Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Western Asia

Western Asia

The COVID-19 Vaccines market in Western Asia is projected to reach a revenue of US$262.50m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of -17.86%, resulting in a market volume of US$98.16m by 2029.
In global comparison, United States is forecasted to generate the highest revenue, amounting to US$4,389,000.00k in 2024.
In Western Asia, the demand for COVID-19 vaccines has surged, with countries like Israel leading the way in vaccination rates.

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

Market

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Analyst Opinion

The COVID-19 pandemic has had a significant impact on the healthcare industry worldwide. The Western Asia region, which includes countries such as Saudi Arabia, United Arab Emirates, and Qatar, has experienced a surge in demand for COVID-19 vaccines.

Customer preferences: Customers in Western Asia have shown a strong preference for vaccines that have been approved by reputable international regulatory bodies such as the World Health Organization (WHO) and the US Food and Drug Administration (FDA). This is due to the high level of trust placed in these organizations and their rigorous testing procedures.

Trends in the market: Saudi Arabia has emerged as a key player in the COVID-19 vaccine market in Western Asia. The country has been actively investing in vaccine development and production, and has entered into partnerships with major pharmaceutical companies such as Pfizer and AstraZeneca. Additionally, the Saudi government has launched a nationwide vaccination campaign, which has contributed to the high demand for vaccines in the country. In the United Arab Emirates, there has been a growing trend towards private vaccination services. Private clinics and hospitals have been offering vaccines to customers who are willing to pay a premium for faster and more convenient access to the vaccine. This has created a two-tiered market, with those who can afford private healthcare receiving the vaccine much faster than those who rely on the public healthcare system. Qatar has also seen a surge in demand for COVID-19 vaccines, with the government launching a nationwide vaccination campaign in December 2020. The country has secured vaccine supplies from multiple sources, including Pfizer, Moderna, and AstraZeneca.

Local special circumstances: One of the major challenges facing the COVID-19 vaccine market in Western Asia is vaccine hesitancy. Some customers are reluctant to receive the vaccine due to concerns about its safety and efficacy. This is particularly true among certain segments of the population, such as expatriate workers who may be skeptical of government-run vaccination campaigns. Another challenge is the logistical difficulties of distributing the vaccine across vast and sparsely populated areas. Countries such as Saudi Arabia and the United Arab Emirates have large expatriate populations, which can make it difficult to ensure that everyone has access to the vaccine.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the economies of Western Asia, with many countries experiencing a sharp decline in oil prices and a slowdown in economic activity. This has led to a greater focus on healthcare spending, with governments investing heavily in vaccine development and distribution. Additionally, the pandemic has highlighted the importance of healthcare infrastructure and preparedness, leading to increased investment in healthcare systems across the region.

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.