Vaccines - Belize | Statista Market Forecast

In Belize, the revenue in the Vaccines market is projected to reach US$2.75m in 2024.
Looking ahead, the market is expected to exhibit a strong annual growth rate (CAGR 2024-2029) of -9.58%, leading to a market volume of US$1.66m by 2029.
When compared globally, United States is anticipated to generate the highest revenue in the Vaccines market, reaching US$29.12bn in 2024.
"Belize is experiencing an increasing demand for vaccines, driven by the government's efforts to expand immunization programs and enhance public health."

Definition:
This market covers vaccines against infectious diseases. They help to prevent diseases, usually through active immunization. Vaccines against infectious diseases transmitted by viruses (e.g., hepatitis A and B or COVID-19) and bacteria (e.g., typhoid fever or meningococcus) are included.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Pfizer, GlaxoSmithKline, Merck & Co, Sanofi, Moderna, AstraZeneca

Vaccines against infectious diseases
Prophylactic and therapeutic vaccines
Flu vaccines
COVID-19 vaccines

Sera and gammaglobulins
Antivirals
Antibiotics

Belize, a small Central American country, is experiencing a steady growth in its Vaccines market.

Customer preferences: The Belizean population has become increasingly aware of the importance of vaccinations in recent years, which has led to a rise in demand for vaccines. The majority of the population prefers traditional vaccines, which are widely available in the market. However, there is also a growing interest in newer, more advanced vaccines, particularly among the younger generation.

Trends in the market: The Vaccines market in Belize has seen a significant increase in demand for vaccines against preventable diseases. This trend is mainly driven by the government's efforts to increase vaccination coverage in the country. The government has implemented several initiatives to promote vaccination, including free vaccination programs for children under the age of five and campaigns to raise awareness about the importance of vaccination.

Local special circumstances: Belize is a small country with a population of just over 400,000. The country is vulnerable to outbreaks of infectious diseases due to its location and climate. The government has recognized this and has made efforts to improve the country's healthcare system, including investing in the Vaccines market. The country has a well-established public healthcare system, which provides free vaccinations to the population.

Underlying macroeconomic factors: Belize's economy is heavily dependent on tourism and agriculture. The country has a small and open economy, which makes it vulnerable to external shocks. However, the government has implemented policies to diversify the economy and reduce its reliance on these sectors. The country has also made efforts to improve its infrastructure, including healthcare facilities, which has led to an increase in demand for vaccines. Overall, the Vaccines market in Belize is expected to continue to grow in the coming years, driven by the government's efforts to increase vaccination coverage and improve the country's healthcare system.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

As of March 2023, more than 13 billion COVID-19 vaccine doses had been administered worldwide. Wide-spread vaccine availability, increasing herd immunity, and lower case numbers led to renewed hope and a feeling of normality in 2023. However, especially during the winter seasons and with the potential emergence of new variants of the virus (like Omicron in 2021-2022), tracking of coronavirus cases repeatedly becomes a focus for the public. Thus, there is a level of uncertainty about what developments the winter season 2023/2024 might bring.