Vaccines - Hong Kong

Hong Kong

In Hong Kong, the Vaccines market is anticipated to witness a significant rise in revenue, projected to reach US$99.63m by the year 2024.
Moreover, it is expected to display a promising annual growth rate (CAGR 2024-2029) of 9.74%, leading to a market volume of US$158.60m by the year 2029.
When compared globally, United States is set to generate the highest revenue, with an estimated value of US$29,120.00m in 2024.
"Hong Kong is experiencing a surge in demand for vaccines, driven by a proactive government and a health-conscious population."

Key regions: Australia, Italy, France, South Korea, Brazil

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Analyst Opinion

The demand for vaccines in Hong Kong has been on the rise in recent years.

Customer preferences: Hong Kong has a high population density, and this has led to an increase in the number of infectious diseases. As a result, people in Hong Kong are more aware of the importance of vaccination and are more likely to seek out vaccines to protect themselves and their families.

Trends in the market: There has been an increase in demand for vaccines in Hong Kong due to the COVID-19 pandemic. The government has been actively promoting vaccination to the public, and this has led to a surge in demand for vaccines. In addition, there has been an increase in demand for vaccines for other infectious diseases such as influenza and pneumonia.

Local special circumstances: Hong Kong is a major international hub, and this has led to an increase in the number of people traveling to and from the city. This has also led to an increase in the spread of infectious diseases, and as a result, there is a high demand for vaccines.

Underlying macroeconomic factors: Hong Kong has a high GDP per capita, and this has led to an increase in the affordability of vaccines. In addition, the government has a strong healthcare system, and this has led to an increase in the availability of vaccines.In conclusion, the demand for vaccines in Hong Kong has been on the rise due to a combination of factors such as high population density, the COVID-19 pandemic, and the city's status as an international hub. The government's promotion of vaccination and the city's strong healthcare system have also contributed to the increase in demand.

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.