Market Insights Health Pharmaceuticals Vaccines

Other Vaccines - South Korea

South Korea

The Other Vaccines market in South Korea is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is set to reach €0.56bn by 2024.
Furthermore, it is anticipated that the market will exhibit a steady annual growth rate of 10.68% from 2024 to 2029.
As a result, the market volume is estimated to reach €0.93bn by 2029.
When compared globally, United States is expected to generate the highest revenue in the Other Vaccines market.
In 2024, United States is projected to generate a revenue of €22,700.00m.
This highlights the dominance of the United States in the global market.
South Korea has seen a surge in demand for other vaccines, driven by the government's robust vaccination program and public health awareness.

Key regions: Australia, Brazil, United Kingdom, Europe, Canada

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Analyst Opinion

The Other Vaccines market in South Korea has been experiencing steady growth in recent years.

Customer preferences: South Korean customers are increasingly prioritizing preventive healthcare measures, including vaccination. The government has been actively promoting vaccination campaigns, leading to a rise in demand for other vaccines beyond the traditional immunizations.

Trends in the market: The Other Vaccines market in South Korea has been growing due to a number of factors. Firstly, the government has been promoting vaccination campaigns to prevent infectious diseases, leading to a rise in demand for other vaccines beyond the traditional immunizations. Secondly, the country has a rapidly aging population, which has led to an increase in demand for vaccines that prevent age-related diseases. Lastly, the COVID-19 pandemic has raised awareness of the importance of vaccination, leading to a surge in demand for other vaccines.

Local special circumstances: South Korea has a highly developed healthcare system, which has contributed to the growth of the Other Vaccines market. The country has a well-established pharmaceutical industry and a high level of healthcare infrastructure. Additionally, the government has implemented policies to encourage the development of new vaccines, which has helped to stimulate the growth of the market.

Underlying macroeconomic factors: South Korea has a strong economy, which has contributed to the growth of the Other Vaccines market. The country has a high GDP per capita and a well-educated workforce. Additionally, the government has implemented policies to encourage innovation and entrepreneurship, which has helped to stimulate the growth of the pharmaceutical industry. Finally, South Korea has a high level of healthcare spending, which has helped to support the development and distribution of vaccines.

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.