Vaccines - Belgium

Belgium

In Belgium, the revenue in the Vaccines market is forecasted to reach US$369.90m in 2024.
It is anticipated that the revenue will demonstrate an annual growth rate (CAGR 2024-2029) of 4.61%, leading to a market volume of US$463.50m by 2029.
When compared globally, United States is projected to generate the highest revenue of US$29,120.00m in 2024.
Belgium has seen a surge in demand for vaccines, with a strong emphasis on ensuring equal access and distribution across the country.

Key regions: Australia, Italy, France, South Korea, Brazil

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Analyst Opinion

Belgium, a small country in Western Europe, has a well-established healthcare system with a high level of accessibility to medical facilities and services. The vaccines market in Belgium has been growing steadily in recent years, driven by various factors.

Customer preferences: Belgian customers are increasingly aware of the importance of vaccination and are willing to pay for vaccines to protect themselves and their families. The government's vaccination programs have played a crucial role in raising awareness and promoting vaccination. Additionally, the aging population has also contributed to the growth of the vaccines market in Belgium.

Trends in the market: One of the major trends in the vaccines market in Belgium is the increasing demand for innovative vaccines that provide better protection against diseases. The market is seeing a shift towards more advanced vaccines, including those that are based on new technologies such as mRNA. Another trend is the growing importance of travel vaccines as more Belgians travel abroad for work or leisure.

Local special circumstances: Belgium has a highly centralized healthcare system, with the federal government responsible for regulating and financing healthcare services. This has led to a well-organized vaccination program that covers the entire population. The government provides free vaccinations for certain diseases, including measles, mumps, rubella, and polio. Private healthcare providers also offer a wide range of vaccines, including those that are not covered by the government program.

Underlying macroeconomic factors: Belgium has a high-income economy with a strong focus on healthcare. The country has a well-developed pharmaceutical industry and is home to several major vaccine manufacturers. The government provides funding for research and development in the healthcare sector, which has helped to drive innovation in the vaccines market. Additionally, the country has a highly educated population with a high level of health literacy, which has contributed to the growing demand for vaccines.In conclusion, the vaccines market in Belgium is growing steadily, driven by increasing awareness of the importance of vaccination, the aging population, and the demand for innovative vaccines. The well-organized vaccination program, strong pharmaceutical industry, and high level of health literacy are all factors that contribute to the growth of the market.

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.