COVID-19 Vaccines - Dominican Republic

Dominican Republic

Highlights

The COVID-19 Vaccines market in the Dominican Republic is forecasted to achieve a revenue of US$14.01m in 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of -16.82%.
As a result, the market volume is projected to reach US$5.58m by 2029.
When compared globally, United States is anticipated to generate the highest revenue, amounting to US$4.39bn in 2024.
The Dominican Republic is experiencing a high demand for COVID-19 vaccines, with a focus on reaching rural and underserved communities.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Dominican Republic, like many other countries, is currently facing the challenge of vaccinating its population against COVID-19. The COVID-19 Vaccines market in the Dominican Republic is developing in response to the country's efforts to increase vaccination rates and contain the spread of the virus.

Customer preferences: As in other countries, the Dominican Republic's population has shown a strong interest in receiving a COVID-19 vaccine. However, there is also some hesitancy among certain groups, particularly younger people and those living in rural areas. To address this, the government has launched an education campaign to inform the public about the safety and effectiveness of the vaccines.

Trends in the market: The market for COVID-19 vaccines in the Dominican Republic is currently dominated by the Pfizer-BioNTech vaccine, which was the first to receive emergency use authorization in the country. However, other vaccines, such as the AstraZeneca and Sinovac vaccines, have also been approved and are being used. The government has been working to secure additional doses of these vaccines to meet the demand for vaccination.

Local special circumstances: The Dominican Republic is a middle-income country with a population of over 10 million people. The country has a well-developed healthcare system, but there are still challenges in reaching all parts of the population, particularly those in rural areas. The government has been working to address these challenges by setting up vaccination centers in different parts of the country and providing transportation to those who need it.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the Dominican Republic's economy, which is heavily dependent on tourism. The country's GDP shrank by 6.7% in 2020, and the unemployment rate rose to over 16%. The government has been working to stimulate the economy through a range of measures, including infrastructure investments and tax incentives for businesses. The successful rollout of the COVID-19 vaccine is seen as key to the country's economic recovery, as it will allow for the safe reopening of the tourism sector and other parts of the economy.

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.