Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Bhutan

Bhutan

The COVID-19 Vaccines market in Bhutan is anticipated to witness a significant growth in revenue, with projections indicating a staggering figure of US$4.03m in 2024.
Moreover, the market is expected to exhibit a robust compound annual growth rate (CAGR 2024-2029) of -17.94%, ultimately leading to a substantial market volume of US$1.50m by 2029.
When compared globally, it is noteworthy that United States will generate the highest revenue in this market.
In 2024 alone, United States is projected to generate a remarkable revenue of US$4,389,000.00k.
Bhutan has successfully vaccinated a significant portion of its population, demonstrating the country's commitment to ensuring widespread access to COVID-19 vaccines.

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

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Analyst Opinion

The COVID-19 pandemic has affected the entire world, and Bhutan is no exception. The country has been striving to combat the pandemic with various measures, including vaccination. The COVID-19 vaccine market in Bhutan has been developing at a steady pace, with the government's efforts to vaccinate the population.

Customer preferences: The Bhutanese population has shown a positive response to the COVID-19 vaccine. The government's efforts to educate the population about the vaccine's safety and efficacy have been successful in building trust among the people. As a result, there has been a high demand for the vaccine, and people have been actively participating in the vaccination drive.

Trends in the market: The COVID-19 vaccine market in Bhutan has been growing steadily. The government has been procuring vaccines from various sources, including the COVAX facility, India, and other countries. The vaccination drive has been carried out in phases, with priority given to frontline workers, the elderly, and people with comorbidities. The government has also been organizing vaccination drives in remote areas to ensure that everyone has access to the vaccine.

Local special circumstances: Bhutan's unique geography and demography have presented some challenges in the vaccination drive. The country's mountainous terrain and scattered population have made it difficult to reach some areas. However, the government has been using helicopters and other means of transportation to reach these areas. The country's Buddhist culture has also played a role in the vaccination drive, with religious leaders encouraging people to get vaccinated.

Underlying macroeconomic factors: Bhutan's economy has been heavily impacted by the pandemic, with the country's tourism industry being hit hard. However, the government's efforts to vaccinate the population have been successful in controlling the spread of the virus, which has helped in the gradual recovery of the economy. The vaccination drive has also helped in building confidence among tourists, which is essential for the revival of the tourism industry. Additionally, the government's proactive approach in procuring vaccines has helped in strengthening the country's healthcare system.In conclusion, the COVID-19 vaccine market in Bhutan has been developing at a steady pace, with the government's efforts to vaccinate the population. The Bhutanese population has shown a positive response to the vaccine, and the vaccination drive has been carried out in phases, with priority given to frontline workers, the elderly, and people with comorbidities. Bhutan's unique geography and demography have presented some challenges in the vaccination drive, but the government has been using innovative means to overcome them. The vaccination drive has also played a crucial role in the gradual recovery of the country's 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.