Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Peru

Peru

Peru is projected to witness a significant increase in revenue within the COVID-19 Vaccines market.
By 2024, the revenue is expected to reach an impressive US$177.70m.
This projection indicates the potential for a substantial market growth in the country.
Furthermore, a promising annual growth rate (CAGR 2024-2029) of -17.84% is anticipated, which will contribute to a market volume of US$66.52m by 2029.
This growth trajectory highlights the increasing demand and adoption of COVID-19 vaccines in Peru.
When compared globally, it is noteworthy that United States is projected to generate the highest revenue in this market.
In 2024, United States is expected to generate a staggering US$4,389,000.00k in revenue, signifying its dominance in the global COVID-19 Vaccines market.
Peru's COVID-19 vaccine market is experiencing a surge in demand as the government ramps up vaccination efforts nationwide.

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

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Analyst Opinion

The COVID-19 vaccines market in Peru has been developing at a steady pace since the first vaccine was authorized for emergency use in early 2021.

Customer preferences: Peruvian customers have shown a strong willingness to get vaccinated, with a high demand for COVID-19 vaccines across the country. This is partly due to the devastating impact of the pandemic in Peru, which has been one of the hardest-hit countries in the world in terms of deaths per capita. The government has prioritized getting vaccines to the most vulnerable populations, such as healthcare workers and the elderly, which has further driven demand for vaccines.

Trends in the market: One of the main trends in the COVID-19 vaccines market in Peru has been the increasing availability of different vaccine brands. Initially, the Pfizer-BioNTech vaccine was the only one available, but now customers have access to other options such as Sinopharm, AstraZeneca, and Moderna. This has led to a more diverse market, with customers able to choose the vaccine that best suits their needs.Another trend has been the expansion of the vaccination campaign to more rural and remote areas of the country. This has been made possible by the use of mobile vaccination units and the involvement of local health centers. As a result, more people in these areas have been able to get vaccinated, which has helped to slow the spread of the virus in these communities.

Local special circumstances: Peru has faced several challenges in its vaccination campaign, including a shortage of vaccines and logistical difficulties in getting vaccines to remote areas. However, the government has taken steps to address these challenges, such as signing agreements with different vaccine manufacturers and increasing the number of vaccination sites across the country.Another local special circumstance has been the emergence of new COVID-19 variants, such as the Delta variant. This has led to increased concern among Peruvians about the effectiveness of the vaccines and the need for booster shots. The government has responded by launching a campaign to promote the importance of getting vaccinated and to reassure the public about the safety and efficacy of the vaccines.

Underlying macroeconomic factors: The COVID-19 vaccines market in Peru has been influenced by several macroeconomic factors, such as the country's economic recovery from the pandemic and the availability of vaccines in other countries. Peru's economy has been hit hard by the pandemic, with a sharp contraction in GDP in 2020. However, the vaccination campaign has helped to boost consumer confidence and support the country's economic recovery.The availability of vaccines in other countries has also had an impact on the market, as some Peruvians have traveled abroad to get vaccinated. This has led to concerns about vaccine tourism and the need to ensure that vaccines are distributed fairly and equitably across the country. Despite these challenges, the COVID-19 vaccines market in Peru is expected to continue to grow as more people get vaccinated and the country moves towards herd immunity.

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.