Other Vaccines - Canada

Canada

Highlights

The revenue in the Other Vaccines market in Canada is expected to reach US$932.80m in 2024.
It is projected to grow at an annual growth rate of 10.39% (CAGR 2024-2029), leading to a market volume of US$1.53bn by 2029.
When compared globally, United States is anticipated to generate the highest revenue of US$24.73bn in 2024.
Canada's growing demand for Other Vaccines is driven by an aging population and increased awareness of preventive healthcare.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Vaccines market in Canada has been witnessing interesting developments in recent years.

Customer preferences: Customers in Canada have shown an increased interest in preventative healthcare measures, leading to a rise in demand for vaccines. Moreover, the country has a large aging population, which is more susceptible to illnesses and thus requires more vaccinations.

Trends in the market: One of the major trends in the Other Vaccines market in Canada is the increasing focus on research and development of new vaccines. The country has several research institutes and pharmaceutical companies that are working towards developing new vaccines to cater to the changing healthcare needs of the population. Additionally, there has been a growing trend towards the adoption of combination vaccines, which offer protection against multiple diseases in a single shot. This has led to an increase in the demand for such vaccines in the country.

Local special circumstances: Canada has a publicly funded healthcare system, which covers the cost of most vaccines. This has made vaccines more accessible to the general population, leading to a higher rate of vaccination coverage. However, the country also has a large indigenous population, which faces several healthcare disparities. This has led to efforts to improve vaccination coverage among this population through targeted vaccination programs.

Underlying macroeconomic factors: Canada has a stable economy, with a strong healthcare system and a well-educated population. This has led to a favorable environment for the growth of the Other Vaccines market in the country. Additionally, the government has been taking steps to encourage innovation in the healthcare sector, which has led to increased investment in research and development of new vaccines. However, the country also faces challenges such as an aging population and rising healthcare costs, which may impact the growth of the Other Vaccines market in the long run.

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.