Market Insights Health Pharmaceuticals Vaccines

Other Vaccines - North Macedonia

North Macedonia

The projected revenue in the Other Vaccines market in North Macedonia is expected to reach US$3.76m in 2024.
Furthermore, it is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 11.15%, leading to a market volume of US$6.38m by 2029.
When compared globally, United States is projected to generate the highest revenue in this market, amounting to US$24,730.00m in 2024.
North Macedonia is seeing an increasing demand for other vaccines as the government focuses on improving public health.

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

Market

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Analyst Opinion

The Other Vaccines market in North Macedonia has been evolving in recent years, driven by various factors that have impacted the healthcare industry in the country.

Customer preferences: North Macedonia has a universal healthcare system that provides free healthcare to all citizens. However, due to the lack of funding, the system is struggling to meet the growing demand for healthcare services. As a result, many citizens are turning to private healthcare providers for their medical needs, including vaccinations. Additionally, there is a growing awareness among the population about the importance of vaccination in preventing the spread of diseases, which has led to an increase in demand for other vaccines.

Trends in the market: The Other Vaccines market in North Macedonia has been witnessing steady growth in recent years. This growth can be attributed to several factors, including the increasing prevalence of infectious diseases, rising healthcare expenditure, and the growing awareness about the importance of vaccination. The market is dominated by multinational pharmaceutical companies that have a strong presence in the country. These companies are investing in research and development to develop new vaccines and improve the existing ones. Additionally, there is a growing trend towards the development of combination vaccines that offer protection against multiple diseases.

Local special circumstances: North Macedonia is a small country located in the Balkan region of Europe. The country has a relatively small population, which limits the size of the market. Additionally, the country faces several challenges in terms of healthcare infrastructure, including a shortage of healthcare professionals and outdated medical equipment. These challenges have impacted the delivery of healthcare services in the country, including vaccination programs.

Underlying macroeconomic factors: North Macedonia is a lower-middle-income country with a developing economy. The country has been making efforts to attract foreign investment and promote economic growth. However, the healthcare sector in the country continues to face several challenges, including underfunding and a shortage of healthcare professionals. These challenges have impacted the delivery of healthcare services, including vaccination programs. Additionally, the COVID-19 pandemic has highlighted the importance of vaccination in preventing the spread of infectious diseases, which is expected to drive the growth of the Other Vaccines market in North Macedonia in the coming years.

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.