Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Albania

Albania

The COVID-19 Vaccines market in Albania is projected to reach a revenue of US$4.31m by the year 2024.
It is anticipated that the market will exhibit an annual growth rate of -17.57% (CAGR 2024-2029), leading to a market volume of US$1.64m by 2029.
When compared globally, United States is expected to generate the highest revenue, amounting to US$4,389,000.00k in 2024.
Albania has witnessed a rapid increase in COVID-19 vaccine acceptance, with a significant portion of the population actively seeking vaccination.

Key regions: United Kingdom, Germany, France, South Korea, Italy

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Analyst Opinion

Despite being a small country in the Balkans, Albania has been actively participating in the global race to vaccinate its population against COVID-19. The country has been rolling out vaccination programs since February 2021 and has been making steady progress in administering doses to its citizens.

Customer preferences: Albanians have shown a high level of interest in getting vaccinated against COVID-19. The government has been actively promoting vaccination through various media channels and has been successful in creating awareness about the importance of getting vaccinated. The majority of the population has shown a willingness to get vaccinated, with many people lining up to get their shots as soon as they become available.

Trends in the market: Albania has been procuring vaccines from various sources, including the COVAX facility, the European Union, and China. The country has been administering vaccines from Pfizer-BioNTech, AstraZeneca, Sinovac, and Sputnik V. The vaccination program has been progressing steadily, with the government prioritizing healthcare workers, the elderly, and people with underlying health conditions. As of August 2021, over 20% of the population has been fully vaccinated, and the government aims to vaccinate 60% of the population by the end of the year.

Local special circumstances: One of the challenges that Albania has faced in its vaccination program is the lack of infrastructure in some remote areas. The government has been working to overcome this by setting up mobile vaccination units and increasing the number of vaccination centers across the country. Another challenge has been vaccine hesitancy among some segments of the population. The government has been addressing this by launching campaigns to dispel myths and misconceptions about the vaccines.

Underlying macroeconomic factors: Albania's economy has been impacted by the COVID-19 pandemic, with the country experiencing a contraction in GDP in 2020. The government has been implementing measures to support the economy, including providing financial assistance to businesses and households. The successful rollout of the vaccination program is expected to have a positive impact on the economy by reducing the number of COVID-19 cases and easing restrictions on businesses and travel. The government has also been working to promote Albania as a safe destination for tourists, which is expected to boost the country's tourism sector.

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.