Vaccines - Finland

Finland

In Finland, the revenue in the Vaccines market is forecasted to reach US$171.60m in 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 1.28%, leading to a market volume of US$182.90m by 2029.
When compared globally, United States is projected to generate the highest revenue with US$29,120.00m in 2024.
Finland has been at the forefront of vaccine development and adoption, with a strong emphasis on research and innovation in the healthcare sector.

Key regions: Australia, Italy, France, South Korea, Brazil

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Analyst Opinion

The demand for vaccines in Finland has been on the rise in recent years.

Customer preferences: Finnish customers have shown an increasing interest in preventative healthcare, leading to a higher demand for vaccines. There is also a growing awareness of the importance of vaccinations in preventing infectious diseases.

Trends in the market: The Finnish government has been actively promoting vaccination programs, resulting in an increase in the number of vaccinations administered in the country. Additionally, the COVID-19 pandemic has further emphasized the importance of vaccines, leading to a surge in demand for COVID-19 vaccines specifically.

Local special circumstances: Finland has a comprehensive national vaccination program that covers a wide range of diseases, including measles, mumps, rubella, and HPV. The program is free of charge and available to all residents, contributing to high vaccination rates in the country. However, there have been concerns about vaccine hesitancy in some parts of the population, particularly regarding the COVID-19 vaccine.

Underlying macroeconomic factors: Finland has a well-developed healthcare system and a high level of healthcare spending per capita. This has allowed for the development and distribution of vaccines to be readily available to the population. Additionally, Finland has a high level of trust in its government and healthcare system, which has facilitated the implementation of vaccination programs.

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.