Vaccines - South Korea

South Korea

The Vaccines market in South Korea is expected to witness significant growth in the coming years.
In 2024, the projected revenue for this market is estimated to reach US$1.14bn.
This indicates a positive trend in the market, with an annual growth rate (CAGR 2024-2029) of 1.53%.
By 2029, the market volume is forecasted to reach US$1.23bn.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Vaccines market.
In 2024, the projected revenue for the United States is estimated to be US$29,120.00m.
This showcases the dominance of the United States in this market.
South Korea is experiencing a surge in demand for vaccines, driven by the government's proactive approach to public health.

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

Market

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Analyst Opinion

The demand for vaccines in South Korea has been on the rise in recent years, driven by various factors such as increasing awareness of the importance of vaccination, government initiatives, and the growing elderly population.

Customer preferences: South Korean consumers are increasingly prioritizing preventive healthcare, which includes vaccination, as a means to maintain good health and prevent diseases. This trend is particularly strong among parents who are willing to spend more on vaccines to protect their children from preventable diseases. Additionally, the government's efforts to increase public awareness of the importance of vaccination have also contributed to the growing demand for vaccines.

Trends in the market: The vaccines market in South Korea is expected to continue to grow in the coming years, driven by the increasing demand for preventive healthcare, the government's vaccination programs, and the growing elderly population. The COVID-19 pandemic has also increased public awareness of the importance of vaccination, which is expected to further boost the demand for vaccines in the country. In addition, the government's recent initiatives to expand the national vaccination program to cover more diseases and age groups are expected to drive growth in the vaccines market.

Local special circumstances: South Korea has a well-established healthcare system, which includes both public and private healthcare providers. The government plays a significant role in the healthcare sector, with the national health insurance system covering a large portion of the population. The government also provides subsidies for certain vaccines, which has helped to increase the uptake of vaccination in the country. Moreover, the country's aging population has also contributed to the growing demand for vaccines, particularly among the elderly population who are more susceptible to vaccine-preventable diseases.

Underlying macroeconomic factors: South Korea is one of the world's largest economies and has a high-income, export-oriented economy. The country's healthcare sector is also well-developed, with a strong focus on research and development. The government has been investing heavily in the healthcare sector, which has helped to drive growth in the vaccines market. Additionally, the country's high level of public awareness and education has also contributed to the growing demand for vaccines. However, the vaccines market in South Korea is highly regulated, which can pose challenges for foreign companies looking to enter the market.

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.