Vaccines - Slovakia

Slovakia

The Vaccines market in Slovakia is anticipated to witness a significant growth in revenue, reaching US$74.59m in 2024.
This projection indicates a promising future for the industry.
Moreover, the market is expected to exhibit an impressive compound annual growth rate (CAGR) of -2.10% from 2024 to 2029, resulting in a market volume of US$67.09m by 2029.
This steady growth reflects the increasing demand for vaccines in Slovakia.
However, in a global context, United States is expected to dominate the market, generating the highest revenue of US$29,120.00m in 2024.
This demonstrates the significant market presence of the United States in the global Vaccines market industry.
With an increasing focus on vaccine accessibility and distribution, Slovakia is actively working towards achieving high vaccination rates within its population.

Key regions: Australia, Italy, France, South Korea, Brazil

Market

Region

Region comparison

Currency

Analyst Opinion

Amidst the ongoing pandemic, the demand for vaccines has skyrocketed globally. Slovakia, a central European country, is no exception to this trend.

Customer preferences: The Slovakian population has shown a growing interest in vaccines, with an increasing number of people opting for them. The government has made efforts to increase vaccine availability and accessibility to all citizens, which has further boosted demand.

Trends in the market: The vaccines market in Slovakia has witnessed significant growth in recent years. The COVID-19 pandemic has accelerated this growth, with an increasing number of people seeking vaccination. The market is dominated by multinational pharmaceutical companies, with Pfizer and Moderna being the most popular brands. However, there has been a growing demand for locally produced vaccines as well.

Local special circumstances: Slovakia has a well-established healthcare system, which has been instrumental in the successful rollout of the COVID-19 vaccination program. The government has also made efforts to increase awareness about the importance of vaccines and combat vaccine hesitancy. Additionally, the country has a high rate of vaccination coverage for other diseases, such as measles and polio.

Underlying macroeconomic factors: The Slovakian economy has been growing steadily, with a focus on innovation and technology. This has led to an increase in healthcare spending and investment in research and development, which has benefitted the vaccines market. The country is also a member of the European Union, which has helped to streamline vaccine procurement and distribution. However, the market is not without challenges, including the high cost of vaccines and the need for continued investment in research and development to keep up with emerging diseases.

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.