Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - United Kingdom

United Kingdom

The COVID-19 Vaccines market in the United Kingdom is expected to generate a revenue of €590.10m by 2024.
The market is projected to experience a significant annual growth rate (CAGR 2024-2029) of -16.99%, leading to a market volume of €232.60m by 2029.
When compared globally, United States is anticipated to generate the highest revenue of €4,028,000.00k in 2024.
The United Kingdom's COVID-19 vaccine rollout has been successful, with a high percentage of the population receiving their doses.

Key regions: United Kingdom, Germany, France, South Korea, Italy

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Analyst Opinion

The United Kingdom has been one of the leading countries in the COVID-19 vaccination drive, with a significant portion of the population already vaccinated. The COVID-19 Vaccines market in the United Kingdom has witnessed a surge in demand due to the government's efforts to vaccinate the population as quickly as possible.

Customer preferences: The UK population has shown a strong willingness to get vaccinated, with a majority of the population trusting the safety and efficacy of the vaccines. The government has prioritized the elderly, healthcare workers, and vulnerable populations in the vaccination drive, which has been well-received by the public.

Trends in the market: The COVID-19 Vaccines market in the United Kingdom has witnessed a surge in demand due to the government's efforts to vaccinate the population as quickly as possible. The government has secured contracts with multiple vaccine manufacturers, including Pfizer, Moderna, and AstraZeneca, to ensure a steady supply of vaccines. The rollout of the vaccination program has been successful, with a significant portion of the population already vaccinated.

Local special circumstances: The UK government's decision to delay the second dose of the vaccine to up to 12 weeks after the first dose has been a controversial move. While this decision has allowed for more people to receive the first dose of the vaccine, some experts have raised concerns about the efficacy of the vaccine with a delayed second dose. Additionally, the emergence of new variants of the virus has led to concerns about the effectiveness of the vaccines against these variants.

Underlying macroeconomic factors: The success of the vaccination program in the United Kingdom has been a significant factor in the country's economic recovery. The government's efforts to vaccinate the population as quickly as possible have allowed for the easing of lockdown restrictions, which has led to increased economic activity. The vaccination program has also boosted consumer confidence, leading to increased spending in the economy. However, concerns about the emergence of new variants of the virus and the efficacy of the vaccines against these variants could potentially impact the country's economic recovery 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.