South Korea BCG Vaccine Market is Expected to Register a Considerable Growth by 2030

 


The growth of BCG vaccine market is driven by increase in incidence rate of tuberculosis in developing nations, increase in research and development activities related to vaccines, increase 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. Furthermore, untapped market opportunities in developing regions are expected to provide numerous opportunities for market growth during the forecast period.

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The BCG vaccine market is segmented based on demographics and region. Since demographics, it is divided into paediatric (0-18 years) and adults (19-35 years). By region, the market is analysed in Asia-Pacific, LAMEA, and Rest of the World.

Based on population, the paediatric (0-18 years) segment is expected to maintain its dominance over the forecast period, as the vaccine is administered to all children at birth. BCG is recommended for one dose only; Therefore, it is rarely used in adults.

Asia-Pacific is expected to witness the highest growth during the forecast period due to improvements in healthcare infrastructure, increase in the number of hospitals equipped with advanced medical facilities, growth in the research and development sector, growth in healthcare reforms, and advancements in technology. Health care sector.

The coronavirus (COVID-19) was discovered in late December 2019 in Wuhan City, Hubei Province, China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from human to human. The Covid-19 pandemic has not affected the BCG vaccine market because BCG vaccination in children has not declined.

Key Findings:

·        Based on demographics, the pediatrics (0-18 years) segment held the largest market share in 2020 and is expected to remain dominant during the forecast period.

·        By region, Asia-Pacific is expected to grow at the highest rate, registering a CAGR of 5.3% during the forecast period.

 

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