Key regions: South Korea, India, China, Australia, Italy
The demand for vaccines in Nigeria has been on the rise in recent years due to various factors.
Customer preferences: Nigerians have become more aware of the importance of vaccines in preventing diseases and improving overall health. This has led to an increase in demand for vaccines, especially among parents who want to protect their children from preventable diseases. Additionally, the government of Nigeria has been actively promoting vaccination campaigns, which has also contributed to the increase in demand.
Trends in the market: One of the main trends in the vaccines market in Nigeria is the shift towards more advanced and effective vaccines. This is due to the growing demand for vaccines that can protect against multiple strains of diseases, as well as the need for vaccines that can be administered in fewer doses. Another trend is the increasing use of technology in vaccine production and distribution, which has helped to improve the efficiency and effectiveness of the market.
Local special circumstances: Nigeria has a large population of over 200 million people, which presents unique challenges in terms of vaccine distribution and accessibility. The country also has a high burden of infectious diseases, such as malaria and tuberculosis, which has led to a greater need for vaccines. Additionally, there are cultural and religious factors that can influence vaccine uptake, which must be taken into consideration when developing vaccination campaigns.
Underlying macroeconomic factors: The Nigerian economy has been experiencing growth in recent years, which has led to an increase in disposable income and the ability to afford vaccines. However, there are still significant disparities in income and access to healthcare, which can affect vaccine uptake. Additionally, political instability and security concerns in certain regions of the country can also impact the distribution and availability of vaccines.
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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