Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Puerto Rico

Puerto Rico

Puerto Rico is projected to witness a significant increase in revenue within the COVID-19 Vaccines market, with an estimated amount of US$4.30m in 2024.
This indicates a promising growth trajectory for the country's vaccine industry.
Moreover, there is an expected annual growth rate of -18.15% (CAGR 2024-2029), which is likely to propel the market volume to reach US$1.58m by 2029.
In terms of global comparison, it is noteworthy that United States is anticipated to generate the highest revenue, reaching a substantial amount of US$4,389,000.00k in 2024.
Despite facing logistical challenges, Puerto Rico has made significant progress in distributing COVID-19 vaccines to its population.

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

Market

Region

Region comparison

Currency

Analyst Opinion

Puerto Rico, a Caribbean island known for its beautiful beaches and tropical climate, has been significantly impacted by the COVID-19 pandemic. As the world races to develop and distribute vaccines to combat the virus, the COVID-19 Vaccines market in Puerto Rico has seen some interesting trends and developments.

Customer preferences: In Puerto Rico, there is a high demand for COVID-19 vaccines, as people are eager to protect themselves and their loved ones from the virus. However, there is also some hesitancy among certain segments of the population, particularly those who are skeptical of vaccines in general or who have concerns about the safety and efficacy of the COVID-19 vaccines.

Trends in the market: One trend in the COVID-19 Vaccines market in Puerto Rico is the growing availability of vaccines. As more and more vaccines are approved and distributed globally, Puerto Rico has been able to increase its supply and offer vaccines to a greater number of people. Additionally, there has been a shift in the types of vaccines being used in Puerto Rico, with more emphasis on mRNA vaccines like Pfizer and Moderna.Another trend is the use of mobile vaccination clinics and other outreach efforts to reach underserved communities. This is particularly important in Puerto Rico, where access to healthcare can be limited in certain areas. By bringing vaccines directly to people in their communities, healthcare providers are able to increase vaccination rates and ensure that everyone has the opportunity to protect themselves from the virus.

Local special circumstances: Puerto Rico has faced a number of unique challenges in its response to the COVID-19 pandemic. As a U.S. territory, it has had to navigate a complex relationship with the federal government and has sometimes struggled to access the resources it needs to respond effectively. Additionally, the island has faced a number of natural disasters in recent years, including hurricanes and earthquakes, which have further complicated its response to the pandemic.

Underlying macroeconomic factors: The COVID-19 Vaccines market in Puerto Rico is also influenced by broader macroeconomic factors. The island has been in an economic crisis for years, with high unemployment rates and a struggling healthcare system. The pandemic has only exacerbated these issues, leading to increased demand for vaccines but also creating challenges in terms of supply and distribution. Additionally, Puerto Rico's status as a U.S. territory means that it is subject to federal regulations and policies that can impact the availability and affordability of vaccines.

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.