Other Vaccines - Serbia

Serbia

Highlights

Serbia's Other Vaccines market is expected to witness a significant revenue growth in the coming years.
By 2024, the projected revenue is estimated to reach US$19.86m.
This growth is anticipated to continue with an annual growth rate (CAGR 2024-2029) of 10.66%, leading to a market volume of US$32.96m by 2029.
When compared globally, it is noteworthy that United States is expected to generate the highest revenue in the Other Vaccines market, amounting to US$24.73bn in 2024.
Serbia's growing demand for other vaccines is driven by an increased focus on preventive healthcare and a proactive approach to disease prevention.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Vaccines market in Serbia has been experiencing a steady growth in recent years.

Customer preferences: Serbian customers are becoming more health-conscious and are increasingly opting for preventative measures such as vaccines. The COVID-19 pandemic has also raised awareness about the importance of vaccines, leading to a surge in demand for not only COVID-19 vaccines but also other vaccines.

Trends in the market: There has been a shift towards combination vaccines, which offer protection against multiple diseases in a single shot. This is due to the convenience and cost-effectiveness of receiving multiple vaccines at once. Additionally, there has been an increase in demand for travel vaccines, as more Serbians are traveling abroad for business and leisure.

Local special circumstances: Serbia has a well-established healthcare system, which includes a national vaccination program that provides free vaccines to citizens. However, there is still a significant portion of the population that chooses to purchase vaccines from private clinics. This is due to a lack of trust in the quality of the free vaccines and a desire for more personalized healthcare.

Underlying macroeconomic factors: Serbia's economy has been steadily growing in recent years, leading to an increase in disposable income and healthcare spending. Additionally, the government has been investing in the healthcare sector, which has led to improvements in infrastructure and access to healthcare services. These factors have contributed to the growth of the Other Vaccines market in Serbia.

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.