Bcg Vaccine Market Size, Revenue, Growth and Forecast to 2030
The latest market report published by Credence Research, Inc. “Global BCG Vaccine Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global BCG vaccine Market generated revenue of around USD 46.5 billion in 2022 and is expected to grow a CAGR of over 5.50% over the forecast period from 2023 to 2030 to reach approx USD 67.64 billion in 2030.
The growing prevalence of tuberculosis, technological advancement in vaccine research and development, and the rise in government industries for vaccination programs are among the major factors driving the market growth. Poverty, homelessness, and HIV infections are the major causes of tuberculosis, and the BCG vaccine is the only vaccine that discourages infection by the mycobacterium tuberculosis bacteria. Furthermore, as per the World Health Organization (WHO), 1.5 million died from tuberculosis in 2020. Tuberculosis is the 13th major cause of death worldwide and the second leading infectious disease after COVID-19.
The global BCG vaccine market is bifurcated into Age Group, Application, Distribution Channel, and Geography. Based on age group, the market is categorized into pediatrics and adults. On the basis of application, the global market is segmented into tuberculosis and bladder cancer. Based on distribution channels, the market is categorized into hospitals, clinics, and other distribution channels. Based on geography, the market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
In 2022, Asia Pacific dominated the global BCG vaccine market, accounting for a major market revenue share value. This is majorly owing to factors such as the high prevalence of tuberculosis, increasing susceptibility to tuberculosis due to poverty and homelessness, and many BCG vaccine manufacturers in the region. An increase in the BCG vaccination of children in countries like India and China is among the major factors contributing to the market growth in this region.
The BCG vaccine has been used for over 100 years to protect against tuberculosis (TB), but its efficacy has been called into question in recent years. A number of studies have shown that the vaccine does not provide adequate protection against TB in adults, and its efficacy may be waning in children as well. As a result, the World Health Organization (WHO) no longer recommends the use of BCG in high-risk countries.
This has led to a decline in demand for the vaccine, and manufacturers are struggling to keep up with production. In addition, the cost of the vaccine has been rising, making it unaffordable for many people who need it. As a result, the BCG vaccine market is facing a number of major challenges.
Why Buy This Report-
· The report delivers a qualitative and quantitative analysis of the global BCG vaccine market by segments, current trends, drivers, restraints, challenges, opportunities, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
· The report includes information connected to the competitive landscape, like how the essential players in the market are working at a global, regional, and country level.
· In-depth analysis of the global BCG vaccine market segmentation based on age group, application, and distribution channel.
· Prominent countries in each region with their import/export statistics
· The global BCG vaccine market report also includes analyzing the global, regional, and country levels, along with key market trends, significant players analysis, market growth strategies, and key application areas.
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