Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Nordics

Nordics

The COVID-19 Vaccines market in the Nordics is estimated to witness a significant growth in revenue, with projections indicating a staggering figure of US$588.30m in 2024.
Furthermore, it is expected that this market will experience a remarkable annual growth rate (CAGR 2024-2029) of -18.06%, leading to a substantial market volume of US$217.30m by 2029.
In a global context, it is noteworthy that United States is anticipated to generate the highest revenue in the COVID-19 Vaccines market, with an impressive amount of US$4,389,000.00k in 2024.
In the Nordics, Norway leads the way in COVID-19 vaccine distribution with its efficient healthcare system and high vaccination rate.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Nordics region has been at the forefront of the COVID-19 pandemic response, with a strong focus on public health and social welfare. As such, the COVID-19 vaccines market in the Nordics has seen significant development in recent months.

Customer preferences: Customers in the Nordics region have shown a strong preference for vaccines that have been thoroughly tested and have high efficacy rates. This has led to a significant demand for vaccines from major pharmaceutical companies that have a proven track record in vaccine development.

Trends in the market: The COVID-19 vaccines market in the Nordics has seen a significant increase in demand in recent months, with many countries in the region ramping up their vaccination efforts. This has led to increased competition among pharmaceutical companies, with many vying for a share of the market.

Local special circumstances: The Nordics region has a strong tradition of social welfare and public health, which has played a significant role in shaping the COVID-19 vaccines market. Governments in the region have been quick to respond to the pandemic, with many implementing strict lockdown measures and investing heavily in vaccine development and distribution.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the global economy, and the Nordics region has not been immune to this. However, the region's strong social welfare systems and relatively stable economies have helped to mitigate some of the worst effects of the pandemic. As a result, the COVID-19 vaccines market in the Nordics has been able to develop relatively quickly, with governments and pharmaceutical companies working together to ensure that vaccines are distributed as quickly and efficiently as possible.

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.