Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Western Africa

Western Africa

In Western Africa, the revenue in the COVID-19 Vaccines market is forecasted to reach US$0.47bn by 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of -16.57%.
Consequently, the market volume is anticipated to reach US$0.19bn by 2029.
When compared globally, United States is projected to generate the highest revenue of US$4,389,000.00k in 2024.
Despite challenges in distribution and vaccine hesitancy, Western African countries have made significant progress in the COVID-19 vaccine rollout.

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

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Analyst Opinion

The COVID-19 pandemic has had a significant impact on the world, including the Western African region. As a market data analyst, it is important to understand the trends and developments in the COVID-19 vaccines market in this region.

Customer preferences: In Western Africa, there is a growing demand for COVID-19 vaccines due to the increasing number of cases and deaths caused by the virus. However, there are also concerns about the safety and effectiveness of the vaccines, which has led to some hesitancy among the population.

Trends in the market: One of the main trends in the COVID-19 vaccines market in Western Africa is the increasing availability of vaccines. Many countries in the region have received doses through the COVAX initiative, as well as through donations from other countries. This has led to a significant increase in the number of people being vaccinated.Another trend is the focus on local production of vaccines. Some countries in the region, such as Senegal and South Africa, have started producing their own vaccines in an effort to reduce their reliance on imports and increase access to vaccines for their populations.

Local special circumstances: The COVID-19 vaccines market in Western Africa is also affected by local special circumstances. For example, some countries in the region have experienced political instability and conflict, which has made it difficult to distribute vaccines and ensure that they reach all parts of the population.In addition, there are logistical challenges involved in distributing vaccines in such a large and diverse region. Many countries have limited healthcare infrastructure, which makes it difficult to store and administer vaccines.

Underlying macroeconomic factors: The COVID-19 vaccines market in Western Africa is also influenced by underlying macroeconomic factors. For example, many countries in the region are facing economic challenges due to the pandemic, which has made it difficult for them to invest in healthcare infrastructure and purchase vaccines.Furthermore, there are disparities in access to vaccines between countries in the region. Some countries, such as Nigeria and Ghana, have been able to secure large numbers of doses, while others, such as Mali and Guinea, have struggled to obtain vaccines.Overall, the COVID-19 vaccines market in Western Africa is complex and influenced by a range of factors. While there are challenges involved in distributing and administering vaccines, there are also opportunities for local production and increased access to vaccines for the population.

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.