Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Eastern Europe

Eastern Europe

The COVID-19 Vaccines market in Eastern Europe is projected to reach a revenue of US$310.70m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of -17.72%, leading to a market volume of US$117.20m by 2029.
In comparison to other countries worldwide, United States is expected to generate the highest revenue of US$4,389,000.00k in 2024.
In Eastern Europe, the demand for COVID-19 vaccines is steadily increasing as countries strive to accelerate their vaccination campaigns and curb 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 Eastern Europe has been steadily developing since the introduction of the first vaccine.

Customer preferences: There has been a high demand for COVID-19 vaccines in Eastern Europe, with many countries struggling to secure enough doses for their populations. Customers are looking for vaccines that are effective and safe, and are willing to pay a premium for them.

Trends in the market: Russia has been a major player in the Eastern European COVID-19 vaccine market, with its Sputnik V vaccine being approved by many countries in the region. Additionally, many Eastern European countries have been receiving vaccines through the COVAX program, which is aimed at providing equitable access to vaccines worldwide. As more vaccines become available, there has been a shift towards increasing vaccination rates and reaching herd immunity.

Local special circumstances: Eastern Europe has been hit hard by the COVID-19 pandemic, with many countries experiencing high infection rates and overwhelmed healthcare systems. This has led to a sense of urgency in obtaining and distributing vaccines. Additionally, there has been some skepticism towards vaccines in certain parts of the region, which has led to lower vaccination rates in some areas.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the economies of Eastern Europe, with many countries experiencing recession and high unemployment rates. The rollout of vaccines is seen as a key factor in restarting economic activity and returning to normalcy. Additionally, there has been a push towards increasing local vaccine production in the region, which could have positive economic impacts in the long term.

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.