COVID-19 Vaccines - Guinea

Guinea

Highlights

In Guinea, the projected revenue in the COVID-19 Vaccines market is expected to reach US$21.11m by the year 2024.
It is anticipated that there will be an annual growth rate (CAGR 2024-2029) of -17.44%, which will lead to a market volume of US$8.10m by 2029.
When compared globally, United States is forecasted to generate the highest revenue of US$4.39bn in 2024.
Guinea is experiencing a surge in demand for COVID-19 vaccines as the government ramps up efforts to vaccinate its population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Guinea, a country in West Africa, has been experiencing a surge in COVID-19 cases since the beginning of 2021. As a result, the demand for COVID-19 vaccines has been increasing rapidly in the country.

Customer preferences: The majority of the population in Guinea prefers to receive vaccines that have been approved by the World Health Organization (WHO) and other international regulatory bodies. The preference for internationally approved vaccines is driven by the belief that these vaccines are more effective and safer than locally produced vaccines.

Trends in the market: The COVID-19 vaccines market in Guinea has been experiencing a significant increase in demand due to the surge in COVID-19 cases. The government has been working to secure more vaccines from international sources to meet the increasing demand. However, the supply of vaccines has been limited, leading to long waiting periods for individuals seeking vaccination.

Local special circumstances: Guinea has a relatively low vaccination rate compared to other countries in the region. The low vaccination rate is due to a lack of infrastructure and resources to support large-scale vaccination campaigns. Additionally, there is a lack of public awareness and education about the importance of vaccination, which has contributed to vaccine hesitancy among the population.

Underlying macroeconomic factors: Guinea is one of the poorest countries in the world, with a GDP per capita of less than $1,000. The country has limited financial resources to invest in healthcare infrastructure and vaccine procurement. Additionally, Guinea has been experiencing political instability and civil unrest, which has made it difficult to implement effective public health measures and vaccination campaigns. The combination of these factors has made it challenging for Guinea to effectively respond to the COVID-19 pandemic and secure adequate vaccine supplies.

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.