Vaccines - Bulgaria

Bulgaria

In Bulgaria, the revenue in the Vaccines market is forecasted to reach US$67.48m by 2024.
It is anticipated that the revenue will exhibit a compound annual growth rate (CAGR 2024-2029) of -3.68%, leading to a market volume of US$55.95m by 2029.
When comparing globally, United States is projected to generate the highest revenue in the Vaccines market, amounting to US$29,120.00m in 2024.
Bulgaria is experiencing a surge in demand for vaccines, driven by increased awareness and government initiatives.

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

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Analyst Opinion

The Vaccines market in Bulgaria has been experiencing a steady growth rate in recent years.

Customer preferences: Bulgarian customers have been increasingly prioritizing their health and well-being, resulting in a growing demand for vaccines. The rising awareness of the importance of vaccination in preventing diseases has also contributed to the growth of the market. Additionally, the Bulgarian government has been actively promoting vaccination programs, which has further increased the demand for vaccines.

Trends in the market: One of the main trends in the Bulgarian Vaccines market is the increasing demand for flu vaccines. The flu season in Bulgaria typically lasts from December to March, and the demand for flu vaccines has been steadily increasing in recent years. Another trend in the market is the growing demand for travel vaccines, as more Bulgarians are traveling abroad for work or leisure.

Local special circumstances: Bulgaria has a relatively high incidence of infectious diseases, which has led to an increased demand for vaccines. Additionally, the country has a rapidly aging population, which is also contributing to the growth of the market. The Bulgarian government has been actively promoting vaccination programs, particularly for children and the elderly.

Underlying macroeconomic factors: Bulgaria has a growing economy, which has resulted in an increase in disposable income for many Bulgarians. This has led to a greater willingness to invest in preventative healthcare measures, such as vaccines. Additionally, the Bulgarian government has been investing in healthcare infrastructure, which has improved access to vaccines for many Bulgarians. The country's membership in the European Union has also facilitated the import and distribution of vaccines.

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.