Vaccines - Philippines

Philippines

Highlights

The Philippines is projected to witness a significant increase in revenue within the Vaccines market, with an estimated value of US$548.20m in 2024.
This represents a substantial growth opportunity for the country's vaccine industry.
Furthermore, it is anticipated that the market will experience a robust compound annual growth rate (CAGR) of -10.43% during the period of 2024-2029.
As a result, the market volume is expected to reach US$316.00m by 2029, showcasing the potential for continued expansion in the Philippines' vaccine sector.
In terms of global comparison, it is noteworthy that United States will continue to dominate the Vaccines market.
The projected revenue for the United States in 2024 is an impressive US$29.12bn, further highlighting its prominent position within the industry.
The Philippines has seen an increase in demand for vaccines due to the government's efforts to improve healthcare and protect its population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Philippines is a country in Southeast Asia with a population of over 100 million people. The country has a diverse healthcare system with both public and private healthcare providers. The vaccines market in the Philippines has been developing over the years, with increasing demand for vaccines and a growing number of manufacturers and suppliers in the market.

Customer preferences: The demand for vaccines in the Philippines has been increasing over the years due to the rising awareness of the importance of vaccination in preventing diseases. The government has been actively promoting vaccination programs, especially for children, to reduce the incidence of vaccine-preventable diseases. The private sector has also been promoting vaccines, particularly for adults, to prevent diseases such as influenza and pneumonia.

Trends in the market: The vaccines market in the Philippines has been growing, with new vaccines being introduced in the market. The demand for new vaccines for diseases such as dengue fever and human papillomavirus (HPV) has been increasing. The government has also been expanding its vaccination programs to cover more diseases and age groups. The private sector has been investing in new vaccines and technologies to improve vaccine delivery and effectiveness.

Local special circumstances: The Philippines is a developing country with a high burden of infectious diseases such as tuberculosis, dengue fever, and measles. The government has been addressing these challenges by investing in healthcare infrastructure and promoting vaccination programs. The private sector has also been investing in healthcare to meet the growing demand for vaccines and other healthcare services.

Underlying macroeconomic factors: The Philippines has a growing economy with a young and educated population. The country has been investing in healthcare infrastructure, including hospitals and clinics, to improve access to healthcare services. The government has also been promoting public-private partnerships to improve healthcare delivery. The private sector has been investing in healthcare to meet the growing demand for healthcare services, including vaccines. The Philippines has a competitive vaccines market, with both local and international manufacturers and suppliers operating in the market.

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.