Vaccines - NAFTA | Statista Market Forecast

Vaccines - NAFTA

NAFTA

Highlights

The Vaccines market is anticipated to witness a substantial growth in revenue, projected to reach a staggering US$31.29bn in 2024.
This remarkable figure is expected to be driven by an impressive annual growth rate (CAGR 2024-2029) of 6.96%, leading to a projected market volume of US$43.81bn by 2029.
In the global arena, United States is predicted to dominate this market, generating the highest revenue.
In 2024 alone, United States is forecasted to contribute a substantial amount of US$29.12bn to the Vaccines market.
In the NAFTA region, Canada has emerged as a key player in the vaccine market, with a strong emphasis on research and development.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Vaccines market in NAFTA has been growing steadily in recent years, driven by a number of factors including increasing awareness of the importance of vaccination, rising healthcare expenditure, and the introduction of new vaccines.

Customer preferences: Customers in the NAFTA region are increasingly seeking out vaccines that offer protection against a wide range of diseases, including those that were previously considered rare or exotic. This has led to a growing demand for combination vaccines that offer protection against multiple diseases in a single shot. In addition, there is a growing preference for vaccines that are more convenient to administer, such as those that can be delivered orally or through a nasal spray.

Trends in the market: One of the key trends in the Vaccines market in NAFTA is the growing focus on preventative healthcare. As more people become aware of the importance of vaccination in preventing the spread of disease, there has been a corresponding increase in demand for vaccines. This trend is expected to continue in the coming years, as governments and healthcare providers continue to promote vaccination as a key component of public health.Another trend in the market is the increasing use of vaccines in emerging markets. As these regions continue to experience rapid economic growth and urbanization, there is a growing need for vaccines to address a range of health issues, from infectious diseases to chronic conditions such as cancer and diabetes.

Local special circumstances: In the United States, the Vaccines market is dominated by a handful of large pharmaceutical companies that have significant resources and expertise in vaccine development. These companies are able to invest heavily in research and development, and are often at the forefront of developing new vaccines for a range of diseases.In Canada, the Vaccines market is heavily regulated by the government, which sets strict standards for safety and efficacy. This has led to a highly competitive market, with a number of smaller companies vying for market share in a relatively small market.In Mexico, the Vaccines market is characterized by a high degree of fragmentation, with a large number of small and medium-sized companies operating in the market. This has led to intense competition, as companies compete on price and quality to gain market share.

Underlying macroeconomic factors: One of the key macroeconomic factors driving the growth of the Vaccines market in NAFTA is rising healthcare expenditure. As governments and healthcare providers invest more in healthcare infrastructure and services, there is a growing focus on preventative healthcare, including vaccination.In addition, the growing prevalence of infectious diseases, coupled with increasing international travel and trade, has led to a growing need for vaccines that offer protection against a wide range of diseases. This trend is expected to continue in the coming years, as globalization and urbanization continue to reshape the healthcare landscape.

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.