Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Serbia

Serbia

In Serbia, the COVID-19 Vaccines market is expected to witness significant growth.
By 2024, the projected revenue is estimated to reach US$21.62m.
This growth is anticipated to continue, with an annual growth rate (CAGR 2024-2029) of -17.47%.
As a result, the market volume is expected to reach US$8.28m by 2029.
When comparing the global market, United States is projected to generate the highest revenue.
In 2024 alone, United States is expected to generate a staggering US$4,389,000.00k in revenue from COVID-19 Vaccines market.
Serbia has been actively pursuing a diverse vaccine portfolio, securing deals with multiple suppliers to ensure a wide range of COVID-19 vaccines for its population.

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

Market

Region

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Analyst Opinion

The COVID-19 pandemic has created an unprecedented demand for vaccines across the globe. Serbia, a country located in Southeast Europe, has been no exception to this trend. The COVID-19 Vaccines market in Serbia has witnessed significant developments in the recent past.

Customer preferences: Serbian customers have shown a strong preference for vaccines that have been approved by the European Medicines Agency (EMA) and the World Health Organization (WHO). This has led to a surge in demand for vaccines such as Pfizer-BioNTech, Moderna, AstraZeneca, and Johnson & Johnson, which have received approvals from these regulatory bodies. Customers have also shown a preference for vaccines that require a single dose, as this reduces the need for multiple appointments and increases convenience.

Trends in the market: The COVID-19 Vaccines market in Serbia has witnessed a significant increase in the number of vaccines being administered in recent months. This can be attributed to several factors, including the availability of vaccines, the government's vaccination campaign, and the increasing awareness among the general public about the importance of getting vaccinated. The government has also taken several measures to increase the availability of vaccines, including procuring vaccines from multiple suppliers and establishing vaccination centers across the country.

Local special circumstances: Serbia has a relatively high vaccination rate compared to other countries in the region. This can be attributed to several factors, including the government's proactive approach to vaccination, the availability of vaccines, and the relatively high level of trust in the healthcare system among the general public. The government has also taken several measures to encourage vaccination, including offering incentives such as free travel and cash prizes.

Underlying macroeconomic factors: Serbia's economy has been impacted by the COVID-19 pandemic, with several sectors, including tourism and hospitality, experiencing significant declines in revenue. However, the government's proactive approach to vaccination has helped to mitigate the impact of the pandemic on the economy. The government has also implemented several measures to support businesses and individuals affected by the pandemic, including financial assistance and tax relief. These measures have helped to maintain consumer confidence and support the overall economy.

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.