Vaccines - Vietnam | Statista Market Forecast

The Vaccines market in Vietnam is expected to witness a significant growth in revenue, reaching US$404.40m in 2024.
Furthermore, it is projected to display an impressive annual growth rate (CAGR 2024-2029) of -6.54%, leading to a market volume of US$288.30m by 2029.
When compared globally, United States is anticipated to generate the highest revenue, amounting to US$29.12bn in 2024.
Vietnam is experiencing a growing demand for vaccines, with the government implementing various initiatives to improve vaccination rates across the country.

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 Vietnam has been on the rise in recent years due to various factors.

Customer preferences: Vietnamese customers have become more aware of the importance of vaccines in preventing diseases and improving overall health. With a growing middle class and increasing access to healthcare, more people are willing to invest in preventative measures such as vaccines. Additionally, the COVID-19 pandemic has heightened awareness of the importance of vaccines and their role in protecting public health.

Trends in the market: One trend in the Vietnamese vaccines market is the increasing demand for imported vaccines, particularly from developed countries such as the United States and Europe. This is due to a perception of higher quality and safety standards for vaccines from these countries. Another trend is the shift towards combination vaccines, which offer protection against multiple diseases in a single shot. This is seen as more convenient and cost-effective for both customers and healthcare providers.

Local special circumstances: Vietnam has a large population of young children, and there is a strong emphasis on childhood vaccination programs. The government has implemented a national vaccination program that provides free or low-cost vaccines to children under the age of five. This has contributed to high vaccination rates for diseases such as measles, polio, and tuberculosis.

Underlying macroeconomic factors: Vietnam's economy has been growing rapidly in recent years, with a focus on industrialization and modernization. This has led to increased investment in healthcare infrastructure and research and development. Additionally, the government has implemented policies to promote domestic vaccine production and reduce reliance on imported vaccines. However, there are still challenges to be addressed, such as improving vaccine distribution and access in rural areas.

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.