Vaccines - Thailand | Statista Market Forecast

Thailand is projected to see a significant increase in revenue within the Vaccines market, with a projected amount of US$319.60m in 2024.
This growth is expected to continue at an annual growth rate (CAGR 2024-2029) of -6.29%, resulting in a market volume of US$231.00m by 2029.
When comparing globally, it is important to note that United States will generate the highest revenue within this market, with an estimated amount of US$29.12bn in 2024.
Thailand's vaccine market is experiencing a surge in demand due to the government's proactive vaccination campaign and increasing public awareness.

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

Thailand has been making progress in the healthcare sector over the years, and the vaccines market is no exception.

Customer preferences: The increasing awareness about the importance of vaccinations has led to a rise in demand for vaccines in Thailand. Parents are becoming more conscious of the need to vaccinate their children, and this has been reflected in the growing number of vaccinations administered in the country. Additionally, the government has been actively promoting vaccination programs, which has further contributed to the increasing demand for vaccines.

Trends in the market: One of the significant trends in the vaccines market in Thailand is the shift towards combination vaccines. Combination vaccines offer the convenience of administering multiple vaccines in a single shot, reducing the number of injections required. This trend has been driven by the growing demand for convenience and the need to reduce healthcare costs. Another trend in the market is the increasing availability of vaccines for adults, which is driven by the growing awareness of the importance of adult vaccination.

Local special circumstances: Thailand has a well-established healthcare system that provides universal healthcare coverage to its citizens. The government's efforts to promote vaccination programs have been successful, and the country has achieved high vaccination coverage rates. Additionally, Thailand has a robust pharmaceutical industry, which has been actively developing and producing vaccines to meet the growing demand.

Underlying macroeconomic factors: Thailand's economy has been growing steadily over the years, and this has contributed to the increasing demand for healthcare services, including vaccines. The country's population is also growing, and this has led to an increase in the number of people who require vaccination. The government's efforts to promote vaccination programs have been supported by the growing economy, which has enabled it to invest in healthcare infrastructure and programs. Overall, the vaccines market in Thailand is expected to continue growing in the coming years, driven by the increasing demand for vaccines and the government's commitment to promoting vaccination programs.

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.