Vaccines - Jamaica | Statista Market Forecast

In Jamaica, the revenue in the Vaccines market is estimated to reach US$12.85m by 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of -4.98%, leading to a market volume of US$9.95m by 2029.
When compared globally, United States is projected to generate the highest revenue in the market, with US$29.12bn in 2024.
Jamaica's vaccine market is witnessing a growing demand for immunizations 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

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

Customer preferences: Jamaicans have become increasingly health-conscious and aware of the importance of preventative healthcare measures. As a result, the demand for vaccines as a means of preventing illness has grown. Additionally, the government has been actively promoting vaccination campaigns, which has further increased public awareness and demand for vaccines.

Trends in the market: The vaccines market in Jamaica has seen a shift towards more advanced and specialized vaccines, such as those for HPV and meningitis. This trend is in line with global market trends, as there has been a growing demand for vaccines that target specific illnesses. Another trend in the market is the increasing availability of vaccines in private clinics and pharmacies, making them more accessible to the general public.

Local special circumstances: One of the unique challenges facing the vaccines market in Jamaica is the country's geography. Jamaica is an island nation, which means that vaccines must be transported by air or sea. This can lead to delays in vaccine delivery and higher costs. Additionally, there is a significant rural population in Jamaica, which can make it difficult to distribute vaccines to all areas of the country.

Underlying macroeconomic factors: Jamaica's economy has been growing in recent years, which has led to an increase in healthcare spending. This has allowed for greater investment in healthcare infrastructure, including vaccination programs. Additionally, the government has been working to improve the regulatory environment for vaccines, which has helped to attract more investment in the sector. Finally, Jamaica's location in the Caribbean region has made it an attractive market for multinational pharmaceutical companies looking to expand their presence in the region.

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.