Vaccines - North Macedonia

North Macedonia

The Vaccines market in North Macedonia is expected to experience significant growth in the coming years.
By 2024, the revenue is projected to reach US$7.87m.
This positive trend is expected to continue, with an annual growth rate (CAGR 2024-2029) of 0.33%.
As a result, the market volume is estimated to reach US$8.00m by 2029.
In a global context, it is worth noting that United States is anticipated to generate the highest revenue in the Vaccines market.
In 2024 alone, United States is projected to generate a revenue of US$29,120.00m.
North Macedonia is experiencing an increased demand for vaccines due to the government's efforts to improve healthcare accessibility.

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

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Analyst Opinion

The demand for vaccines in North Macedonia has been steadily increasing in recent years.

Customer preferences: North Macedonia has a high vaccination rate, with most citizens opting to vaccinate themselves and their children against various diseases. The country has a well-established vaccination program, and vaccines are widely available through both public and private healthcare providers.

Trends in the market: The vaccines market in North Macedonia has been growing due to several factors, including an increase in the number of diseases that can be prevented through vaccination and an increase in public awareness about the importance of vaccination. Additionally, the COVID-19 pandemic has led to a surge in demand for vaccines, with many people seeking to protect themselves against the virus.

Local special circumstances: One of the unique aspects of the vaccines market in North Macedonia is the country's relatively small population. This has led to a more targeted approach to vaccine distribution, with healthcare providers focusing on reaching specific groups of people, such as children and the elderly. Additionally, the country's healthcare system is still developing, which has led to some challenges in terms of vaccine distribution and administration.

Underlying macroeconomic factors: The growth in the vaccines market in North Macedonia is also being driven by broader macroeconomic factors, such as an increase in healthcare spending and an overall improvement in the country's economy. As the country continues to develop and modernize, it is likely that the demand for vaccines will continue to grow, with more people seeking to protect themselves against preventable diseases.

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.