Vaccines - Montenegro

Montenegro

Montenegro is projected to witness a significant growth in the Vaccines market, with revenue expected to reach US$2.82m in 2024.
This indicates a promising future for the country's healthcare sector.
The market is projected to exhibit a steady annual growth rate (CAGR 2024-2029) of 5.75%, leading to a market volume of US$3.73m by 2029.
In comparison to other countries worldwide, United States is anticipated to generate the highest revenue in the Vaccines market, amounting to US$29,120.00m in 2024.
This highlights United States' dominance and strong position in the global market.
Montenegro is experiencing a growing demand for vaccines, driven by an increased awareness of the importance of immunization.

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

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Analyst Opinion

Montenegro, a small country located in Southeast Europe, has been experiencing a steady growth in its vaccines market in recent years.

Customer preferences: Montenegro's population has been increasingly aware of the importance of vaccines in preventing diseases and maintaining good health. As a result, there has been a growing demand for vaccines, especially among parents who are looking to protect their children from various illnesses. Additionally, the country's aging population has also contributed to the demand for vaccines, particularly for diseases such as influenza and pneumonia.

Trends in the market: One of the notable trends in Montenegro's vaccines market is the increasing availability of new vaccines. The country has been expanding its immunization program, introducing new vaccines for diseases such as human papillomavirus (HPV) and meningococcal disease. This has led to a significant increase in the number of people receiving vaccines in the country.Another trend in the market is the growing popularity of private healthcare services. Private clinics and hospitals have been offering a wider range of vaccines than public healthcare facilities, which has led to increased competition in the market. This has resulted in more affordable prices for vaccines, making them more accessible to the general public.

Local special circumstances: Montenegro's small size and population have made it easier for the government to implement its immunization program. The country has a well-established healthcare system, and vaccines are provided free of charge to the public through the national immunization program. Additionally, the country has a high vaccination coverage rate, with over 90% of children receiving all recommended vaccines.

Underlying macroeconomic factors: Montenegro's growing economy has also contributed to the development of its vaccines market. The country's GDP has been increasing steadily, driven by tourism, foreign investment, and a growing service sector. This has led to increased government spending on healthcare, including the expansion of the immunization program.In conclusion, Montenegro's vaccines market has been developing steadily in recent years, driven by increasing customer awareness and demand, the availability of new vaccines, and the growing popularity of private healthcare services. The country's well-established healthcare system, high vaccination coverage rate, and growing economy have also contributed to the market's growth.

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.