Key regions: United Kingdom, Germany, France, South Korea, Italy
Nicaragua, like many other countries in Latin America, has been grappling with the COVID-19 pandemic. The country has seen a surge in cases and deaths, prompting the government to take measures to control the spread of the virus. The COVID-19 vaccines market in Nicaragua is slowly developing, with a few factors driving its growth.
Customer preferences: Nicaraguans have shown a preference for vaccines that have been approved by the World Health Organization (WHO). The government has been working with the WHO to ensure that the vaccines available in the country are safe and effective. However, there is still some hesitancy among the population about getting vaccinated, with many people citing concerns about side effects and the speed at which the vaccines were developed.
Trends in the market: The COVID-19 vaccines market in Nicaragua is still in its early stages, with the government focusing on vaccinating priority groups such as healthcare workers and the elderly. The government has also been working with international organizations to secure more vaccines for the population. As more vaccines become available, it is expected that the market will continue to grow.
Local special circumstances: Nicaragua has faced a number of challenges in its response to the COVID-19 pandemic. The country has a weak healthcare system, with limited resources and personnel. The government has also been criticized for downplaying the severity of the pandemic and not taking adequate measures to control its spread. These factors have contributed to a slow rollout of vaccines in the country.
Underlying macroeconomic factors: Nicaragua is one of the poorest countries in Latin America, with a large informal economy and high levels of poverty. The pandemic has further exacerbated these issues, with many people losing their jobs and struggling to make ends meet. The government has limited resources to invest in the healthcare system and vaccine rollout, which has slowed the development of the COVID-19 vaccines market in the country. However, international aid and partnerships with organizations such as the WHO have helped to mitigate some of these challenges.
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.
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