Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Turkey

Turkey

In Turkey, the revenue in the COVID-19 Vaccines market is estimated to reach US$159.70m in 2024.
This projection indicates a positive trend in the market.
Furthermore, it is expected that the revenue will experience an annual growth rate (CAGR 2024-2029) of -18.10%.
As a result, the market volume is projected to reach US$58.86m by 2029.
When comparing the global market, it is worth noting that United States is expected to generate the highest revenue in the COVID-19 Vaccines market.
In 2024, the projected revenue for the United States is US$4,389,000.00k.
This highlights the significant market potential United States.
Turkey's COVID-19 vaccine market is experiencing a surge in demand due to the government's proactive vaccination campaign and the population's high level of vaccine acceptance.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The COVID-19 vaccine market in Turkey has seen a significant increase in demand since the start of the pandemic.

Customer preferences: The Turkish population has shown a high degree of willingness to get vaccinated against COVID-19. This can be attributed to the severity of the pandemic in the country, which has led to a high number of cases and deaths. Additionally, the government has launched an extensive vaccination campaign, which has helped to increase awareness and acceptance of the vaccines.

Trends in the market: One of the key trends in the COVID-19 vaccine market in Turkey is the dominance of the Chinese vaccine, Sinovac. This vaccine has been the primary choice for the Turkish government, and the majority of the population has received it. However, there has been an increasing demand for other vaccines, such as Pfizer-BioNTech and AstraZeneca, due to concerns over the efficacy of Sinovac and the emergence of new variants of the virus.Another trend in the market is the emergence of private vaccination centers, which offer alternative vaccine options and shorter waiting times. This has led to increased competition in the market and has given consumers more choice in terms of which vaccine they receive.

Local special circumstances: One of the unique factors that has influenced the COVID-19 vaccine market in Turkey is the country's geography. Turkey is located at the crossroads of Europe and Asia, which has made it a key transit point for international travel. This has led to a high number of cases and has made the country more susceptible to the spread of new variants of the virus.Additionally, Turkey has a large population of refugees and migrants, which has presented unique challenges in terms of vaccine distribution and access. The government has launched initiatives to ensure that these populations are included in the vaccination campaign, but there are still concerns over the effectiveness of these efforts.

Underlying macroeconomic factors: The COVID-19 vaccine market in Turkey has been influenced by a number of macroeconomic factors, including the country's GDP and healthcare infrastructure. Turkey has a relatively high GDP compared to other countries in the region, which has allowed the government to invest in the healthcare sector and launch an extensive vaccination campaign.However, there are still concerns over the country's healthcare infrastructure, particularly in rural areas. This has led to disparities in vaccine distribution and access, which has been a challenge for the government to address.Overall, the COVID-19 vaccine market in Turkey has seen significant growth and development since the start of the pandemic. While there are still challenges to be addressed, the government's vaccination campaign and the willingness of the population to get vaccinated are positive indicators for the future of the market.

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.