Vaccines - Hungary

Hungary

In Hungary, the Vaccines market is forecasted to achieve a revenue of US$79.45m in 2024.
The projected revenue indicates an annual growth rate (CAGR 2024-2028) of 0.29%, leading to a market volume of US$80.38m by 2028.
When compared globally, United States is expected to generate the highest revenue, amounting to US$25,690.00m in 2024.
Hungary's government has implemented strict regulations and incentives to promote the use of vaccines and achieve high vaccination rates among its population.

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

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Analyst Opinion

Hungary, a country located in Central Europe, has been experiencing significant developments in the Vaccines market in recent years.

Customer preferences: The Hungarian population has become increasingly aware of the importance of vaccinations in preventing diseases. This has led to an increase in demand for vaccines, especially among children and the elderly. In addition, the government has implemented a mandatory vaccination program for children, which has further boosted the demand for vaccines.

Trends in the market: The Hungarian Vaccines market has been experiencing significant growth in recent years. This growth can be attributed to several factors, including the increase in demand for vaccines, the mandatory vaccination program, and the government's efforts to improve access to vaccines. The market has also seen the introduction of new vaccines, including those for HPV and meningococcal disease.

Local special circumstances: One of the unique characteristics of the Hungarian Vaccines market is the significant role played by the government. The government is responsible for the procurement and distribution of vaccines, and it also provides subsidies for certain vaccines. This has helped to ensure that vaccines are accessible to all segments of the population, regardless of their income level.

Underlying macroeconomic factors: The Hungarian economy has been growing steadily in recent years, which has helped to support the growth of the Vaccines market. In addition, the government's focus on healthcare has led to increased investment in the sector, which has helped to improve the infrastructure and facilities for vaccination. The country's membership in the European Union has also facilitated the procurement of vaccines and the implementation of vaccination programs.

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.