Other Vaccines - Philippines

Philippines

Highlights

The Philippines is projected to reach a revenue of US$72.44m in the Other Vaccines market by 2024.
It is expected to exhibit a CAGR of 11.47% from 2024 to 2029, leading to a market volume of US$124.70m by 2029.
In terms of global comparison, United States is expected to generate the highest revenue of US$24.73bn in 2024.
The Philippines is experiencing a growing demand for other vaccines, driven by increased awareness about preventable diseases.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The demand for vaccines in the Philippines has been increasing over the years, and the Other Vaccines market is no exception.

Customer preferences: The Filipino population has become more health-conscious and aware of the importance of vaccination in preventing diseases. With a growing middle class and increasing disposable income, people are willing to spend more on healthcare, including vaccines. In addition, the government has been actively promoting vaccination programs, which has further increased awareness and demand for vaccines.

Trends in the market: The Other Vaccines market in the Philippines has been growing steadily, with a focus on vaccines for diseases such as typhoid, meningococcal disease, and Japanese encephalitis. The market has also seen an increase in demand for travel vaccines, as more Filipinos are traveling abroad for work or leisure. Healthcare providers have responded to this demand by offering a wider range of vaccines and making them more accessible to the public.

Local special circumstances: The Philippines is a tropical country with a high incidence of infectious diseases, making vaccination an important part of public health. However, there are also challenges in vaccine distribution and accessibility, particularly in remote areas. The government has been working to address these issues through various initiatives, such as the Expanded Program on Immunization and the Universal Health Care Law.

Underlying macroeconomic factors: The Philippine economy has been growing steadily, with a focus on healthcare as a key growth area. The government has increased healthcare spending and implemented policies to improve healthcare access and quality. In addition, the country has a large and young population, which presents a significant market opportunity for vaccines. However, there are also challenges such as high poverty rates and limited healthcare infrastructure, which can affect vaccine uptake in certain areas. Overall, the Other Vaccines market in the Philippines is poised for continued growth in the coming years.

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.