Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Colombia

Colombia

The COVID-19 Vaccines market in Colombia is expected to witness significant growth in the coming years.
By the year 2024, the projected revenue for this market is estimated to reach US$223.70m.
This indicates a promising outlook for the country's vaccine industry.
Furthermore, it is anticipated that the market will experience a steady annual growth rate of -17.75% from 2024 to 2029 (CAGR 2024-2029).
As a result, the market volume is projected to reach US$84.19m by the end of 2029.
These figures highlight the potential for substantial expansion and demand for COVID-19 vaccines in Colombia.
When compared to other countries globally, it is worth noting that United States is expected to generate the highest revenue in the COVID-19 Vaccines market.
In the year 2024, the revenue is forecasted to reach an impressive US$4,389,000.00k.
This showcases the significant market dominance of the United States in the global vaccine industry.
In summary, the COVID-19 Vaccines market in Colombia is poised for growth, with projected revenue reaching US$223.70m in 2024.
The market is expected to witness a robust annual growth rate of -17.75%, resulting in a market volume of US$84.19m by 2029.
However, it is important to acknowledge the leading position of the United States, which is anticipated to generate the highest revenue in the global market.
Colombia's COVID-19 vaccine market is witnessing a surge in demand due to the government's proactive vaccination campaign and growing public awareness.

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

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Analyst Opinion

The COVID-19 pandemic has had a significant impact on the healthcare industry worldwide, particularly in the development of vaccines. Colombia, like many other countries, has been working to secure an adequate supply of COVID-19 vaccines for its population.

Customer preferences: Colombia has been following the global trend of prioritizing the vaccination of high-risk groups, such as healthcare workers, the elderly, and people with underlying health conditions. However, there has been some hesitancy among the general population to get vaccinated due to misinformation and concerns about the safety and efficacy of the vaccines.

Trends in the market: Colombia has been working to secure a diverse portfolio of COVID-19 vaccines, including those developed by Pfizer-BioNTech, AstraZeneca, and Sinovac. The government has also been working to increase the production of vaccines domestically, with the goal of producing up to 10 million doses per month by the end of 2021.

Local special circumstances: Colombia has faced some unique challenges in the distribution and administration of vaccines due to its geography and infrastructure. The country has a large rural population that can be difficult to reach, and there have been issues with the cold chain storage required for some vaccines.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the Colombian economy, with a decrease in GDP and an increase in unemployment. The government has been working to secure funding for the purchase and distribution of vaccines, as well as investing in domestic vaccine production to stimulate the economy. Additionally, the pandemic has highlighted the importance of investing in healthcare infrastructure and research and development in the pharmaceutical industry.

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.