COVID-19 Vaccines - Papua New Guinea

Papua New Guinea

Highlights

In Papua New Guinea, the revenue in the COVID-19 Vaccines market is projected to reach US$4.18m in 2024.
Looking ahead, the market is expected to demonstrate a significant annual growth rate (CAGR 2024-2029) of -18.65%, resulting in a market volume of US$1.49m by 2029.
When comparing globally, it is worth noting that United States is anticipated to generate the highest revenue in this market, with a projected value of US$4.39bn in 2024.
Papua New Guinea is facing challenges in the distribution and administration of COVID-19 vaccines due to its rugged terrain and remote communities.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Papua New Guinea, a country located in the southwestern Pacific Ocean, has been experiencing a slow development in the COVID-19 vaccines market.

Customer preferences: The population of Papua New Guinea is predominantly rural, with limited access to healthcare facilities. As a result, there is a lack of awareness and trust in vaccines, which has hindered the uptake of COVID-19 vaccines. Additionally, there is a preference for traditional medicine, which has led to a reluctance to take the vaccine.

Trends in the market: The COVID-19 vaccines market in Papua New Guinea has been slow to develop due to limited access to vaccines. The government has been working to procure vaccines from various sources, but the slow rollout has been attributed to logistical challenges, including the lack of cold storage facilities in remote areas. Furthermore, there has been a lack of funding for vaccine distribution, which has hindered the progress of the vaccination campaign.

Local special circumstances: Papua New Guinea is a developing country with limited resources, which has made it difficult to procure and distribute vaccines effectively. The country's rugged terrain and limited infrastructure have also made it challenging to reach remote areas. Additionally, there has been a lack of public trust in vaccines due to misinformation and a preference for traditional medicine.

Underlying macroeconomic factors: The slow development of the COVID-19 vaccines market in Papua New Guinea can be attributed to underlying macroeconomic factors such as limited funding and resources. The country's economy has been heavily impacted by the pandemic, with a decline in revenue from exports and a decrease in foreign investment. This has made it difficult for the government to allocate funds towards vaccine procurement and distribution. Furthermore, the limited healthcare infrastructure and workforce have made it challenging to administer vaccines effectively. In conclusion, the slow development of the COVID-19 vaccines market in Papua New Guinea can be attributed to a lack of public trust in vaccines, logistical challenges, limited funding and resources, and a weak healthcare infrastructure. The government needs to work towards addressing these challenges to ensure that the population has access to vaccines and can be protected against the virus.

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.