Market Insights Health Pharmaceuticals Vaccines

Other Vaccines - Latvia

Latvia

In Latvia, the revenue in the Other Vaccines market is forecasted to achieve a significant milestone, with a projected amount of US$13.36m by the year 2024.
Looking ahead, it is anticipated that this market will exhibit a steady growth rate of 10.00% annually, from 2024 to 2028.
As a result, the market volume is expected to reach US$19.56m by 2028.
When comparing these figures on a global scale, it becomes evident that United States will generate the highest revenue in the Other Vaccines market, with a substantial amount of US$23,850.00m in 2024.
Latvia has seen a growing demand for other vaccines, particularly due to increased awareness about preventive healthcare and the government's focus on public health initiatives.

Key regions: United Kingdom, China, Europe, India, France

Market

Region

Region comparison

Currency

Analyst Opinion

The Other Vaccines market in Latvia has been experiencing steady growth over the past few years.

Customer preferences: Latvian customers have been increasingly aware of the importance of vaccinations and have been actively seeking out different types of vaccines. As a result, there has been a growing demand for other vaccines in addition to the standard vaccines that are offered by the government.

Trends in the market: One of the main trends in the Other Vaccines market in Latvia is the increasing popularity of travel vaccines. With more and more Latvians travelling abroad for both business and leisure, there has been a growing demand for vaccines that protect against diseases that are prevalent in other parts of the world. Additionally, there has been a growing demand for vaccines that protect against diseases that are not covered by the standard government vaccination program.Another trend in the market is the increasing use of vaccines for pets. As more Latvians become pet owners, there has been a growing demand for vaccines that protect against common pet diseases.

Local special circumstances: Latvia has a relatively small population compared to other European countries, which means that the market for Other Vaccines is also relatively small. However, the market is still growing due to the increasing awareness of the importance of vaccinations among Latvian customers.

Underlying macroeconomic factors: Latvia has a relatively stable economy, which has helped to support the growth of the Other Vaccines market. Additionally, the government has been supportive of vaccination efforts and has been working to increase awareness of the importance of vaccinations among the general public.

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.