Key regions: Japan, Italy, China, South Korea, Brazil
Latvia, a small country in Northern Europe, has been making progress in its COVID-19 vaccination efforts. As of now, the country has administered vaccines to a significant portion of its population. In this write-up, we will explore the trends and developments in the COVID-19 vaccines market in Latvia.
Customer preferences: Latvia has been administering COVID-19 vaccines from Pfizer-BioNTech, Moderna, and AstraZeneca. Despite some hesitancy towards the AstraZeneca vaccine due to reported side effects, the vaccine has been widely accepted in Latvia. The country has also recently started administering the Johnson & Johnson vaccine.
Trends in the market: As of now, Latvia has administered vaccines to a significant portion of its population. This can be attributed to the country's efficient vaccination program and the willingness of its citizens to get vaccinated. The demand for vaccines has been high, and the government has been working to secure more doses to meet this demand.
Local special circumstances: Latvia has a relatively small population, which has made it easier for the government to administer vaccines to a significant portion of its citizens. The country has also been able to secure vaccines through the European Union's joint procurement program. Additionally, the Latvian government has been actively promoting vaccination through various campaigns and initiatives.
Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on Latvia's economy, with the country experiencing a decline in GDP in 2020. The government has been working to mitigate the economic impact of the pandemic through various measures, including financial support for businesses and individuals. The successful vaccination program in Latvia is expected to have a positive impact on the country's economy, as it will allow for the easing of restrictions and the reopening of businesses. In conclusion, Latvia's COVID-19 vaccination program has been successful, with a significant portion of the population already vaccinated. The country's efficient vaccination program, willingness of its citizens to get vaccinated, and government initiatives promoting vaccination have contributed to this success. The impact of the vaccination program on the country's economy is expected to be positive, as it will allow for the easing of restrictions and the reopening of businesses.
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.
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