Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - North Macedonia

North Macedonia

The COVID-19 Vaccines market in North Macedonia is forecasted to achieve a revenue of US$4.11m by 2024.
With an annual growth rate (CAGR 2024-2029) of -16.99%, the market volume is anticipated to reach US$1.62m by 2029.
In comparison to other countries worldwide, United States is expected to generate the highest revenue, amounting to US$4,389,000.00k in 2024.
North Macedonia is making significant progress in the distribution and administration of COVID-19 vaccines, ensuring the health and safety of its population.

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

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Analyst Opinion

As the COVID-19 pandemic continues to impact the world, the race to develop and distribute vaccines has become a top priority for governments and healthcare organizations. North Macedonia, a small country in the Balkans region, is also part of this global effort to combat the virus. In this analysis, we will examine the trends and developments in the COVID-19 Vaccines market in North Macedonia.

Customer preferences: As in other countries, the customer preference in North Macedonia is to receive a safe and effective vaccine as soon as possible. However, there is a certain level of skepticism towards vaccines in the country, which has led to some reluctance among the population to get vaccinated. This is partly due to the spread of misinformation on social media and the lack of trust in the government and healthcare institutions.

Trends in the market: The COVID-19 Vaccines market in North Macedonia is still in the early stages of development. The country has received a limited number of vaccine doses through the COVAX initiative and direct purchases from vaccine manufacturers. The vaccination campaign started in February 2021, with healthcare workers and vulnerable groups being the first to receive the vaccine. As of now, the vaccination rate in the country is relatively low compared to other European countries.

Local special circumstances: North Macedonia is a small country with a population of around 2 million people. The country's healthcare system is underfunded and lacks the necessary infrastructure to handle a large-scale vaccination campaign. Moreover, the country has a high level of corruption and political instability, which has hindered the government's efforts to tackle the pandemic effectively. These factors have contributed to the slow rollout of the vaccine in the country.

Underlying macroeconomic factors: North Macedonia is a lower-middle-income country with a GDP per capita of around $6,000. The pandemic has had a severe impact on the country's economy, which was already struggling before the outbreak. The government has implemented various measures to support businesses and individuals affected by the pandemic, but the economic recovery is expected to be slow. The limited resources and funding available to the government have also affected the country's ability to procure and distribute vaccines.In conclusion, the COVID-19 Vaccines market in North Macedonia is still in the early stages of development, and the vaccination rate is relatively low compared to other European countries. The country's healthcare system is underfunded and lacks the necessary infrastructure to handle a large-scale vaccination campaign. The slow rollout of the vaccine is partly due to the high level of corruption and political instability in the country. The government's limited resources and funding have also affected the country's ability to procure and distribute vaccines. Despite these challenges, the government and healthcare institutions are working to increase the vaccination rate and combat 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.