Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - GCC

The COVID-19 Vaccines market in the GCC is expected to witness substantial growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$137.50m by 2024.
Furthermore, it is anticipated that the market will exhibit an annual growth rate (CAGR 2024-2029) of -17.73%.
This growth trajectory is projected to result in a market volume of US$51.81m by 2029.
When compared globally, it is noteworthy that United States is anticipated to generate the highest revenue in the COVID-19 Vaccines market.
In 2024, the revenue generated United States is expected to reach an impressive US$4,389,000.00k.
This highlights the significant market potential and importance of the United States in this sector.
In the GCC region, the demand for COVID-19 vaccines is steadily increasing as governments prioritize vaccination campaigns to ensure public health and safety.

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

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Analyst Opinion

The COVID-19 Vaccines market in GCC is a rapidly developing industry, driven by the urgent need to vaccinate the population against the virus.

Customer preferences: As in most countries, the primary customer preference in GCC is for vaccines that have been approved by reputable regulatory bodies such as the FDA and the European Medicines Agency. Customers also prefer vaccines that have been proven to be effective against the various strains of the virus, and those that have minimal side effects.

Trends in the market: In the GCC region, there has been a significant increase in the demand for COVID-19 vaccines. This is due to the fact that many countries in the region have been hit hard by the pandemic, with high infection rates and mortality rates. As a result, governments in the region have been aggressively pushing for vaccination campaigns, which has led to a surge in demand for vaccines.

Local special circumstances: One of the unique challenges faced by the GCC region is the hot climate, which can impact the storage and transportation of vaccines. To address this issue, many countries in the region have invested in cold storage facilities and transportation infrastructure to ensure that vaccines can be safely transported and stored.

Underlying macroeconomic factors: The GCC region has a high GDP per capita, which means that governments in the region have the financial resources to invest in vaccine procurement and distribution. Additionally, the region has a large expatriate population, which has contributed to the spread of the virus. Governments in the region have recognized the need to vaccinate both citizens and expatriates in order to control the spread of the virus and prevent further outbreaks.

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.