Key Market Indicators
Singapore's vaccination coverage for children aged one year is projected to remain steady at 96% by 2028, unchanged from its current rate in 2023. This stability has been consistent since 1985, indicating a long-term trend of high vaccination rates in the country. On the export front, Singapore's vaccine industry is forecasted to see significant growth. By 2028, vaccine exports are expected to reach approximately $205 million, up from $168 million in 2023. This represents an annual growth rate of 3%. Historical data since 1994 shows that Singapore's vaccine supply has increased by an average of 3.8% per year. In 2023, Singapore ranked 15th globally in vaccine exports, with South Korea slightly ahead at the same $168 million mark. Belgium, the United Kingdom, and France held the top three positions in this ranking. Meanwhile, Singapore's vaccine imports are also on the rise. By 2028, imports are projected to hit around $71 million, up from nearly $57 million in 2023. This growth reflects an average annual increase of 3.3%. Since 1994, the demand for vaccines in Singapore has grown by an average of 5% per year.
