February 28, 2024
Meningococcal Vaccines Market

The digitalization of healthcare is anticipated to openup the new avenue for Meningococcal Vaccines market

Market Overview:

Meningococcal vaccines help prevent infections caused by Neisseria meningitidis bacteria, commonly known as meningococcus. The bacteria can cause meningitis (infection of the membranes surrounding the brain and spinal cord) and sepsis (infection of the blood). Meningococcal vaccines are available to help prevent infections caused by serogroups A, B, C, W, and Y. The vaccines stimulate the body’s immune system to protect against future meningococcal infections. They are recommended for children, adolescents, and at-risk adults.

The meningococcal vaccines market is estimated to be valued at US$ 3.69 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The meningococcal vaccines market is driven by rising awareness about various meningococcal infections and availability of different types of vaccines for prevention. According to the Centers for Disease Control and Prevention (CDC), in the United States, an average of 600 to 800 cases of meningococcal disease occur each year. However, outbreaks can occur in communities, schools, and colleges. This had increased the focus on prevention through vaccines and boosted growth of the meningococcal vaccines market. Additionally, continuous research and development of new conjugate vaccines offering protection against additional serogroups is also expected to support market growth over the forecast period.

Segment Analysis

The meningococcal vaccines market is dominated by the conjugate segment, which is expected to hold around three-fourth of the overall market share during the forecast period. This is attributed to the benefits offered by conjugate vaccines over polysaccharide vaccines such as longer lasting protection, induction of immune memory, reduced carriage and prevention of invasive disease in non-vaccinated individuals through herd immunity. The conjugate vaccines stimulate stronger immune response and provide cross-protection against different meningococcal serogroups as compared to polysaccharide vaccines.

PEST Analysis

Political: Vaccination programs for children and adolescents have been made mandatory in several countries due to rising meningococcal disease incidence, which is driving the market growth.
Economic: Developing countries account for major share of the global disease burden, representing significant market opportunity. However, affordability remains a concern in these regions.
Social: Increasing awareness about availability of vaccines and their benefits is prompting people to vaccinate themselves and their children against this potentially deadly disease.
Technological: Continuous innovation in conjugate vaccine production technologies have improved vaccine efficiency and thermal stability without refrigeration, especially in developing nations.

Key Takeaways

The Global Meningococcal Vaccines Market Size was valued at US$ 3.69 Bn in 2023 and is expected to reach US$ 6.45 Bn by 2030, expanding at a CAGR of 8.6% during the forecast period. The high growth can be attributed to the increasing prevalence of meningococcal meningitis cases globally.

Regionally, North America captured around two-fifths of the global market share in 2023 and is expected to continue its dominance during the forecast period. This can be due to rising adoption of vaccines in national immunization programs and availability of advanced healthcare infrastructure in the region.

Some of the key players operating in the meningococcal vaccines market include Baxter International, Inc., Biomed Pvt. Ltd., GlaxoSmithKline plc, JN-International Medical Corporation, Novartis International AG., Pfizer, Inc., Sanofi SA, and Serum Institute of India Ltd. Expansion of manufacturing facilities and new product launches are some of the strategies undertaken by these players to gain competitive edge in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it