As per the research report, the Latin America BCG Vaccine Market size is valued at USD 3.57 billion in 2023. It is expected to grow at a CAGR of 5.99% to reach USD 4.78 billion by 2028 during the forecast period 2023 to 2028.
Some essential drivers projected to drive market revenue growth over the forecast period include:
In addition, the rising demand for BCG vaccines due to an increase in the number of newborn babies in Latin America is likely to drive market expansion in the future.
The market for BCG vaccines in Latin America is being pushed by rising tuberculosis prevalence and technological improvements in vaccine research. Furthermore, increased government initiatives and a Latin America focus on immunization programs support market growth.
BCG vaccination is very effective against severe types of tuberculosis in children, which has boosted demand and is projected to continue to fuel market expansion in the future.
Increased tuberculosis prevalence, particularly in developing and undeveloped nations, and technological advancements in vaccine development, are driving the Latin America BCG vaccine market.
However, adverse effects and a lack of BCG vaccine in Latin America limit the market's expansion. Furthermore, the demand for BCG vaccinations is expected to grow due to unexplored market potential in emerging countries.
The market is likely to face several significant trends, including a decrease in the targeted incidence rate of tuberculosis and a reduction in the targeted death rate of tuberculosis. In addition, the BCG vaccine's low effect on adults is likely to negatively influence Latin America's BCG vaccine business.
However, side effects from the vaccine, including high fever, headache, swollen glands, & discomfort, may limit the use of BCG vaccines in certain people. Furthermore, a lack of BCG vaccine supplies in Latin America may restrict the market growth during the era.
This research report on the Latin America BCG Vaccine Market has been segmented and sub-segmented into the following categories.
By Demographics:
By Product Type:
By End User:
By Applications:
By Country:
Geographically, the Latin America accounted for an average percentage globally among regional markets. Increased focus on childhood TB vaccination, rising prevalence of drug-resistant tuberculosis in adults, and increased government programs and financing to purchase and distribute TB vaccine contribute to the Latin America market's significant revenue growth. In 2020, TB took the highest proportion of the market. The presence of modern healthcare infrastructure in the region and reasonable reimbursement regulations are projected to support market expansion in Latin America.
Immune BCG accounted for the largest share of the Latin American BCG vaccine market by medication type. Pediatricians controlled most of the BCG vaccine market share in Mexico and Brazil in 2020.
The Mexico BCG Vaccine Market accounted for the majority of the market with hospitals and clinics due to the increased vaccine administration to newborns in hospitals and increased vaccine procurement and availability in hospital settings, which are predicted to boost hospital income significantly over the forecast period.
The Brazil BCG Vaccine Market is predicted to grow at a significant growth because of increased government initiatives to buy and administer vaccines, attractive reimbursement policies, state-of-the-art healthcare infrastructure, and increased immunization in the region.
KEY MARKET PLAYERS
Promising companies dominating the Latin America BCG Vaccine Market profiled in the report are Merck & Co., Inc., Sanofi Pasteur, Japan BCG Laboratory, China National Biotec Group (a subsidiary of China National Pharmaceutical Group Corporation), InterVax Ltd., GreenSignal Bio Pharma Limited (GSBPL), Serum Institute of India Pvt. Ltd.,
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