Vaccines - Singapore | Statista Market Forecast

In Singapore, the revenue in the Vaccines market is forecasted to reach US$97.50m by 2024.
This market is expected to exhibit an annual growth rate (CAGR 2024-2029) of 8.29%, leading to a market volume of US$145.20m by 2029.
When compared globally, United States is anticipated to generate the highest revenue in the Vaccines market, amounting to US$29.12bn in 2024.
Singapore's robust healthcare system and strategic partnerships with global pharmaceutical companies position it as a leading hub for vaccine research and development in Southeast Asia.

Definition:
This market covers vaccines against infectious diseases. They help to prevent diseases, usually through active immunization. Vaccines against infectious diseases transmitted by viruses (e.g., hepatitis A and B or COVID-19) and bacteria (e.g., typhoid fever or meningococcus) are included.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Pfizer, GlaxoSmithKline, Merck & Co, Sanofi, Moderna, AstraZeneca

Vaccines against infectious diseases
Prophylactic and therapeutic vaccines
Flu vaccines
COVID-19 vaccines

Sera and gammaglobulins
Antivirals
Antibiotics

The demand for vaccines in Singapore has been on the rise in recent years due to various factors such as increased awareness of the importance of vaccination, government initiatives to promote immunization, and the growing elderly population.

Customer preferences: Singaporeans have shown a growing preference for vaccines that offer protection against multiple diseases, such as the combination vaccines that protect against measles, mumps, and rubella. In addition, there is a growing demand for vaccines that offer long-term protection and require fewer doses.

Trends in the market: The vaccines market in Singapore has been experiencing a shift towards a more preventive approach to healthcare. This has resulted in an increased demand for vaccines that not only prevent infectious diseases but also chronic diseases such as cancer. There is also a growing trend towards personalized vaccines that are tailored to an individual's genetic makeup.

Local special circumstances: Singapore has a highly developed healthcare system and a strong focus on disease prevention. The government has implemented various initiatives to promote immunization, such as the National Childhood Immunisation Schedule and the National Adult Immunisation Schedule. In addition, Singapore has a large elderly population, which has contributed to the growing demand for vaccines that protect against diseases that are more common in older age groups.

Underlying macroeconomic factors: Singapore has a high-income economy, which has resulted in a population that is able to afford healthcare services, including vaccines. In addition, Singapore's strategic location and strong infrastructure have made it an attractive market for vaccine manufacturers. The government has also implemented policies to promote the growth of the pharmaceutical industry, which has contributed to the development of the vaccines market in Singapore.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

As of March 2023, more than 13 billion COVID-19 vaccine doses had been administered worldwide. Wide-spread vaccine availability, increasing herd immunity, and lower case numbers led to renewed hope and a feeling of normality in 2023. However, especially during the winter seasons and with the potential emergence of new variants of the virus (like Omicron in 2021-2022), tracking of coronavirus cases repeatedly becomes a focus for the public. Thus, there is a level of uncertainty about what developments the winter season 2023/2024 might bring.