Vaccines - Serbia | Statista Market Forecast

In Serbia, the Vaccines market is expected to witness a significant growth in revenue, reaching US$41.48m by 2024.
This projection indicates a promising future for the market in the country.
Moreover, it is estimated that the market will continue to expand with an annual growth rate of -0.12% from 2024 to 2029.
By the end of this period, the market volume is anticipated to reach US$41.24m, showcasing the potential for continued development in the Vaccines market sector in Serbia.
When compared globally, it is worth noting that United States is projected to generate the highest revenue in the Vaccines market.
In 2024, United States is expected to generate an impressive revenue of US$29.12bn.
This highlights the dominance of the United States in the global Vaccines market and underscores the significance of this market in the healthcare industry.
Serbia has seen a significant increase in demand for vaccines, driven by a heightened awareness of the importance of immunization and the government's efforts to promote public health.

Definition:
This market covers vaccines against infectious diseases. They help to prevent diseases, usually through active immunization. Vaccines against infectious diseases transmitted by viruses (e.g., hepatitis A and B or COVID-19) and bacteria (e.g., typhoid fever or meningococcus) are included.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Pfizer, GlaxoSmithKline, Merck & Co, Sanofi, Moderna, AstraZeneca

Vaccines against infectious diseases
Prophylactic and therapeutic vaccines
Flu vaccines
COVID-19 vaccines

Sera and gammaglobulins
Antivirals
Antibiotics

The demand for vaccines in Serbia has been on the rise in recent years due to various factors.

Customer preferences: Serbian customers are becoming increasingly aware of the importance of vaccination, especially in light of recent global health crises. There has been a growing trend towards preventive healthcare, with more people opting for vaccinations to protect themselves and their families from diseases. Additionally, the government has been actively promoting vaccination programs, which has further increased awareness and demand for vaccines.

Trends in the market: The vaccines market in Serbia is dominated by a few major players, with a wide range of vaccines available for different diseases. There has been a growing trend towards the use of combination vaccines, which offer protection against multiple diseases in a single shot. This has been driven by the convenience and cost-effectiveness of combination vaccines, which have become increasingly popular among customers.

Local special circumstances: Serbia has a relatively high incidence of certain infectious diseases, such as hepatitis B and C, which has led to a greater demand for vaccines against these diseases. Additionally, the country has a large population of elderly people, who are at a higher risk of developing certain diseases, such as influenza and pneumococcal disease. This has led to a greater demand for vaccines among the elderly population.

Underlying macroeconomic factors: Serbia has been experiencing steady economic growth in recent years, which has led to an increase in disposable income among the population. This has made it easier for people to afford vaccines, which has further driven demand. Additionally, the government has been investing in healthcare infrastructure and promoting preventive healthcare, which has further contributed to the growth of the vaccines market.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

As of March 2023, more than 13 billion COVID-19 vaccine doses had been administered worldwide. Wide-spread vaccine availability, increasing herd immunity, and lower case numbers led to renewed hope and a feeling of normality in 2023. However, especially during the winter seasons and with the potential emergence of new variants of the virus (like Omicron in 2021-2022), tracking of coronavirus cases repeatedly becomes a focus for the public. Thus, there is a level of uncertainty about what developments the winter season 2023/2024 might bring.