Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Canada

Canada

In Canada, the COVID-19 Vaccines market is forecasted to witness substantial growth, with projected revenue reaching €528.30m by 2024.
The market is expected to exhibit a noteworthy compound annual growth rate (CAGR 2024-2029) of -17.58%, leading to a market volume of €200.90m by 2029.
When compared globally, United States is anticipated to generate the highest revenue, amounting to €4,070,000.00k in 2024.
In Canada, the demand for COVID-19 vaccines has surged, leading to a rapid expansion of vaccination centers across the country.

Key regions: United Kingdom, Germany, France, South Korea, Italy

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Analyst Opinion

The COVID-19 pandemic has had a significant impact on the healthcare industry worldwide, and the race to develop and distribute vaccines has been a top priority for many countries. Canada has been no exception, with the government working to secure doses of various vaccines to protect its population.

Customer preferences: Customer preferences in Canada have been focused on safety and efficacy when it comes to the COVID-19 vaccines. Canadians have been cautious about getting vaccinated, with some expressing concerns about side effects and the speed at which the vaccines were developed. However, there has also been a strong desire to return to normalcy and protect vulnerable populations, which has led to a high demand for vaccines.

Trends in the market: One trend in the COVID-19 vaccines market in Canada has been the government's efforts to secure doses from multiple manufacturers. This has led to a diverse range of vaccines being available to Canadians, including those developed by Pfizer-BioNTech, Moderna, AstraZeneca, and Johnson & Johnson. Another trend has been the prioritization of certain populations for vaccination, such as healthcare workers, the elderly, and those with pre-existing conditions.

Local special circumstances: Canada's geography and population distribution have presented unique challenges when it comes to vaccine distribution. The country has a large landmass with many remote communities that are difficult to access, making it challenging to distribute vaccines equitably. Additionally, the country's population is diverse, with many different languages spoken, which has required efforts to ensure that vaccine information is accessible to all Canadians.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on Canada's economy, with many businesses and individuals experiencing financial hardship. The government's efforts to secure vaccines and distribute them to the population have been seen as a critical step in returning to a more stable economic situation. Additionally, the pandemic has highlighted the importance of investing in healthcare infrastructure and research, which could have long-term benefits for the industry in Canada.

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.