According to a new report published by Allied Market Research, titled, BCG Vaccine Market by Demographics: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global BCG vaccine market was valued at from $20,366 thousand in 2016, and is estimated to reach $28,051 thousand by 2023, growing at a CAGR of 4.6% from 2017 to 2023. The Indian BCG vaccines market holds the highest share in the global BCG vaccines market.
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Bacillus Calmette-Gurin (BCG) vaccine is the only vaccine currently available for prevention of tuberculosis (TB). One dose of BCG vaccine is recommended for healthy babies at birth in countries where tuberculosis is common.
The major factor that contributes to the market growth are increase in incidence rate of tuberculosis in developing nations, rise in R&D activities related to vaccines, and 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.
The pediatrics segment is expected to maintain its dominant position during the analysis 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.
Key Findings of the BCG Vaccine Market:
- The pediatrics segment accounted for more than three-fourths share of the global market in 2016.
- China is expected to grow at a rapid CAGR of 6.2% from 2017 to 2023.
- India accounted for one-sixth of the global market in 2016.
- The adults segment is expected to grow at a CAGR of 3.6% from 2017 to 2023.
The major companies profiled in the report include Merck & Co., Inc., Sanofi Pasteur, Japan BCG Laboratory, China National Biotec Group (a subsidiary of China National Pharmaceutical Group Corporation), Serum Institute of India Pvt. Ltd., InterVax Ltd., GreenSignal Bio Pharma Limited (GSBPL), and Statens Serum Institut.