Vaccines - India

India

The Vaccines market in India is projected to reach a revenue of US$1.75bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of -5.63%, resulting in a market volume of US$1.31bn by 2029.
In global comparison, United States is forecasted to generate the highest revenue of US$29,120.00m in 2024.
India is experiencing a surge in demand for vaccines, driven by an increasing population, rising healthcare awareness, and government initiatives to improve immunization coverage.

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

Market

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Analyst Opinion

The demand for vaccines in India has been on the rise in recent years due to various factors.

Customer preferences: Indian customers have become more aware of the importance of vaccines in preventing diseases and are willing to invest in preventive healthcare. The government's focus on increasing vaccination coverage and the growing middle class with higher disposable income have also contributed to the increased demand.

Trends in the market: The Indian vaccines market is expected to grow due to the government's initiatives to increase vaccination coverage, the rise in the number of private healthcare providers, and the growing demand for new and innovative vaccines. The market is also witnessing a shift towards combination vaccines, which offer protection against multiple diseases in a single shot.

Local special circumstances: India has a large population and a high burden of infectious diseases such as tuberculosis, hepatitis, and HIV. The government has launched various vaccination programs to combat these diseases and has made efforts to increase awareness and access to vaccines in rural areas.

Underlying macroeconomic factors: India's growing economy and rising middle class have led to an increase in healthcare spending and a demand for better healthcare facilities. The government has also increased its healthcare spending, including on vaccination programs. However, the high cost of vaccine development and production remains a challenge for the industry.

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.