Key regions: Australia, Italy, France, South Korea, Brazil
The demand for vaccines in Puerto Rico has been steadily increasing over the years, driven by various factors such as increasing awareness about the importance of vaccination, rising healthcare expenditure, and government initiatives to improve healthcare access and affordability.
Customer preferences: Puerto Rican consumers are increasingly prioritizing preventive healthcare measures, including vaccination, due to the growing awareness of the importance of maintaining good health. Additionally, the aging population in Puerto Rico has led to an increased demand for vaccines, particularly for diseases that are more prevalent among older adults.
Trends in the market: One of the major trends in the Puerto Rican vaccine market is the increasing focus on research and development of new vaccines. This is driven by the need to address emerging diseases and to improve the efficacy and safety of existing vaccines. Additionally, there is a growing trend towards the use of combination vaccines, which offer multiple disease protection in a single shot, thereby reducing the number of injections required.
Local special circumstances: Puerto Rico is a US territory, which means that it is subject to the same regulatory framework as the mainland United States. This has led to a high level of standardization in terms of vaccine quality and safety, which has helped to build consumer trust in the market. However, the island's geographic location and vulnerability to natural disasters have also created unique challenges for vaccine distribution and supply chain management.
Underlying macroeconomic factors: The Puerto Rican vaccine market is heavily influenced by macroeconomic factors such as healthcare expenditure and government policies. The island's high healthcare expenditure, which is driven by factors such as an aging population and a high prevalence of chronic diseases, has created a favorable environment for vaccine manufacturers. Additionally, government initiatives such as the Affordable Care Act and the Vaccines for Children program have helped to increase access to vaccines for low-income families. However, the island's ongoing financial crisis has also created challenges for the healthcare system, including vaccine supply chain disruptions and shortages.
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.
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