Key regions: United Kingdom, Germany, France, South Korea, Italy
The COVID-19 pandemic has affected the global economy, and the healthcare industry has been at the forefront of the crisis. The Baltics, consisting of Estonia, Latvia, and Lithuania, have been no exception to this. The COVID-19 Vaccines market in the Baltics has been developing in a specific way due to customer preferences, local special circumstances, and underlying macroeconomic factors.
Customer preferences: The COVID-19 pandemic has led to an increase in demand for vaccines globally. Customers in the Baltics have shown a preference for vaccines that have been approved by the European Medicines Agency (EMA). The EMA has approved Pfizer-BioNTech, Moderna, AstraZeneca, and Johnson & Johnson vaccines. Customers in the Baltics are also interested in vaccines that have a high efficacy rate and are safe to use.
Trends in the market: The COVID-19 Vaccines market in the Baltics has been growing steadily. The governments of Estonia, Latvia, and Lithuania have been procuring vaccines from different manufacturers to vaccinate their populations. The vaccination drive has been successful, with a significant percentage of the population being vaccinated. This has led to a decrease in the number of COVID-19 cases in the Baltics. The demand for vaccines is expected to decrease as the vaccination drive reaches its peak.
Local special circumstances: The Baltics have a relatively small population, and the healthcare systems in these countries are not as advanced as those in Western Europe. The governments of Estonia, Latvia, and Lithuania have been working to improve their healthcare systems to deal with the COVID-19 pandemic. The governments have also been collaborating with other countries to procure vaccines. For instance, Lithuania has been procuring vaccines from Israel, which has been successful in vaccinating its population.
Underlying macroeconomic factors: The COVID-19 pandemic has affected the global economy, and the Baltics have not been immune to this. The economies of Estonia, Latvia, and Lithuania have been affected by the pandemic, with a decrease in GDP growth. The governments of these countries have been providing financial support to businesses and individuals affected by the pandemic. The vaccination drive is expected to help the economies of these countries recover. The governments are also hoping that the vaccination drive will help attract tourists to the region.
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.
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