Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Panama

Panama

The COVID-19 Vaccines market in Panama is expected to witness significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$32.71m.
This indicates a promising market potential in the country.
Furthermore, it is anticipated that the market will continue to expand at a compound annual growth rate (CAGR) of -16.85% from 2024 to 2029.
This steady growth is expected to result in a market volume of US$13.00m by 2029.
In terms of global comparison, United States is projected to generate the highest revenue in the COVID-19 Vaccines market.
By 2024, the revenue United States is estimated to reach a staggering US$4,389,000.00k.
This highlights the significant market dominance of the United States in the global landscape.
Panama has shown significant progress in its COVID-19 vaccine rollout, with a focus on ensuring equitable distribution to all regions of the country.

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

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Analyst Opinion

The COVID-19 pandemic has affected the world in unprecedented ways, and the race to develop and distribute vaccines has been one of the most significant global efforts. Panama, a country in Central America, has been no exception to this trend. Here are some insights into the trends and development of the COVID-19 vaccines market in Panama.

Customer preferences: Panamanians, like many other people around the world, have shown a strong interest in getting vaccinated against COVID-19. According to a survey conducted by the Panamanian Chamber of Commerce, Industries, and Agriculture, 70% of Panamanians are willing to get vaccinated. However, there is still a portion of the population that is hesitant or skeptical about the vaccines' safety and efficacy. This group includes people who believe in conspiracy theories or misinformation about the vaccines.

Trends in the market: The Panamanian government has been actively working to secure COVID-19 vaccines for its population. The country has agreements with several vaccine manufacturers, including Pfizer, AstraZeneca, and Johnson & Johnson. The first vaccines arrived in Panama in January 2021, and the government has been rolling out a vaccination campaign since then. As of August 2021, around 1.8 million doses have been administered in the country, and around 30% of the population is fully vaccinated.

Local special circumstances: Panama's location and demographics have made it an attractive market for vaccine manufacturers. The country is a hub for international trade and transportation, with the Panama Canal being a crucial route for global commerce. Additionally, Panama has a significant expat community, including retirees and workers from the United States and Canada. These factors have made Panama a priority market for vaccine distribution.

Underlying macroeconomic factors: Panama's economy has been severely impacted by the pandemic, with a contraction of around 17% in 2020. The government has implemented several measures to mitigate the economic impact, including stimulus packages and tax breaks. The successful rollout of the vaccination campaign is crucial for the country's economic recovery, as it will allow for the reopening of businesses and the resumption of international travel. Additionally, the government's efforts to secure vaccines have helped boost confidence among investors and businesses in the country's resilience and ability to recover from the pandemic's effects.

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.