Vaccines - Colombia

Colombia

The Vaccines market in Colombia is expected to witness significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$321.60m.
This indicates a promising future for the market in the country.
Moreover, it is anticipated that the market will maintain a steady annual growth rate (CAGR 2024-2029) of -5.31%, resulting in a market volume of US$244.80m by 2029.
When compared globally, United States is predicted to generate the highest revenue in the Vaccines market.
In 2024 alone, United States is projected to reach a revenue of US$29,120.00m.
This showcases the dominance of the United States in terms of market size and potential.
Colombia is experiencing a surge in demand for vaccines as the government focuses on expanding immunization coverage nationwide.

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

Market

Region

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Analyst Opinion

The demand for vaccines has been increasing in Colombia, driven by various factors such as government initiatives, rising awareness among people, and the outbreak of infectious diseases.

Customer preferences: Colombian customers are increasingly becoming aware of the importance of vaccines in preventing diseases. The government has been actively promoting vaccination programs, especially for children, which has led to an increase in demand for vaccines. Additionally, with the rise of the middle class, more Colombians are able to afford vaccines for themselves and their families, leading to a further increase in demand.

Trends in the market: One of the major trends in the vaccines market in Colombia is the increasing demand for new and innovative vaccines. With the rise of new infectious diseases, such as Zika and Chikungunya, there is a growing need for vaccines that can effectively prevent these diseases. This has led to an increase in research and development activities in the country, with both local and international companies investing in the development of new vaccines.Another trend in the market is the increasing focus on preventive healthcare. With the rising healthcare costs, more Colombians are turning towards preventive healthcare measures, such as vaccination, to avoid costly treatments in the future. This has led to an increase in demand for vaccines, especially for diseases such as influenza and pneumonia.

Local special circumstances: Colombia has a diverse population, with different regions having different healthcare needs. The government has been working towards improving access to healthcare in remote areas, which has led to an increase in demand for vaccines in these regions. Additionally, the country has a large population of refugees and migrants, who may have different vaccination needs compared to the local population. This has led to an increase in demand for vaccines that cater to the needs of these populations.

Underlying macroeconomic factors: The Colombian economy has been growing steadily, which has led to an increase in the middle class and a rise in disposable income. This has led to an increase in demand for healthcare services, including vaccines. Additionally, the government has been investing in the healthcare sector, which has led to an improvement in healthcare infrastructure and services. This has further increased the demand for vaccines, as more Colombians have access to healthcare services.

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.