COVID-19 Vaccines - Europe

Europe

Highlights

The COVID-19 Vaccines market in Europe is projected to generate a revenue of US$7.24bn by the year 2024.
This would represent an annual growth rate (CAGR 2024-2029) of -17.98%, resulting in a market volume of US$2.69bn by 2029.
In comparison to other countries around Worldwide, United States is expected to generate the highest revenue of US$4.39bn in 2024.
In Europe, the demand for COVID-19 vaccines is high and countries like Germany are implementing mass vaccination campaigns to reach their population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The COVID-19 vaccines market in Europe has been developing rapidly in the past few months, with several countries rolling out vaccination campaigns to combat the pandemic.

Customer preferences: Customer preferences in Europe have been shifting towards the COVID-19 vaccines, with a growing number of people willing to get vaccinated. This is due to the increasing awareness about the safety and efficacy of the vaccines, as well as the desire to return to a normal way of life. However, there are still some concerns among certain segments of the population, such as younger age groups and those with pre-existing medical conditions.

Trends in the market: The COVID-19 vaccines market in Europe is characterized by a high level of competition, with several vaccine manufacturers vying for market share. Some of the key trends in the market include the increasing demand for mRNA vaccines, such as Pfizer-BioNTech and Moderna, as well as the growing interest in booster shots to enhance immunity. Additionally, there has been a shift towards more decentralized vaccination strategies, with many countries prioritizing local vaccination centers and pharmacies over large-scale vaccination sites.

Local special circumstances: The COVID-19 vaccines market in Europe is influenced by a range of local factors, including the availability of vaccines, the speed of vaccine rollout, and the level of vaccine hesitancy among the population. For example, countries such as Germany and France have experienced delays in their vaccine rollout due to logistical challenges and regulatory hurdles. On the other hand, countries such as the UK and Israel have been able to vaccinate a larger proportion of their population due to their early adoption of vaccines and efficient distribution systems.

Underlying macroeconomic factors: The COVID-19 vaccines market in Europe is also influenced by underlying macroeconomic factors, such as government policies, healthcare infrastructure, and public funding. For example, countries with strong healthcare systems and high levels of public funding, such as Germany and the Netherlands, have been able to allocate significant resources towards their vaccination campaigns. Additionally, government policies such as vaccine mandates and vaccine passports have also played a role in shaping the market dynamics in certain countries.

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.