Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - EU-27

EU-27

The COVID-19 Vaccines market in the EU-27 is expected to witness significant growth in the coming years.
According to projections, the revenue is anticipated to reach US$6.04bn by 2024.
Furthermore, it is estimated that the market will experience a compound annual growth rate (CAGR) of -18.07% between 2024 and 2029, resulting in a market volume of US$2.23bn by the end of 2029.
When compared globally, United States is expected to generate the highest revenue in the COVID-19 Vaccines market, with an estimated revenue of US$4,389,000.00k in 2024.
EU-27 countries are facing challenges in the distribution and administration of COVID-19 vaccines, with varying levels of success and efficiency.

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

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Analyst Opinion

The COVID-19 vaccines market in EU-27 has been rapidly developing since the introduction of the first vaccines in December 2020.

Customer preferences: As the pandemic continues to affect the world, the demand for COVID-19 vaccines remains high. In EU-27, customers are looking for vaccines that are effective against the new variants of the virus that have emerged. Customers also prefer vaccines that require fewer doses and have fewer side effects.

Trends in the market: The COVID-19 vaccines market in EU-27 is dominated by Pfizer-BioNTech, Moderna, and AstraZeneca. Pfizer-BioNTech and Moderna vaccines have been highly effective against the original strain of the virus and have shown some effectiveness against the new variants. AstraZeneca vaccine has been less effective against the new variants but is still in high demand due to its lower cost and easier storage requirements.

Local special circumstances: The rollout of COVID-19 vaccines in EU-27 has been slower than in some other countries due to supply chain issues and bureaucratic hurdles. However, the vaccination campaign has been gaining momentum in recent months, and many countries in EU-27 have been able to vaccinate a significant proportion of their populations.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the economies of EU-27 countries. The vaccination campaign is seen as a key factor in the economic recovery of the region. Governments have invested heavily in vaccine procurement and distribution to ensure that the population is vaccinated as quickly as possible. The success of the vaccination campaign is likely to have a positive impact on consumer confidence and spending, which will in turn boost the economy.

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.