Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Lithuania

Lithuania

The COVID-19 Vaccines market in Lithuania is expected to witness significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$34.04m.
This indicates a promising market potential for COVID-19 vaccines in the country.
Additionally, it is anticipated that the revenue will exhibit a Compound Annual Growth Rate (CAGR) of -17.55% from 2024 to 2029, resulting in a market volume of US$12.97m by 2029.
In comparison to other countries, United States is expected to generate the highest revenue in the COVID-19 Vaccines market.
By 2024, the projected revenue United States is estimated to reach US$4,389,000.00k.
This highlights the significant market size and potential United States.
Lithuania's COVID-19 vaccine market is witnessing a surge in demand as the government focuses on ramping up vaccination efforts to achieve herd immunity.

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

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Analyst Opinion

The COVID-19 pandemic has created a surge in demand for vaccines across the globe. Lithuania, a small country in the Baltic region of Europe, has also been affected by the pandemic. In this write-up, we will explore the trends and developments in the COVID-19 Vaccines market in Lithuania.

Customer preferences: The Lithuanian government has been actively promoting vaccination to its citizens. As a result, there has been a high demand for COVID-19 vaccines in the country. However, there are still some segments of the population that are hesitant to get vaccinated, which has led to a slower uptake of vaccines in those groups.

Trends in the market: Lithuania has been receiving vaccines from various sources, including the European Union (EU) and other countries. The country has also been involved in clinical trials for some of the vaccines. As of now, the Pfizer-BioNTech, Moderna, AstraZeneca, and Johnson & Johnson vaccines have been authorized for use in Lithuania. The demand for vaccines has been high, and the government has been working to ensure that there is an adequate supply to meet the needs of the population.

Local special circumstances: Lithuania has a relatively small population of around 2.8 million people. This has made it easier for the government to distribute vaccines to the population. The country has also been able to leverage its membership in the EU to secure a steady supply of vaccines. However, there have been some challenges in reaching certain segments of the population, such as the elderly and those living in remote areas.

Underlying macroeconomic factors: The Lithuanian economy has been affected by the pandemic, with a decline in GDP in 2020. The government has implemented various measures to support businesses and individuals affected by the pandemic. The vaccination drive is seen as a key factor in helping the country to recover from the economic impact of the pandemic. The government has also been working to attract foreign investment to the country, which could help to boost the economy in the long term.In conclusion, Lithuania has been actively working to vaccinate its population against COVID-19. The demand for vaccines has been high, and the government has been working to ensure an adequate supply. However, there are still some challenges in reaching certain segments of the population. The vaccination drive is seen as a key factor in helping the country to recover from the economic impact of the pandemic.

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.