COVID-19 Vaccines - Zimbabwe

Zimbabwe

Highlights

The COVID-19 Vaccines market in Zimbabwe is projected to reach a revenue of US$22.60k by 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of -19.54%, resulting in a market volume of US$7.62k by 2029.
In global comparison, United States is anticipated to generate the highest revenue of US$4.39bn in 2024.
Zimbabwe is experiencing a surge in demand for COVID-19 vaccines, as the government intensifies efforts to vaccinate the population and curb the spread of the virus.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The demand for COVID-19 vaccines in Zimbabwe has been on the rise since the country began its vaccination campaign in February 2021.

Customer preferences: Zimbabweans have shown a growing interest in receiving the COVID-19 vaccine as the country battles a third wave of the pandemic. The government's efforts to increase vaccine accessibility and awareness have contributed to the high demand. Additionally, the population's trust in the vaccine has grown as more people receive it and report minimal side effects.

Trends in the market: The COVID-19 vaccine market in Zimbabwe has seen a surge in demand for the Sinopharm and Sinovac vaccines, which have been donated by China. The government has also procured vaccines from Russia and India. However, the supply of vaccines has been limited, leading to long queues and delays in some vaccination centers. The government has stated its commitment to securing more vaccines to meet the growing demand.

Local special circumstances: Zimbabwe's healthcare system has been underfunded and understaffed for years, making it difficult for the country to respond to the pandemic. The government's efforts to secure vaccines have been hindered by the country's economic challenges, including foreign currency shortages and high inflation rates. Additionally, vaccine hesitancy has been reported in some areas due to misinformation and a lack of trust in the government.

Underlying macroeconomic factors: Zimbabwe's economy has been struggling for years, with high unemployment rates and a shortage of foreign currency. The COVID-19 pandemic has further exacerbated these challenges, leading to a decline in economic activity and a rise in poverty levels. The government's efforts to secure vaccines have been hindered by these economic challenges, making it difficult to meet the growing demand for vaccines. However, the country's vaccination campaign is crucial in mitigating the impact of the pandemic on the economy and the population's health.

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.