COVID-19 Vaccines - Guatemala

Guatemala

Highlights

In Guatemala, the revenue in the COVID-19 Vaccines market is forecasted to reach US$46.95m by 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of -17.35%, leading to a market volume of US$18.10m by 2029.
When compared globally, United States is projected to generate the highest revenue of US$4.39bn in 2024.
Guatemala is experiencing a surge in demand for COVID-19 vaccines as the government ramps up its vaccination campaign to reach remote areas.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Guatemala, a country located in Central America, has been significantly affected by the COVID-19 pandemic. As the world races to develop and distribute vaccines, the COVID-19 vaccines market in Guatemala is also experiencing several trends and developments.

Customer preferences: The Guatemalan population has shown a willingness to receive the COVID-19 vaccine. However, there is a significant disparity in vaccine access between urban and rural areas. While the urban population has better access to vaccines, the rural population faces challenges such as transportation and lack of information on vaccine availability.

Trends in the market: One of the significant trends in the COVID-19 vaccines market in Guatemala is the increasing availability of vaccines. The government has been actively working to secure vaccines from various sources, including the COVAX facility. Additionally, private companies are also importing vaccines to meet the demand.Another trend is the emergence of vaccine tourism. Wealthy individuals from neighboring countries are traveling to Guatemala to receive the vaccine. This trend has led to concerns about vaccine equity and the potential for the spread of new COVID-19 variants.

Local special circumstances: Guatemala has a high poverty rate, and the pandemic has exacerbated this situation. The government has been providing financial assistance to vulnerable populations to mitigate the economic impact of the pandemic. However, the availability of vaccines is still limited, and the government is facing challenges in distributing vaccines to remote areas.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the Guatemalan economy. The country's GDP contracted by 1.5% in 2020, and the unemployment rate has increased. The government has been implementing measures to support businesses and workers, but the economic recovery is expected to be slow.In conclusion, the COVID-19 vaccines market in Guatemala is experiencing several trends and developments, including increasing vaccine availability and the emergence of vaccine tourism. However, the government is facing challenges in distributing vaccines to remote areas, and concerns about vaccine equity persist. The underlying macroeconomic factors, such as the impact of the pandemic on the economy, are also affecting the market.

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.