Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Georgia

Georgia

In 2024, the projected revenue in the COVID-19 Vaccines market for the country of Georgia is estimated to reach US$1.07m.
This is expected to show an annual growth rate (CAGR 2024-2028) of -20.38%, leading to a market volume of US$0.43m by 2028.
When compared globally, United States is anticipated to generate the highest revenue, amounting to US$1,832,000.00k in 2024.
Georgia is rapidly expanding its COVID-19 vaccine distribution network to reach rural and remote areas.

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

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Analyst Opinion

The COVID-19 pandemic has created an unprecedented demand for vaccines globally, with countries racing to vaccinate their populations to curb the spread of the virus. Georgia, a small country located in the Caucasus region of Eurasia, has also been experiencing a surge in demand for COVID-19 vaccines.

Customer preferences: Like many other countries, the majority of the Georgian population prefers to receive vaccines from well-known and reputable pharmaceutical companies. The most popular brands in Georgia are Pfizer-BioNTech, AstraZeneca, and Sinovac. However, due to supply constraints, the country has also been administering vaccines from other manufacturers such as Sinopharm and Sputnik V.

Trends in the market: One of the main trends in the Georgian market is the increasing number of people getting vaccinated. The government has been actively promoting vaccination campaigns, and the majority of the population is now eligible for vaccination. Additionally, the country has been receiving vaccine donations from other countries, including the United States, China, and India. This has helped to accelerate the vaccination process and meet the growing demand for vaccines.Another trend in the market is the emergence of vaccine tourism. Georgia has recently started offering COVID-19 vaccines to foreign tourists, with some tour operators even including vaccine packages in their travel itineraries. This has led to an increase in demand for vaccines from tourists, which has put additional pressure on the country's vaccine supply.

Local special circumstances: Georgia has a relatively small population of around 3.7 million people, which has made it easier for the government to distribute vaccines to the population. Additionally, the country has a well-established healthcare system and a high level of public trust in the government's ability to manage the pandemic. This has helped to facilitate the vaccination process and increase public acceptance of the vaccines.

Underlying macroeconomic factors: Georgia's economy has been heavily impacted by the COVID-19 pandemic, with the country experiencing a sharp decline in tourism and other industries. The government has been actively seeking ways to boost the economy, and the vaccination campaign has been seen as a key factor in achieving this goal. By vaccinating the population and opening up the country to tourists, the government hopes to revive the tourism industry and stimulate economic growth. Additionally, the government has been providing incentives to local businesses to encourage them to vaccinate their employees, which has helped to increase the demand for vaccines.

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.