Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Nigeria

Nigeria

In Nigeria, the COVID-19 Vaccines market is anticipated to witness a significant growth in revenue.
By the year 2024, it is projected to reach a staggering amount of US$65.24m.
This showcases the immense potential and demand for COVID-19 Vaccines market within the country.
Furthermore, an impressive annual growth rate (CAGR 2024-2028) of -18.59% is expected, indicating a promising future for the market.
As a result, by the year 2028, the market volume is estimated to reach US$28.65m, solidifying the importance and prominence of COVID-19 Vaccines market in Nigeria.
When comparing Nigeria's revenue in the global market, it is worth noting that United States takes the lead.
In 2024, [globalrevenue_currentlayer_yeartoday_maxcountrynameprep] is projected to generate a substantial revenue of US$1,832,000.00k, highlighting its dominance and significant contribution to the global COVID-19 Vaccines market.
Nigeria is witnessing a surge in demand for COVID-19 vaccines, driven by increased awareness and government initiatives.

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

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Analyst Opinion

The COVID-19 pandemic has impacted the global economy in various ways, including the healthcare sector. Nigeria, as one of the most populous countries in Africa, has been affected by the pandemic, and the COVID-19 vaccines market in the country is developing to meet the rising demand.

Customer preferences: The Nigerian population has shown a high level of interest in COVID-19 vaccines, with many individuals eager to get vaccinated. However, there is still a significant level of vaccine hesitancy among some Nigerians due to concerns about the safety and efficacy of the vaccines.

Trends in the market: The Nigerian government has been working to secure COVID-19 vaccines for its citizens through partnerships with global organizations such as the World Health Organization (WHO) and the COVAX facility. The government has also approved the use of various vaccines, including AstraZeneca, Pfizer, and Moderna.There has been an increase in the number of private healthcare providers offering COVID-19 vaccines in Nigeria, with some individuals opting to get vaccinated at private clinics instead of government facilities. This trend is expected to continue as more private healthcare providers enter the market.

Local special circumstances: Nigeria is a diverse country with different regions, cultures, and languages. The government has been working to ensure that COVID-19 vaccines are distributed equitably across the country, with a focus on reaching rural and hard-to-reach areas.The country also has a history of vaccine hesitancy due to past incidents of vaccine-related adverse events. This has led to some Nigerians being wary of COVID-19 vaccines, despite the government's efforts to assure the public of their safety and efficacy.

Underlying macroeconomic factors: Nigeria's economy has been impacted by the COVID-19 pandemic, with a decline in oil prices affecting government revenue. This has made it challenging for the government to fund its COVID-19 response, including vaccine procurement and distribution.The country's healthcare system also faces challenges such as inadequate infrastructure and a shortage of healthcare workers. These factors have contributed to the slow rollout of COVID-19 vaccines in some areas of the country.In conclusion, the COVID-19 vaccines market in Nigeria is developing to meet the rising demand for vaccines. However, vaccine hesitancy and challenges in vaccine distribution remain key issues that need to be addressed. The government and private healthcare providers need to work together to ensure that vaccines are distributed equitably and that the public is adequately informed about their safety and efficacy.

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.