Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Southern Europe

Southern Europe

The COVID-19 Vaccines market in Southern Europe is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is projected to reach US$2,299.00m by 2024.
Furthermore, it is anticipated that there will be a steady annual growth rate of -18.24% (CAGR 2024-2029), resulting in a market volume of US$839.80m by 2029.
In terms of global comparison, United States is expected to generate the highest revenue in the COVID-19 Vaccines market, amounting to US$4,389,000.00k in 2024.
This highlights the significant market potential and importance of the United States in this market.
In Southern Europe, the demand for COVID-19 vaccines is high, with countries like Greece and Italy implementing extensive vaccination campaigns to curb the spread of the virus.

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

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Analyst Opinion

The COVID-19 Vaccines market in Southern Europe has been experiencing a surge in demand due to the ongoing pandemic.

Customer preferences: There has been a growing preference for vaccines that have been approved by regulatory bodies such as the European Medicines Agency (EMA) and the World Health Organization (WHO). Customers are also showing a preference for vaccines that have been developed using newer technologies such as mRNA, as they are perceived to be more effective against the virus.

Trends in the market: Spain, Italy, and Greece have been the largest markets for COVID-19 vaccines in Southern Europe. The demand for vaccines has been driven by the increasing number of COVID-19 cases and the need to vaccinate the population as quickly as possible. The availability of vaccines has been a major factor in determining the pace of vaccination programs. Countries that have been able to secure a larger number of doses have been able to vaccinate a larger proportion of their population.In Spain, the government has been vaccinating the population in a phased manner, starting with the elderly and healthcare workers. The vaccination program has been progressing well, with a high percentage of the population having received at least one dose of the vaccine. In Italy, the vaccination program has been hindered by supply shortages, which has led to delays in the rollout of the vaccine. The government has been working to secure more doses to ensure that the vaccination program can be accelerated.

Local special circumstances: Greece has been facing challenges in vaccinating its population due to a lack of trust in the vaccines. The government has been working to address this issue by launching a public awareness campaign to educate people about the safety and efficacy of the vaccines. The government has also been working to ensure that the vaccines are distributed fairly across the country, including to remote areas.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the economies of Southern Europe. The tourism industry, which is a major contributor to the region's economy, has been hit hard by the pandemic. The vaccination program is seen as a key factor in reviving the tourism industry, as it will make it safer for people to travel. Governments in the region have been working to ensure that the vaccination program is rolled out as quickly as possible to support the economic recovery.

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.