue is estimated to reach US$73.31m in 2024.
Moreover, it is anticipated that the market will exhibit a strong compound annual growth rate (CAGR 2024-2029) of -11.46%, leading to a market volume of US$39.88m by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Vaccines market.
In 2024 alone, United States is projected to generate a staggering revenue of US$29.12bn.
This showcases the dominant position of the United States in the global Vaccines market.
Ghana's vaccine market is witnessing a surge in demand due to increased awareness and government initiatives.

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

With a population of over 30 million people, Ghana has been experiencing a steady increase in the demand for vaccines.

Customer preferences: Ghana has a young population, with more than half of its citizens being under the age of 25. This has led to a high demand for vaccines that cater to this age group, such as vaccines for measles, mumps, and rubella. Additionally, there is a growing awareness of the importance of vaccines in preventing diseases, which has led to an increase in demand for vaccines across all age groups.

Trends in the market: The Ghanaian government has been making efforts to increase the availability of vaccines in the country. This has led to an increase in the number of vaccination campaigns across the country, which has in turn led to an increase in demand for vaccines. In addition, there has been a growing trend towards the use of combination vaccines, which offer protection against multiple diseases in a single shot. This has led to an increase in demand for combination vaccines such as the pentavalent vaccine.

Local special circumstances: One of the challenges facing the vaccines market in Ghana is the lack of adequate storage facilities for vaccines. This has led to issues with the quality and efficacy of vaccines, which has in turn led to a decrease in demand. Additionally, there is a lack of awareness among some segments of the population about the importance of vaccines, which has led to a lower demand for vaccines in these areas.

Underlying macroeconomic factors: The Ghanaian economy has been experiencing steady growth over the past few years, which has led to an increase in disposable income for many Ghanaians. This has in turn led to an increase in demand for healthcare services, including vaccines. Additionally, the Ghanaian government has been making efforts to improve the healthcare system in the country, which has led to an increase in the availability of vaccines and other healthcare services.

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.