Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Caribbean

Caribbean

The COVID-19 Vaccines market in the Caribbean is expected to witness significant growth in the coming years.
By 2024, the projected revenue in this market is estimated to reach US$82.85m.
It is anticipated that the market will showcase a strong annual growth rate (CAGR 2024-2029) of -18.27%.
This growth trajectory will lead to a market volume of US$30.22m by 2029.
When comparing the revenue generated globally, it is evident that United States will dominate the market.
In 2024, United States is projected to generate a substantial revenue of US$4,389,000.00k.
The United States has consistently been a key player in the pharmaceutical industry, and its strong position in the COVID-19 Vaccines market is no exception.
As a journalist with deep knowledge about history, facts, and insights, I can provide you with a country-specific statement about current trends in the COVID-19 vaccines market in the Caribbean: The Caribbean has been actively collaborating with international organizations to ensure equitable access and distribution of COVID-19 vaccines across its diverse island nations.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The COVID-19 Vaccines market in Caribbean has seen a steady development in recent times. The Caribbean region comprises of several small islands, which makes the logistics of vaccine distribution a challenge. However, the region has been proactive in securing vaccines for its population.

Customer preferences: Caribbean countries have a high demand for vaccines due to the impact of the pandemic on their tourism industry. The region is heavily dependent on tourism, and the pandemic has led to a significant decline in tourist arrivals. Therefore, the governments are keen on vaccinating their population to ensure the safety of tourists and to revive the industry.

Trends in the market: The Caribbean region has been successful in securing vaccines through bilateral agreements with manufacturers and through the COVAX facility. The region has also received donations of vaccines from countries such as India, China, and the United States. The governments have been actively promoting vaccination campaigns to encourage their citizens to get vaccinated. In some countries, vaccination is mandatory for certain professions such as healthcare workers and teachers.

Local special circumstances: The Caribbean region faces unique challenges in distributing vaccines due to its geography. The region comprises of several small islands, which makes the logistics of vaccine distribution a challenge. The governments have been working on strategies to overcome these challenges, such as setting up mobile vaccination clinics and utilizing boats and planes to transport vaccines to remote areas.

Underlying macroeconomic factors: The pandemic has had a significant impact on the Caribbean economy, particularly the tourism industry. The governments are keen on vaccinating their population to ensure the safety of tourists and to revive the industry. The region has also been affected by the global shortage of vaccines, which has led to delays in vaccine distribution. However, the governments have been proactive in securing vaccines through bilateral agreements and the COVAX facility.In conclusion, the Caribbean region has been successful in securing vaccines for its population despite the unique challenges it faces in vaccine distribution. The governments have been actively promoting vaccination campaigns to encourage their citizens to get vaccinated, and the region is keen on reviving its tourism industry through the vaccination of its population.

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.