Vaccines - Nordics

Nordics

In the Nordics, the Vaccines market is expected to witness significant growth in the coming years.
By 2024, the projected revenue for this market is estimated to reach US$1,207.00m.
Furthermore, it is anticipated that the market revenue will continue to grow at a compound annual growth rate (CAGR 2024-2029) of 0.15%.
As a result, the market volume is predicted to reach US$1,216.00m by the year 2029.
When compared on a global scale, United States is expected to generate the most revenue in the Vaccines market.
In 2024 alone, United States is projected to generate a substantial revenue of US$29,120.00m.
This highlights the prominence of the United States in this market.
In the Nordics, there is a growing demand for advanced vaccines with high efficacy and minimal side effects.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Nordics, consisting of Denmark, Finland, Iceland, Norway, and Sweden, have a well-established healthcare system and are known for their high vaccination rates. The Vaccines market in Nordics is constantly evolving and adapting to new trends and customer preferences.

Customer preferences: Customers in the Nordics value high-quality healthcare and are willing to pay for it. They prefer vaccines that are effective, safe, and have minimal side effects. There is a growing demand for vaccines that provide long-term protection and are easy to administer. Customers also prefer vaccines that are affordable and accessible to all.

Trends in the market: The Vaccines market in Denmark is growing steadily, with a focus on research and development of new vaccines. The market is driven by an aging population and an increase in chronic diseases. In Finland, there is a growing demand for vaccines that provide protection against infectious diseases, such as influenza and pneumonia. The market is also driven by an increase in the number of travelers and immigrants. In Iceland, the market is dominated by government-funded vaccination programs, with a focus on childhood and adolescent vaccines. The market in Norway is driven by an increase in the number of elderly people and a growing awareness of the importance of vaccination. The market in Sweden is characterized by a strong focus on research and development, with a particular emphasis on vaccines for infectious diseases.

Local special circumstances: The Nordics are characterized by a high level of government involvement in healthcare, with a focus on prevention and public health. The governments in the Nordics provide free or subsidized vaccines for certain population groups, such as children, the elderly, and people with chronic diseases. This has led to high vaccination rates and a low incidence of vaccine-preventable diseases in the region.

Underlying macroeconomic factors: The Vaccines market in Nordics is influenced by several macroeconomic factors, such as population demographics, healthcare spending, and government regulations. The aging population in the region has led to an increase in demand for vaccines that provide protection against infectious diseases and chronic conditions. Healthcare spending in the Nordics is high, which has enabled the development and distribution of new vaccines. Government regulations in the region are strict, with a focus on safety and efficacy of vaccines. This has led to a high level of public trust in vaccines and a low incidence of vaccine hesitancy.

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.