Vaccines - Georgia

Georgia

The Vaccines market in Georgia is expected to witness a significant growth in revenue, projected to reach US$6.72m by 2024.
This growth is anticipated to continue steadily with an annual growth rate (CAGR 2024-2028) of 6.52%, resulting in a market volume of US$8.65m by 2028.
In a global perspective, United States is expected to generate the highest revenue in the Vaccines market, with a staggering US$25,690.00m in 2024.
Despite challenges in healthcare infrastructure, Georgia is actively investing in vaccine development and distribution to combat infectious diseases.

Key regions: South Korea, India, China, Australia, Italy

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Analyst Opinion

The demand for vaccines in Georgia has been steadily increasing in recent years due to various factors.

Customer preferences: Customers in Georgia are increasingly becoming more health-conscious, leading to a rise in demand for vaccines. The COVID-19 pandemic has also played a significant role in increasing the demand for vaccines, with many people now prioritizing their health and taking preventative measures against illnesses.

Trends in the market: One of the trends in the vaccine market in Georgia is the growing popularity of flu vaccines. With the flu being a common illness during the colder months, many people are seeking out flu vaccines to protect themselves. Another trend is the increasing demand for childhood vaccines, as parents become more aware of the importance of vaccinating their children.

Local special circumstances: Georgia has a relatively high rate of infectious diseases compared to other countries, which has led to a greater emphasis on preventative measures such as vaccines. Additionally, the country has a well-established healthcare system that has been instrumental in increasing access to vaccines.

Underlying macroeconomic factors: The Georgian government has been actively promoting the use of vaccines through various initiatives and programs. This has helped to increase awareness about the importance of vaccines and has made them more accessible to the general public. Additionally, the country's growing economy has led to an increase in disposable income, which has allowed more people to afford 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.