Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Bahrain

Bahrain

The COVID-19 Vaccines market in Bahrain is expected to witness significant growth, with projected revenue reaching US$3.05m in 2024.
This growth is attributed to the increasing demand for vaccines to combat the COVID-19 pandemic.
Furthermore, the market is anticipated to exhibit a robust annual growth rate (CAGR 2024-2029) of -17.72%.
As a result, the market volume is estimated to reach US$1.15m by 2029.
This growth can be attributed to the continuous advancements in vaccine development and the rising awareness regarding the importance of vaccination.
In a global comparison, United States is expected to generate the highest revenue in the COVID-19 Vaccines market.
With a projected revenue of US$4,389,000.00k in 2024, United States will play a crucial role in driving the market growth.
Bahrain is making significant progress in the COVID-19 vaccine market, with its efficient distribution network and high vaccination rate.

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

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Analyst Opinion

Bahrain, a small island country in the Persian Gulf, has been actively vaccinating its population against COVID-19 since December 2020. The country has been successful in securing a steady supply of vaccines, and as a result, has been able to vaccinate a significant portion of its population. In this write-up, we will explore the trends and developments in the COVID-19 vaccines market in Bahrain.

Customer preferences: Like many other countries, Bahrain has prioritized vaccinating its elderly population and individuals with underlying health conditions. The government has also made the vaccine available to all citizens and residents free of charge. Despite initial hesitancy among some segments of the population, the vaccine uptake has been high, with many individuals eager to get vaccinated to protect themselves and their loved ones.

Trends in the market: Bahrain has been able to secure a steady supply of vaccines through a combination of bilateral agreements, donations, and participation in the COVAX initiative. The country has approved several vaccines for emergency use, including the Pfizer-BioNTech, AstraZeneca, and Sinopharm vaccines. As of August 2021, over 60% of the population has received at least one dose of the vaccine, and over 50% of the population has been fully vaccinated.

Local special circumstances: Bahrain's small size and centralized healthcare system have allowed for efficient vaccine distribution and administration. The government has also implemented a digital vaccine passport system, allowing individuals to easily prove their vaccination status. Additionally, Bahrain has been hosting clinical trials for several COVID-19 vaccines, which has helped to increase the country's access to vaccines and fostered collaboration with international pharmaceutical companies.

Underlying macroeconomic factors: Bahrain's economy has been heavily impacted by the COVID-19 pandemic, with a significant decrease in oil prices and a decline in tourism and other sectors. The successful rollout of the vaccine has been crucial in allowing the country to reopen its economy and resume some level of normalcy. The government has also implemented several stimulus measures to support businesses and individuals affected by the pandemic.In conclusion, Bahrain has been successful in securing a steady supply of vaccines and vaccinating a significant portion of its population. The country's efficient vaccine distribution system and digital vaccine passport have allowed for a smooth rollout of the vaccine. The successful vaccine rollout has been crucial in allowing the country to reopen its economy and resume some level of normalcy.

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.