Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Belgium

Belgium

The COVID-19 Vaccines market in Belgium is expected to witness significant growth, with projected revenue reaching US$103.50m by 2024.
This represents a promising outlook for the country's market.
Furthermore, it is anticipated that the revenue will continue to grow at an annual rate of -18.35% from 2024 to 2029, resulting in a market volume of US$37.57m by the end of the forecast period.
When compared globally, it is noteworthy that United States will generate the highest revenue in the COVID-19 Vaccines market.
It is predicted that United States will reach a revenue of US$4,389,000.00k in 2024, solidifying its position as the leading market player in terms of revenue generation.
Belgium's COVID-19 vaccination campaign has achieved high levels of public trust, resulting in a rapid uptake of doses across the country.

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

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Analyst Opinion

Belgium, a small country in Western Europe, has been making strides in the COVID-19 Vaccines market.

Customer preferences: The Belgian population has shown a strong willingness to get vaccinated against COVID-19. This is reflected in the high vaccination rates across the country. The government has made the vaccines easily accessible to all citizens, and there is a widespread belief in the effectiveness of the vaccines. This has led to a high demand for the vaccines in the country.

Trends in the market: Belgium has been successful in securing a significant number of vaccine doses from various manufacturers. This has enabled the country to vaccinate a large proportion of its population quickly. The government has also been proactive in its vaccination campaign, with a well-organized distribution system. Additionally, there has been a trend towards the use of mRNA vaccines, such as Pfizer-BioNTech and Moderna, which have shown high efficacy rates in clinical trials.

Local special circumstances: Belgium is home to the European Union headquarters, which has played a significant role in the country's vaccine procurement. The EU has negotiated vaccine contracts on behalf of its member states, including Belgium, which has allowed for the procurement of vaccines at a lower cost. Additionally, Belgium has a highly developed healthcare system, which has facilitated the efficient distribution and administration of vaccines.

Underlying macroeconomic factors: The Belgian economy has been negatively impacted by the COVID-19 pandemic, with a significant decrease in GDP in 2020. However, the successful vaccination campaign has provided hope for economic recovery. The government has eased restrictions on businesses and public gatherings, which has led to an increase in economic activity. The vaccination campaign has also boosted consumer confidence, which has led to an increase in spending. Overall, the successful vaccination campaign in Belgium has contributed to a more positive economic outlook for the country.

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.