Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Luxembourg

Luxembourg

The COVID-19 Vaccines market in Luxembourg is projected to reach a revenue of US$11.84m in 2024.
It is expected to show an annual growth rate of -18.04% (CAGR 2024-2029), resulting in a market volume of US$4.38m by 2029.
In global comparison, United States is expected to generate the highest revenue of US$4,389,000.00k in 2024.
In Luxembourg, the demand for COVID-19 vaccines is high due to the country's small population and efficient healthcare system.

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

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Analyst Opinion

Luxembourg, a small European country known for its high-income economy and stable political climate, has been actively participating in the global effort to vaccinate its population against COVID-19. As in many other countries, the COVID-19 Vaccines market in Luxembourg has been shaped by various factors such as customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Luxembourg, being a member of the European Union, has been following the EU's vaccination strategy which prioritizes the elderly, healthcare workers, and people with underlying health conditions. However, there has been some hesitancy among the population towards the AstraZeneca vaccine due to reports of rare blood clotting disorders. As a result, the government has been promoting transparency and scientific evidence to reassure the public about the safety and efficacy of the vaccine.

Trends in the market: The COVID-19 Vaccines market in Luxembourg has been characterized by a limited supply of vaccines. As of May 2021, around 25% of the population has received at least one dose of the vaccine, with the majority being Pfizer-BioNTech. The government has been working to secure more doses from different suppliers to accelerate the vaccination process. Additionally, the emergence of new variants of the virus has led to discussions about the need for booster shots in the future.

Local special circumstances: Luxembourg's small size and high population density have made it easier to distribute vaccines to the population. The government has set up vaccination centers in various locations across the country, including hospitals, sports centers, and shopping malls. Moreover, the country's strong healthcare system and high level of education have contributed to the efficient rollout of the vaccination program.

Underlying macroeconomic factors: Luxembourg's high-income economy and strong healthcare system have allowed the country to invest in the vaccination program. The government has provided free vaccines to all residents, regardless of their nationality or insurance status. Additionally, the country's close proximity to other EU member states has facilitated the procurement and distribution of vaccines.In conclusion, the COVID-19 Vaccines market in Luxembourg has been shaped by various factors such as customer preferences, local special circumstances, and underlying macroeconomic factors. While the limited supply of vaccines and hesitancy towards certain brands have posed challenges, the country's efficient rollout of the vaccination program and strong healthcare system have contributed to the successful vaccination of a significant portion of the population.

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.