COVID-19 Vaccines - Saudi Arabia

Saudi Arabia

Highlights

The COVID-19 Vaccines market in Saudi Arabia is expected to witness significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$81.50m.
This indicates a strong market potential for COVID-19 Vaccines market in the country.
Furthermore, the market is expected to display a promising annual growth rate (CAGR 2024-2029) of -18.23%.
As a result, the market volume is projected to reach US$29.80m by 2029.
This substantial growth suggests a rising demand for COVID-19 Vaccines market in Saudi Arabia.
In terms of global comparison, it is noteworthy that United States is anticipated to generate the highest revenue in the COVID-19 Vaccines market.
By 2024, United States is expected to generate a revenue of US$4.39bn.
This highlights the significant market presence and potential United States in the context of COVID-19 Vaccines market.
Saudi Arabia has witnessed a surge in demand for COVID-19 vaccines, with high vaccination rates across the population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The COVID-19 pandemic has been a global phenomenon that has impacted every country in the world. The race to develop and distribute vaccines has been a top priority for governments and pharmaceutical companies worldwide. Saudi Arabia is no exception to this trend, and the COVID-19 vaccines market in the country has seen significant developments in recent months.

Customer preferences: The Saudi Arabian population has shown a high level of willingness to take the COVID-19 vaccine. This is partly due to the government's efforts to encourage vaccination and the population's trust in the healthcare system. The country has also made significant efforts to ensure that the vaccine is accessible to all citizens and residents, regardless of their nationality or socioeconomic status.

Trends in the market: The COVID-19 vaccines market in Saudi Arabia has seen significant developments in recent months. The government has been actively working to secure vaccine supplies from various manufacturers worldwide. As a result, the country has approved several vaccines, including Pfizer-BioNTech, AstraZeneca, and Moderna. The government has also set up vaccination centers across the country, making it easier for citizens and residents to get vaccinated.

Local special circumstances: Saudi Arabia's healthcare system is well-developed, and the government has made significant investments in the sector in recent years. The country has a large population of expatriates, who make up a significant portion of the workforce. The government has made efforts to ensure that all residents, regardless of their nationality, have access to healthcare services, including the COVID-19 vaccine.

Underlying macroeconomic factors: Saudi Arabia is the largest economy in the Middle East and North Africa region, with a strong focus on the oil and gas sector. The pandemic has had a significant impact on the country's economy, with lower oil prices and reduced demand for oil impacting government revenues. However, the government has taken steps to mitigate the impact of the pandemic, including implementing stimulus packages and supporting businesses affected by the pandemic. The government's efforts to secure vaccine supplies and encourage vaccination are part of its broader strategy to combat the pandemic and support economic recovery.

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.