COVID-19 Vaccines - Estonia

Estonia

Highlights

The COVID-19 Vaccines market in Estonia is projected to witness a significant increase in revenue, reaching US$10.89m by the year 2024.
This upward trend is expected to continue, with an annual growth rate (CAGR 2024-2029) of -17.60%.
As a result, the market volume is forecasted to reach US$4.14m by 2029.
In comparison to other countries around Worldwide, United States is anticipated to generate the highest revenue in the COVID-19 Vaccines market, amounting to US$4.39bn in 2024.
Estonia's COVID-19 vaccine rollout is commendable, with efficient distribution systems and high vaccination rates among the population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The COVID-19 vaccines market in Estonia has been rapidly developing since the beginning of the pandemic.

Customer preferences: Estonia has a high vaccination rate and a strong healthcare system, which has resulted in a high demand for COVID-19 vaccines. The majority of the population prefers to receive the Pfizer-BioNTech vaccine due to its high efficacy rate and the fact that it was the first vaccine to be approved in Estonia. However, there is also a growing interest in the Moderna vaccine due to its similar efficacy rate and availability.

Trends in the market: The market for COVID-19 vaccines in Estonia has been growing steadily due to the government's efforts to vaccinate the population as quickly as possible. The demand for vaccines has been particularly high among the elderly and those with pre-existing health conditions. As a result, the government has focused on prioritizing these groups in the vaccination rollout. Another trend in the market is the increasing availability of vaccines in pharmacies, which has made it easier for people to get vaccinated.

Local special circumstances: One of the unique circumstances in Estonia is the country's small population size. This has made it easier for the government to distribute vaccines quickly and efficiently. Additionally, Estonia's healthcare system is highly digitized, which has allowed for a smoother vaccination process. The government has also implemented a digital vaccination certificate, which allows vaccinated individuals to travel within the European Union without restrictions.

Underlying macroeconomic factors: The Estonian economy has been heavily impacted by the pandemic, with a sharp decline in GDP in 2020. However, the government's quick response to the pandemic and the successful vaccination rollout have helped to mitigate the economic impact. The high vaccination rate has also allowed for the gradual reopening of the economy, which has helped to boost consumer confidence and spending. Overall, the COVID-19 vaccines market in Estonia is expected to continue to grow as the government works to vaccinate the entire population and the economy recovers.

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.