Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Central Asia

Central Asia

The COVID-19 Vaccines market in Central Asia is anticipated to witness a significant surge in revenue, with projections indicating a staggering figure of US$0.32bn in the year 2024.
This growth is expected to continue at a robust pace, with an estimated annual growth rate of -15.24% (CAGR 2024-2029).
By the year 2029, the market volume is forecasted to reach a substantial US$0.14bn.
When compared on a global scale, it is noteworthy that United States is projected to generate the highest revenue in this market.
In 2024 alone, United States is expected to generate an impressive amount of US$4,389,000.00k.
In Central Asia, there is a growing demand for COVID-19 vaccines, with the government implementing aggressive vaccination campaigns to ensure public health and safety.

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

Market

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Currency

Analyst Opinion

The demand for COVID-19 vaccines in Central Asia has been on the rise since the first vaccines were authorized for emergency use.

Customer preferences: The majority of customers in Central Asia prefer vaccines that have been authorized by the World Health Organization (WHO). The Russian-made Sputnik V vaccine is also popular in the region due to its availability and effectiveness against the virus. However, some customers are hesitant to take the vaccine due to concerns about its safety and efficacy.

Trends in the market: Kazakhstan has been leading the way in vaccinating its population, with over 40% of its citizens receiving at least one dose of the vaccine. Uzbekistan and Kyrgyzstan have also been making progress in their vaccination campaigns, although at a slower pace. Tajikistan, on the other hand, has been lagging behind in its vaccination efforts, with only a small percentage of its population vaccinated so far.

Local special circumstances: One of the main challenges in the COVID-19 vaccine market in Central Asia is the lack of infrastructure and funding for vaccine distribution. Many countries in the region have limited healthcare resources and struggle to reach remote areas with the vaccine. In addition, some countries face political instability and conflict, which further complicates vaccine distribution efforts.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the economies of Central Asian countries, with many experiencing a decline in GDP and rising unemployment rates. As a result, some countries have struggled to secure funding for their vaccination campaigns and have had to rely on international aid. In addition, the pandemic has highlighted the need for increased investment in healthcare infrastructure and resources in the region.

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.