Vaccines Market in Singapore
Market Overview
In 
, after two years of growth, there was significant decline in the Singaporean vaccines market, when its value decreased by -% to $. Overall, consumption, however, continues to indicate a prominent increase. Vaccines consumption peaked at $ in , and then contracted dramatically in the following year.
In value terms, vaccines production fell to $ in estimated in export price. Over the period under review, production, however, posted a modest expansion. The most prominent rate of growth was recorded in 2011 with an increase of %. Over the period under review, production reached the maximum level at $ in 2018; however, from 2019 to , production stood at a somewhat lower figure.
, after two years of growth, there was significant decline in the Singaporean vaccines market, when its value decreased by -% to $. Overall, consumption, however, continues to indicate a prominent increase. Vaccines consumption peaked at $ in , and then contracted dramatically in the following year.In value terms, vaccines production fell to $
in estimated in export price. Over the period under review, production, however, posted a modest expansion. The most prominent rate of growth was recorded in 2011 with an increase of %. Over the period under review, production reached the maximum level at $ in 2018; however, from 2019 to , production stood at a somewhat lower figure.Consumption
After two years of growth, consumption of vaccines for human medicine decreased by -% to tons in . In general, consumption, however, recorded a remarkable increase. Over the period under review, consumption reached the peak volume at tons in , and then fell significantly in the following year.
The revenue of the vaccines market in Singapore fell notably to $ in , waning by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded prominent growth. Over the period under review, the market reached the maximum level at $ in , and then fell dramatically in the following year.
% to tons in . In general, consumption, however, recorded a remarkable increase. Over the period under review, consumption reached the peak volume at tons in , and then fell significantly in the following year.The revenue of the vaccines market in Singapore fell notably to $
in , waning by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded prominent growth. Over the period under review, the market reached the maximum level at $ in , and then fell dramatically in the following year.Market Forecast
Driven by increasing demand for vaccines for human medicine in Singapore, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .
In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .
% for the period from to , which is projected to bring the market volume to tons by the end of .In value terms, the market is forecast to increase with an anticipated CAGR of +
% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .Market Structure
Driven by a growing demand, the share of imports in total supply in Singapore increased significantly over the last fifteen years (from % to %). Total import supply of vaccines is expected to rise, though it will be moderately impacted by price increases. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports increased moderately ( percentage point) over the period under review.
% to %). Total import supply of vaccines is expected to rise, though it will be moderately impacted by price increases. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports increased moderately ( percentage point) over the period under review.Trade Balance
Singapore remains a net importer of vaccines; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
. In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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