Market Insights Health Pharmaceuticals Vaccines

Other Vaccines - Colombia

Colombia

Colombia is projected to experience a significant increase in revenue within the Other Vaccines market.
By 2024, it is estimated that the revenue will reach €89.83m.
Looking ahead, the market is expected to grow at an annual growth rate of 10.25% from 2024 to 2029.
This will result in a market volume of €146.30m by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Other Vaccines market.
In 2024 alone, United States is projected to generate a substantial revenue of €22,700.00m.
This showcases the dominant position of the United States in this market.
Colombia is seeing a growing demand for other vaccines, driven by increased awareness of preventive healthcare among its population.

Key regions: Australia, Brazil, United Kingdom, Europe, Canada

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Región

Comparación de regiones

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Analyst Opinion

The Other Vaccines market in Colombia has been experiencing significant growth in recent years.

Customer preferences: Colombian customers are becoming increasingly aware of the importance of preventative healthcare, including vaccination. This has led to a growing demand for Other Vaccines, which protect against a range of diseases beyond the standard childhood vaccinations.

Trends in the market: One of the key trends in the Other Vaccines market in Colombia is the increasing availability of vaccines for diseases such as HPV and meningitis. These vaccines were previously only available in private clinics, but are now becoming more widely available in public healthcare settings. This has led to increased uptake of these vaccines, particularly among younger age groups.Another trend in the market is the growing popularity of travel vaccines. As more Colombians travel abroad, there is a greater demand for vaccines to protect against diseases such as yellow fever and typhoid. This has led to an increase in the number of travel clinics and private healthcare providers offering these vaccines.

Local special circumstances: One of the main factors driving the growth of the Other Vaccines market in Colombia is the country's universal healthcare system. This system provides free vaccinations to all citizens, which has helped to increase vaccination rates across the population. Additionally, there is a growing middle class in Colombia with increasing disposable income, which has led to greater demand for private healthcare services, including vaccination.

Underlying macroeconomic factors: Colombia's stable economy and growing middle class have contributed to the growth of the Other Vaccines market. Additionally, the government's commitment to improving public healthcare services has led to increased availability of vaccines in public settings. However, there are still challenges in terms of access to healthcare in more remote areas of the country, which may limit the growth potential of the market in these regions.

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.