Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Armenia

Armenia

Armenia is projected to witness a significant revenue growth in the COVID-19 Vaccines market.
By 2024, the revenue is expected to reach US$7.93m.
Furthermore, there is an anticipated annual growth rate (CAGR 2024-2029) of -16.86%, which will result in a market volume of US$3.15m by 2029.
When compared globally, it is worth noting that United States will generate the highest revenue in this market.
In 2024, United States is expected to generate a revenue of US$4,389,000.00k.
Armenia is experiencing a surge in demand for COVID-19 vaccines due to a high level of public awareness and trust in the healthcare system.

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

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Analyst Opinion

Armenia, a small landlocked country in the South Caucasus region, has been affected by the COVID-19 pandemic like the rest of the world. The country has been actively vaccinating its population since March 2021, and as of August 2021, more than half of the eligible population has received at least one dose of the vaccine. In this write-up, we will explore the trends and development in the COVID-19 Vaccines market in Armenia.

Customer preferences: Armenia has been using several vaccines to inoculate its population, including the AstraZeneca, Sputnik V, Sinovac, and Pfizer-BioNTech vaccines. However, due to the lack of local production, the country has been heavily reliant on vaccine imports. The government has been providing the vaccines for free, and the vaccination campaign has been voluntary. The country has been prioritizing the elderly, healthcare workers, and people with underlying health conditions for vaccination.

Trends in the market: The demand for vaccines in Armenia has been high, and the government has been actively trying to secure more doses. However, the supply has been limited due to the global shortage of vaccines and the high demand from other countries. The country has been facing challenges in procuring enough vaccines to vaccinate its entire population. As a result, the vaccination campaign has been slow, and the country has been facing difficulties in reaching its vaccination targets.

Local special circumstances: Armenia has a small population of around 3 million people, and the country's healthcare system has been under significant pressure due to the pandemic. The country has been facing challenges in managing the pandemic due to the limited resources and infrastructure. Additionally, the country has been facing political instability, which has further complicated the situation. The government has been trying to address these challenges by increasing the healthcare budget and implementing measures to control the spread of the virus.

Underlying macroeconomic factors: Armenia's economy has been heavily impacted by the pandemic, with several sectors, including tourism, hospitality, and retail, experiencing significant losses. The country has been facing high unemployment rates and inflation, which has further worsened the economic situation. The government has been implementing measures to support the economy, including providing financial assistance to affected businesses and households.In conclusion, the COVID-19 Vaccines market in Armenia has been facing challenges due to the limited supply of vaccines and the country's small population. The government has been prioritizing the vaccination of high-risk groups, but the vaccination campaign has been slow due to the limited availability of vaccines. The country's healthcare system has been under significant pressure, and the government has been implementing measures to address the challenges posed by the pandemic. The economic impact of the pandemic has further complicated the situation, with several sectors experiencing significant losses. The government has been providing support to the affected sectors to mitigate the impact of the pandemic on the economy.

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.