Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Central & Western Europe

Central & Western Europe

In Central & Western Europe, the revenue in the COVID-19 Vaccines market is projected to reach US$1.65bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2028) of -20.78%, resulting in a market volume of US$0.65bn by 2028.
When compared globally, United States is anticipated to generate the highest revenue, with US$1,832,000.00k in 2024.
Germany is leading the way in Central & Western Europe with its robust COVID-19 vaccine rollout, prioritizing high-risk groups and ensuring widespread access to the population.

Key regions: Japan, Italy, China, South Korea, Brazil

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Analyst Opinion

The Central & Western Europe region has been one of the most affected by the COVID-19 pandemic, with several countries experiencing high infection rates and death tolls. The COVID-19 Vaccines market in this region has been developing rapidly in response to the ongoing pandemic.

Customer preferences: Customers in Central & Western Europe are highly focused on safety and efficacy when it comes to COVID-19 vaccines. They are looking for vaccines that have been approved by regulatory bodies and have undergone rigorous testing to ensure their safety and effectiveness. Customers are also interested in vaccines that offer long-term protection against the virus.

Trends in the market: In Germany, the COVID-19 Vaccines market has been dominated by Pfizer-BioNTech and Moderna vaccines. These vaccines have been highly effective in preventing severe illness and death caused by the virus. In France, the market has been dominated by AstraZeneca and Moderna vaccines. However, there has been some hesitancy among customers regarding the AstraZeneca vaccine due to concerns about blood clotting.In Italy, the COVID-19 Vaccines market has been dominated by Pfizer-BioNTech and Moderna vaccines, with the Johnson & Johnson vaccine also gaining popularity. Customers in Italy are highly focused on safety and efficacy, and are willing to pay a premium for vaccines that meet these criteria.

Local special circumstances: The COVID-19 Vaccines market in Central & Western Europe has been influenced by several local special circumstances. For example, the high infection rates and death tolls in countries like Germany, France, and Italy have led to a sense of urgency among customers to get vaccinated as soon as possible. In addition, the emergence of new variants of the virus has also contributed to the demand for vaccines.

Underlying macroeconomic factors: The COVID-19 Vaccines market in Central & Western Europe has been influenced by several underlying macroeconomic factors. For example, the region has a highly developed healthcare infrastructure, which has helped to facilitate the distribution and administration of vaccines. In addition, governments in the region have implemented policies to support the development and distribution of vaccines, which has helped to drive growth in the market. Finally, the region has a high level of disposable income, which has enabled customers to pay a premium for vaccines that meet their safety and efficacy criteria.

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.