Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Jamaica

Jamaica

The COVID-19 Vaccines market in Jamaica is anticipated to achieve a revenue of US$3.60m by the year 2024.
It is projected to exhibit a compound annual growth rate (CAGR) of -21.31% from 2024 to 2028, leading to a market volume of US$1.38m by 2028.
When compared to other countries worldwide, United States is expected to generate the highest revenue in this market, amounting to US$1,832,000.00k in 2024.
Jamaica's COVID-19 vaccine rollout has been successful, with high demand and efficient distribution across the island.

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

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Analyst Opinion

Jamaica, like many other countries, is currently facing the challenge of vaccinating its population against COVID-19. The COVID-19 Vaccines market in Jamaica is developing at a steady pace, driven by various factors such as customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Jamaicans have shown a high level of interest in getting vaccinated against COVID-19, with many individuals expressing a desire to protect themselves and their loved ones from the virus. However, there is still some hesitancy among certain segments of the population, particularly those with concerns about the safety and efficacy of the vaccines.

Trends in the market: Jamaica has received several shipments of COVID-19 vaccines, including doses of the Pfizer-BioNTech, AstraZeneca, and Johnson & Johnson vaccines. The government has prioritized vaccinating frontline workers and vulnerable populations, such as the elderly and those with underlying health conditions. As of August 2021, over 10% of the population has been fully vaccinated, with the government aiming to vaccinate 65% of the population by March 2022.

Local special circumstances: Jamaica's COVID-19 Vaccines market is also influenced by local special circumstances. The country has limited resources and infrastructure, making it difficult to distribute and administer vaccines to all parts of the island. Additionally, there are logistical challenges associated with storing and transporting certain types of vaccines, such as the Pfizer-BioNTech vaccine, which requires ultra-cold storage.

Underlying macroeconomic factors: The COVID-19 Vaccines market in Jamaica is also affected by underlying macroeconomic factors. The country has experienced a significant economic downturn due to the pandemic, with high unemployment rates and reduced economic activity. As a result, the government has had to prioritize spending on healthcare and vaccine distribution, while also seeking international assistance to fund these efforts.In conclusion, the COVID-19 Vaccines market in Jamaica is developing at a steady pace, driven by customer preferences, local special circumstances, and underlying macroeconomic factors. While there are challenges associated with vaccine distribution and administration, the government is working to vaccinate as many people as possible in order to mitigate the impact of the pandemic on the country's health and economy.

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.