Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Romania

Romania

In Romania, the revenue in the COVID-19 Vaccines market is estimated to reach US$100.40m in 2024.
It is anticipated that the revenue will exhibit a compound annual growth rate (CAGR 2024-2029) of -17.50%, leading to a market volume of US$38.38m by 2029.
When compared globally, United States is projected to generate the highest revenue in this market, amounting to US$4,389,000.00k in 2024.
Romania is experiencing a surge in COVID-19 vaccine demand as the government implements aggressive vaccination campaigns nationwide.

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

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Analyst Opinion

The COVID-19 Vaccines market in Romania has been developing at a steady pace in the recent months.

Customer preferences: Romania has been experiencing a growing demand for COVID-19 vaccines, with a significant portion of the population showing interest in getting vaccinated. The majority of the population has been opting for vaccines that have been approved by the European Medicines Agency (EMA) and the World Health Organization (WHO). However, there is also a small portion of the population that is hesitant to get vaccinated due to concerns about the safety and efficacy of the vaccines.

Trends in the market: The COVID-19 vaccines market in Romania has been witnessing a trend towards the procurement of vaccines from multiple sources. The government has been actively procuring vaccines from various manufacturers, including Pfizer-BioNTech, Moderna, AstraZeneca, and Johnson & Johnson. Additionally, private healthcare providers have also been procuring vaccines to cater to the demand from their patients. The government has also been focusing on providing vaccines to the vulnerable sections of the population, such as the elderly and those with underlying health conditions.

Local special circumstances: One of the unique challenges faced by Romania in the COVID-19 vaccines market is the lack of infrastructure and resources to distribute vaccines to the remote and rural areas of the country. The government has been working on addressing this issue by setting up vaccination centers in these areas and providing transportation facilities to those who are unable to travel to the centers. Additionally, there have been reports of vaccine hesitancy among some sections of the population, which has led to a slower uptake of vaccines in certain areas.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the Romanian economy, with the country experiencing a decline in GDP in 2020. The government has been focusing on economic recovery and has allocated a significant portion of its budget towards the procurement of vaccines. Additionally, the government has also been providing financial incentives to healthcare providers to encourage them to procure and administer vaccines. The success of the COVID-19 vaccination program is expected to have a positive impact on the economy by boosting consumer confidence and leading to the reopening of businesses and industries.

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.