Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - South Korea

South Korea

South Korea is projected to experience significant revenue growth in the COVID-19 Vaccines market.
In 2024, the revenue is estimated to reach US$0.53bn.
This indicates a positive trend as the market is expected to expand further.
The projected annual growth rate (CAGR 2024-2029) is -17.71%, which will result in a market volume of US$0.20bn by 2029.
When comparing South Korea's revenue to the global market, it is important to note that United States is expected to generate the highest revenue in 2024.
The United States is projected to reach US$4,389,000.00k in revenue.
This highlights the dominance of the United States in the global COVID-19 Vaccines market.
South Korea is experiencing a high demand for COVID-19 vaccines, with the government implementing a successful vaccination campaign to ensure the population's safety.

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

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Analyst Opinion

South Korea, a country known for its advanced technology and innovation, is also making significant progress in the COVID-19 vaccines market.

Customer preferences: As in many other countries, the South Korean population has shown a strong demand for COVID-19 vaccines. The government has been actively promoting vaccination campaigns, and the public has responded positively. There is a high level of trust in the safety and efficacy of the vaccines, and people are willing to get vaccinated to protect themselves and their communities.

Trends in the market: One of the main trends in the South Korean COVID-19 vaccines market is the dominance of local companies. Unlike in other countries where multinational pharmaceutical companies have a significant market share, South Korea has relied mostly on its own vaccine developers. This is partly due to the country's strong biotech industry and government support for local research and development.Another trend is the emergence of new vaccine technologies. South Korean companies are developing various types of vaccines, including mRNA, protein subunit, and viral vector vaccines. This diversification is a positive development for the market, as it provides more options for the government and the public.

Local special circumstances: South Korea has a unique healthcare system that is heavily regulated by the government. The government plays a significant role in the procurement and distribution of vaccines, which has helped to ensure a smooth rollout of the COVID-19 vaccines. Additionally, the country has a well-established public health infrastructure, which has facilitated the vaccination campaigns.

Underlying macroeconomic factors: The South Korean economy has been impacted by the COVID-19 pandemic, but the government's response has been swift and effective. The country has implemented various stimulus measures to support businesses and households, which has helped to mitigate the economic damage. The strong economic fundamentals of the country, coupled with its advanced technology and innovation, provide a favorable environment for the growth of the COVID-19 vaccines market.In conclusion, South Korea's COVID-19 vaccines market is developing rapidly, driven by strong customer demand, local vaccine developers, and government support. The emergence of new vaccine technologies and the country's unique healthcare system and infrastructure provide a positive outlook for the market's future growth.

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.