Rise in prevalence of tuberculosis worldwide and surge in the number of drug-resistant tuberculosis cases propel the growth of the global BCG vaccines sales market
PORTLAND, Oregon, April 23, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "BCG Vaccines Sales Market by Drug Type (Immune BCG and Therapy BCG), Usage (Tuberculosis and Bladder Cancer), and End User (Pediatrics and Adults): Opportunity Analysis and Industry Forecast, 2018 - 2025". According to the report, the global BCG vaccines sales market accounted for $45.5 million in 2017 and is expected to reach $65.9 million by 2025, growing at a CAGR of 4.2% during the forecast period, 2018-2025.
Surge in prevalence of tuberculosis around the globe and increase in the number of drug-resistant tuberculosis cases drive the growth of the global BCG vaccines sales market. Additionally, rise in initiatives by the United Nations (UN) to prevent tuberculosis would present lucrative opportunities for emerging market players in the near future. However, technological advancements aiding the development of BCG vaccine replacement impede market growth.
Immune BCG segment to continue its dominance in the near future
By drug type, the immune BCG segment occupied more than 90% of the overall market in 2017 and is expected to continue the trend through 2025. The segment is also poised to register the highest CAGR of 4.9% during the forecast period, due to lack of substitutes that provide immaculate immunity against tuberculosis.
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Tuberculosis segment to register the highest growth rate from 2018 to 2025
By usage, the tuberculosis segment is projected to grow at the highest CAGR of 5.0% during the forecast period and occupy more than four-fifths of the overall market by 2025. This is attributed to the high prevalence of tuberculosis and a large number of associated deaths globally.
Pediatrics segment to generate the largest revenue through 2025
By end user, the pediatrics segment is expected to continue its market dominance in the future and generate nearly four-fifths of the global revenue by 2025. This is due to high-effectiveness of BCG vaccines in children to prevent the onset of tuberculosis. The segment is also projected to register the highest CAGR of 6.0% during the forecast period.
Asia-Pacific to occupy the largest share in the forecast period
Asia-Pacific is expected to occupy more than two-thirds of the overall market shares by 2025, due to increased demand in low-level income population, i.e. India, to prevent tuberculosis epidemic. Meanwhile, the region of Latin America, the Middle East, and Africa (LAMEA) is projected to grow at the highest CAGR of 5.3% due to increased awareness and higher disposable income of consumers.
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Torchbearers of the industry
The key players analyzed in the report include AJ Vaccines, China National Pharmaceutical Group Corporation (Sinopharm), Greensignal Bio Pharma Limited, Intervax Ltd, Japan BCG Laboratory, Merck & Company Inc, Sanofi S.A., Serum Institute of India Pvt. Ltd., and Statens Serum Institute. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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SOURCE Allied Market Research