Vaccines - Mexico | Statista Market Forecast

Vaccines - Mexico

Mexico

Highlights

The Vaccines market in Mexico is expected to witness significant growth in the coming years.
According to projections, the market's revenue is estimated to reach US$667.80m in 2024.
This growth is expected to continue at a compound annual growth rate (CAGR 2024-2029) of -0.35%, leading to a market volume of US$656.20m by 2029.
When comparing the revenue generated globally, it is noteworthy that United States is projected to generate the highest revenue in the Vaccines market.
In 2024, United States is expected to generate US$29.12bn in revenue.
Mexico is experiencing a growing demand for vaccines as the government expands immunization programs to reach more citizens.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The demand for vaccines in Mexico has been increasing over the past few years. With a population of over 130 million people, Mexico is the second-largest economy in Latin America. The country has a well-established healthcare system that provides free healthcare services to its citizens.

Customer preferences: Mexican customers have a high demand for vaccines due to the increasing awareness of the importance of preventive healthcare. The government has been promoting vaccination campaigns to prevent the spread of infectious diseases such as influenza, measles, and COVID-19. The demand for vaccines has also been increasing due to the growing middle class and the rise in disposable income.

Trends in the market: The vaccines market in Mexico is expected to grow in the coming years due to the increasing demand for preventive healthcare services. The COVID-19 pandemic has accelerated the demand for vaccines in the country. The government has been investing heavily in vaccine production and distribution to ensure that the population is vaccinated as soon as possible. Furthermore, the government has been working with private companies to develop new vaccines and improve the existing ones.

Local special circumstances: Mexico is a country that is heavily dependent on imports for its vaccine supply. The government has been working to reduce this dependency by investing in local vaccine production. The country has a well-established pharmaceutical industry that has the capability to produce vaccines. The government has been providing incentives to local companies to develop and produce vaccines. Furthermore, the government has been working to improve the regulatory framework to ensure that the vaccines produced locally meet international standards.

Underlying macroeconomic factors: Mexico's economy has been growing steadily over the past few years, and this has led to an increase in disposable income. The growing middle class has been driving the demand for preventive healthcare services, including vaccines. Furthermore, the government's commitment to improving the healthcare system has led to an increase in healthcare spending. The government has been investing heavily in healthcare infrastructure, including hospitals and clinics, to ensure that the population has access to quality 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.