Vaccines - North America

North America

The Vaccines market in North America is projected to reach a revenue of US$31.29bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 6.96%, resulting in a market volume of US$43.81bn by 2029.
When compared globally, United States is anticipated to generate the highest revenue, with US$29,120.00m in 2024.
In North America, the demand for vaccines has surged due to increasing awareness about the importance of immunization.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for vaccines in North America has been steadily increasing in recent years due to various factors such as rising awareness about the importance of immunization and the increasing prevalence of infectious diseases.

Customer preferences: Customers in North America are increasingly seeking out vaccines that provide protection against a wide range of diseases. This has led to a growing demand for combination vaccines that offer protection against multiple diseases in a single shot. Additionally, there is a preference for vaccines that are easy to administer and have minimal side effects.

Trends in the market: One of the major trends in the North American vaccines market is the increasing adoption of new technologies such as DNA vaccines and recombinant vaccines. These vaccines are designed to be more effective and have fewer side effects compared to traditional vaccines. Another trend is the growing demand for flu vaccines, especially during the flu season. This has led to an increase in the production and distribution of flu vaccines across the region.

Local special circumstances: The North American vaccines market is highly regulated, with strict guidelines and regulations in place to ensure the safety and efficacy of vaccines. Additionally, the high cost of vaccines and the lack of insurance coverage for some vaccines can be a barrier to access for some customers.

Underlying macroeconomic factors: The North American vaccines market is driven by a number of underlying macroeconomic factors, including the increasing prevalence of infectious diseases, rising healthcare expenditure, and growing public awareness about the importance of immunization. Additionally, the presence of major pharmaceutical companies in the region has led to a highly competitive market, with companies constantly innovating and developing new vaccines to meet customer 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.