Vaccines - Taiwan | Statista Market Forecast

In Taiwan, the revenue in the Vaccines market is forecasted to reach US$263.70m by 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 4.39%, leading to a market volume of US$326.90m by 2029.
When compared to other countries worldwide, United States is projected to generate the highest revenue in the Vaccines market, amounting to US$29.12bn in 2024.
Taiwan's vaccine market is experiencing a surge in demand, as the government's successful containment of COVID-19 has led to a strong emphasis on vaccination.

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 Vaccines market in Taiwan has been experiencing steady growth in recent years.

Customer preferences: Taiwan's population has a high awareness of the importance of vaccines, which has contributed to the growth of the vaccines market. The government has also been actively promoting vaccination programs, which has increased the demand for vaccines.

Trends in the market: The vaccines market in Taiwan is dominated by imported vaccines, with the majority of vaccines coming from the United States and Europe. In recent years, there has been an increase in demand for vaccines that protect against infectious diseases such as COVID-19, which has led to the development of new vaccines in Taiwan.

Local special circumstances: Taiwan has a well-established healthcare system, which has contributed to the growth of the vaccines market. The government has also been actively promoting the use of vaccines, which has increased the demand for vaccines.

Underlying macroeconomic factors: Taiwan has a strong economy and a high standard of living, which has contributed to the growth of the vaccines market. The government has also been investing in healthcare infrastructure, which has led to the development of new vaccines and increased access to vaccines for the population.

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.