Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Austria

Austria

In Austria, the COVID-19 Vaccines market is anticipated to witness a substantial growth in revenue, reaching a projected value of US$239.60m by the year 2024.
Furthermore, it is expected to maintain a steady annual growth rate (CAGR 2024-2029) of -17.60%, ultimately leading to a market volume of US$90.99m by 2029.
When compared globally, United States is forecasted to generate the highest revenue in this market, with an estimated value of US$4,389,000.00k in 2024.
Austria has been proactive in its COVID-19 vaccine rollout, ensuring equitable access and prioritizing high-risk groups.

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

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Analyst Opinion

The COVID-19 vaccines market in Austria has been experiencing a steady growth since the vaccines were first introduced in the country.

Customer preferences: Austrian citizens have shown a high level of trust in the COVID-19 vaccines, with a majority of the population being willing to receive the vaccine. This has led to a high demand for the vaccines, which has resulted in a shortage of supply.

Trends in the market: The COVID-19 vaccines market in Austria has been characterized by a few key trends. Firstly, there has been a focus on increasing the supply of vaccines in the country in order to meet the high demand. Secondly, there has been a shift towards vaccinating younger age groups, with the government expanding the eligibility criteria for vaccination. Finally, there has been an emphasis on providing booster shots to those who have already been vaccinated, in order to provide additional protection against the virus.

Local special circumstances: Austria has a relatively small population, which has made it easier for the government to distribute the vaccines to the population. Additionally, the country has a well-developed healthcare system, which has allowed for efficient administration of the vaccines.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the Austrian economy, with many businesses being forced to close and unemployment rates increasing. The rollout of the vaccines has been seen as a key factor in restoring economic growth, as it has allowed for the lifting of restrictions and a return to normal economic activity. Additionally, the government has provided financial support to businesses and individuals affected by the pandemic, which has helped to mitigate the impact of the crisis.

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.