Market Insights Health Pharmaceuticals Vaccines

Other Vaccines - Nigeria

Nigeria

The projected revenue for the Other Vaccines market in Nigeria is expected to reach ₦US$75.18m in 2024.
It is anticipated that the revenue will show an annual growth rate (CAGR 2024-2029) of 12.47%, leading to a market volume of ₦US$135.30m by 2029.
When compared globally, United States is forecasted to generate the highest revenue, amounting to US$24,730.00m in 2024.
The demand for other vaccines in Nigeria is rising steadily due to the government's focus on increasing immunization coverage.

Key regions: Australia, Brazil, United Kingdom, Europe, Canada

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Analyst Opinion

The healthcare industry in Nigeria has been growing rapidly in recent years, with an increasing focus on preventative medicine and vaccination programs. The Other Vaccines market in Nigeria has been developing in response to this growing demand for vaccinations.

Customer preferences: Nigerians have become more aware of the importance of vaccination in preventing diseases and are increasingly willing to invest in preventative healthcare. The government has also been actively promoting vaccination programs, particularly for children, which has further increased demand for vaccines.

Trends in the market: The Other Vaccines market in Nigeria has been growing steadily in recent years, with a particular focus on vaccines for diseases such as meningitis, yellow fever, and pneumonia. There has also been a growing demand for travel vaccines, as more Nigerians travel abroad for work or leisure.

Local special circumstances: Nigeria has a high burden of vaccine-preventable diseases, particularly in rural areas. This has led to a significant focus on vaccination programs, with the government and international organizations working to increase access to vaccines and improve healthcare infrastructure. However, there are also challenges in terms of vaccine distribution and storage, particularly in remote areas.

Underlying macroeconomic factors: Nigeria has a rapidly growing population, with a large proportion of the population under the age of 18. This has led to an increasing demand for healthcare services, including vaccination programs. The government has also been investing in healthcare infrastructure, which has helped to improve access to vaccines. However, there are also challenges in terms of funding and healthcare financing, which may impact the sustainability of vaccination programs over the long term.

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.