Vaccines - Latvia

Latvia

The Vaccines market in Latvia is expected to witness a significant increase in revenue, reaching US$59.66m by 2024.
This projection indicates a promising growth trajectory for the market.
Furthermore, it is anticipated that the market will continue to expand at an annual growth rate of -7.15% between 2024 and 2029.
As a result, the market volume is forecasted to reach US$41.18m by 2029.
When compared to other countries globally, United States is expected to generate the highest revenue in the Vaccines market, with an estimated amount of US$29,120.00m in 2024.
This showcases the dominant position of the United States in the global Vaccines market.
"Latvia has seen a sharp increase in demand for vaccines, with a growing focus on immunization against preventable diseases."

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

Market

Region

Region comparison

Currency

Analyst Opinion

Latvia, a country in Northern Europe, has been experiencing a steady growth in the vaccines market in recent years.

Customer preferences: The Latvian population has shown a growing interest in preventative healthcare, leading to an increased demand for vaccines. Additionally, the COVID-19 pandemic has further highlighted the importance of vaccines, resulting in a surge in demand for COVID-19 vaccines.

Trends in the market: The vaccines market in Latvia has been witnessing a shift towards more innovative and advanced vaccines, such as those developed using mRNA technology. The market has also been experiencing a rise in the number of private vaccination clinics, offering a wider range of vaccines to customers.

Local special circumstances: Latvia has a well-established vaccination program, with vaccines being provided free of charge to all residents. However, the country has been facing challenges in reaching its vaccination targets due to vaccine hesitancy among certain groups of the population. This has led to efforts by the government to increase public awareness and education on the importance of vaccines.

Underlying macroeconomic factors: Latvia has a stable economy, with a strong focus on healthcare and life sciences. The government has been investing in the healthcare sector, resulting in the development of a robust healthcare infrastructure. Additionally, the country's strategic location and membership in the European Union provide access to a wider market for vaccines and pharmaceuticals.

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.