Vaccines - Spain

Spain

In Spain, the revenue in the Vaccines market is projected to reach US$1.14bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2028) of -0.66%, resulting in a market volume of US$1.11bn by 2028.
When comparing globally, United States is anticipated to generate the highest revenue in the Vaccines market, with an estimated value of US$25,690.00m in 2024.
Spain is experiencing a growing demand for vaccines as the government focuses on increasing vaccination rates nationwide.

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

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Analyst Opinion

Spain, a country located in southwestern Europe, is known for its rich cultural heritage, sunny beaches, and vibrant nightlife. However, the country is also making significant strides in the healthcare sector, particularly in the vaccines market.

Customer preferences: In Spain, customers place a high value on preventative healthcare measures, including vaccines. The Spanish government provides free vaccinations for certain groups, such as children and the elderly, which has led to a high vaccination rate in the country. Additionally, there is a growing trend towards personalized medicine and a focus on improving vaccination coverage for underserved populations.

Trends in the market: One of the major trends in the Spanish vaccines market is an increasing demand for new and innovative vaccines. This is driven by a growing awareness of the importance of vaccination, as well as a rising incidence of infectious diseases. In recent years, there has been a particular focus on developing vaccines for diseases such as influenza, meningitis, and human papillomavirus (HPV).Another trend in the market is the increasing use of combination vaccines, which offer protection against multiple diseases in a single shot. This is particularly important for children, who may require multiple vaccinations in their early years. Combination vaccines not only reduce the number of injections needed but also improve adherence to vaccination schedules.

Local special circumstances: Spain has a strong pharmaceutical industry, which has contributed to the growth of the vaccines market. Many of the major pharmaceutical companies have a presence in the country, and there is a well-established infrastructure for clinical trials and drug development. Additionally, Spain has a high level of public trust in vaccines, which has helped to maintain high vaccination rates.

Underlying macroeconomic factors: Spain has a universal healthcare system, which provides free or low-cost healthcare to all citizens. This has helped to ensure that vaccines are accessible to all, regardless of income. Additionally, the Spanish government has made significant investments in healthcare infrastructure and research, which has contributed to the growth of the vaccines market. However, like many countries, Spain has faced economic challenges in recent years, which has led to cuts in healthcare spending. This may impact the availability of certain vaccines in the future.

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.