Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - CIS

The revenue in the COVID-19 Vaccines market is estimated to reach US$353.70m in 2024.
It is projected to exhibit an annual growth rate (CAGR 2024-2029) of -15.61%, leading to a market volume of US$151.40m by 2029.
Among all countries, United States is expected to generate the highest revenue, with US$4,389,000.00k in 2024.
In the CIS region, there is a growing demand for COVID-19 vaccines, with governments prioritizing large-scale vaccination campaigns to control the spread of the virus.

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

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Analyst Opinion

The COVID-19 vaccines market in CIS has been rapidly developing over the past few months. With the increasing demand for vaccines, pharmaceutical companies have been expanding their production capacities to meet the growing needs of the population.

Customer preferences: Customers in CIS have been showing a strong preference for vaccines that have been approved by the World Health Organization (WHO) and the European Medicines Agency (EMA). This is due to the fact that these organizations have strict regulatory standards, and the vaccines that they approve are considered safe and effective. Customers are also looking for vaccines that are easily accessible and affordable.

Trends in the market: One of the major trends in the COVID-19 vaccines market in CIS is the increasing production of vaccines by local pharmaceutical companies. This has been supported by the governments in the region, who have been providing funding and incentives to boost local production. As a result, there has been a significant increase in the availability of vaccines in the region.Another trend in the market is the growing demand for mRNA vaccines. These vaccines have been shown to be highly effective against the COVID-19 virus, and many customers in CIS are willing to pay a premium for them. However, the supply of mRNA vaccines is limited, and many countries in the region are still reliant on traditional vaccines.

Local special circumstances: One of the challenges in the COVID-19 vaccines market in CIS is the large geographic area that the region covers. This has made it difficult to distribute vaccines to remote and rural areas. In addition, there is a lack of infrastructure in some countries, which has made it difficult to store and transport vaccines at the required temperatures.Another challenge is the low vaccination rates in some countries in the region. This is due to a lack of trust in vaccines, as well as misinformation and disinformation about the safety and efficacy of vaccines. Governments and healthcare organizations have been working to address these issues through education and awareness campaigns.

Underlying macroeconomic factors: The COVID-19 vaccines market in CIS is being driven by a number of macroeconomic factors, including government funding and support, increasing demand for vaccines, and the development of new technologies. In addition, the region has a large population, which has made it an attractive market for pharmaceutical companies.Overall, the COVID-19 vaccines market in CIS is expected to continue to grow in the coming months, driven by increasing production, growing demand, and government support. However, there are still challenges that need to be addressed, including distribution and low vaccination rates in some countries.

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.