Southern Asia: Vaccine Market 2024

Vaccine Market Size in Southern Asia

The South Asian vaccine market expanded notably to $X in 2022, with an increase of 7% against the previous year. The total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.8% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Vaccine Production in Southern Asia

In value terms, vaccine production expanded rapidly to $X in 2022 estimated in export price. The total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.7% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 29% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Vaccine Exports

Exports in Southern Asia

In 2022, after four years of growth, there was significant decline in shipments abroad of vaccines for human medicine, when their volume decreased by -13.3% to X tons. Overall, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of 44%. The volume of export peaked at X tons in 2021, and then dropped in the following year.

In value terms, vaccine exports dropped to $X in 2022. In general, exports, however, enjoyed resilient growth. The pace of growth appeared the most rapid in 2013 when exports increased by 46%. The level of export peaked at $X in 2021, and then fell in the following year.

Exports by Country

India (X tons) represented roughly 100% of total exports in 2022.

India was also the fastest-growing in terms of the vaccines for human medicine exports, with a CAGR of +11.1% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest vaccine supplier in Southern Asia.

In India, vaccine exports increased at an average annual rate of +8.5% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per ton, growing by 3.5% against the previous year. In general, the export price, however, recorded a pronounced curtailment. The pace of growth was the most pronounced in 2020 when the export price increased by 19% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to -2.3% per year.

Vaccine Imports

Imports in Southern Asia

In 2022, vaccine imports in Southern Asia reduced to X tons, waning by -10.2% on the year before. Total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +45.3% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 53%. Over the period under review, imports reached the maximum at X tons in 2021, and then reduced in the following year.

In value terms, vaccine imports fell rapidly to $X in 2022. In general, imports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2019 when imports increased by 86%. The level of import peaked at $X in 2021, and then shrank notably in the following year.

Imports by Country

In 2022, Pakistan (X tons) was the major importer of vaccines for human medicine, generating 46% of total imports. India (X tons) ranks second in terms of the total imports with a 24% share, followed by Afghanistan (9.7%), Sri Lanka (8.8%) and Bangladesh (7.9%). Nepal (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Sri Lanka (with a CAGR of +19.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest vaccine importing markets in Southern Asia were India ($X), Pakistan ($X) and Bangladesh ($X), with a combined 85% share of total imports. Afghanistan, Sri Lanka and Nepal lagged somewhat behind, together comprising a further 14%.

Afghanistan, with a CAGR of +20.1%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2022, declining by -8.2% against the previous year. Import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vaccine import price increased by +27.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 39%. As a result, import price attained the peak level of $X per ton, and then declined in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (+14.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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