BCG Vaccine Market Expected to Reach $74.27 Million by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “BCG Vaccine Market by Demographics: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global BCG Vaccine market was valued at $46,637.5 thousands in 2020, and is projected to reach $74,269.55 thousands by 2030, registering a CAGR of 4.8% from 2021 to 2030.

Bacillus Calmette–Guérin (BCG) vaccine is the only vaccine currently available for the prevention of tuberculosis (TB). One dose of BCG vaccine is recommended for healthy babies at birth in countries where tuberculosis is common.

The growth of the BCG vaccine market is driven by increase in incidence rate of tuberculosis in developing nations, rise in R&D activities related to vaccines, growth in government initiatives, and focus on immunization programs globally. However, side reactions of BCG vaccines on patients and shortage of vaccine supply hinder the market growth. Moreover, untapped market opportunities in developing regions are expected to provide numerous opportunities for market growth during the forecast period.

As there is no current alternative to BCG vaccine, therefore there is an urgent need to improve the methods used for quality control of BCG. This is possible with the help of technological advancements in the field of genomics and proteomics, which help in development of new methods for BCG testing. These advanced testing methods can ensure the safety, quality, and efficacy of BCG vaccine preparations.

Coronavirus (COVID-19) was discovered in late December, 2019 in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. The outbreak of COVID-19 pandemic has not affected the BCG vaccine market as BCG vaccination among pediatric population has not decreased. Moreover, BCG vaccination decreases susceptibility to respiratory tract infections and improves immunity in pediatrics. Moreover, few countries underwent some clinical trials on humans to see the effectiveness of BCG vaccine towards COVID-19, which boosts the BCG vaccine market growth. These all factors show positive impact of COVID-19 on the BCG vaccine market. Thus, the COVID-19 pandemic has a positive impact on the BCG vaccine market.

The BCG vaccine market is segmented on the basis of demographics, and region. On the basis of demographics, it is bifurcated into pediatrics (0-18 Years) and adults (19-35 years). Region wise, the market is analyzed across Asia-Pacific, LAMEA, and Rest of the World.

Based on demographics, the pediatrics (0-18 Years) segment is expected to maintain its dominant position during the forecast period, as the vaccine is administered to all the children at the time of birth. As BCG is recommended for only one dose; therefore, it is used rarely in the case of adults.

Rest of the World accounted for major share of the global BCG vaccine market in 2020, and is expected to remain dominant during the forecast period. This was attributed to increase in prevalence of tuberculosis, rise in number of immunization programs, availability of advanced healthcare facilities with trained medical professionals, presence of most of the key players, and surge in investment made by governments in the healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period, majorly due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare.

Key Findings of Study

• On the basis of demographics, the pediatrics (0-18 Years) segment held the largest market share in 2020 and is expected to remain dominant during the forecast period.
• Region-wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 5.3% during the forecast period.