by Market Overview:
Meningococcal vaccines help prevent meningococcal disease, which is a serious bacterial infection that causes meningitis and sepsis. These vaccines induce immunological memory, providing long-lasting protection against four serogroups that cause the majority of invasive meningococcal disease.
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 key trends:
One of the key trends in the meningococcal vaccines market is the rising focus on developing vaccines for additional serotypes beyond the four currently available strains. Vaccine manufacturers are investing in R&D to introduce novel conjugate vaccines offering coverage for additional serogroups like A, W, and Y that are also associated with increased disease burden globally. In 2020, Pfizer received approval for its serogroup B meningococcal vaccine Trumenba in Europe, expanding protection options. Similarly, ongoing clinical trials evaluate the potential of multivalent vaccines targeting six or more serogroups.
SWOT Analysis
Strength: The meningococcal vaccines market has strong demand due to the fatal nature of meningococcal disease. Growing awareness about the availability of vaccines further boost demand.
Weakness: High development and production costs of meningococcal vaccines limit their availability in developing nations.
Opportunity: Rising immunization programs worldwide offer significant growth opportunities. Increasing focus on emerging markets also presents avenues for expansion.
Threats: Slow approvals and stringent regulations for new vaccines may act as challenges. Unpredictable outbreak patterns of meningococcal meningitis pose threats.
Key Takeaways
The Global Meningococcal Vaccines Market Size is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing prevalence of meningococcal disease.
Regional analysis: North America dominates the global market and is expected to maintain its lead over the forecast period as well, owing to high awareness levels and strong recommended vaccine coverage in the region. Asia Pacific is anticipated to emerge as the fastest growing market for meningococcal vaccines, driven by rising healthcare expenditure and increasing focus of key players on emerging Asian countries.
Key players operating in the meningococcal vaccines market are 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. The market remains highly concentrated with the top five players accounting for over 75% share. Key players are focused on expanding their geographic presence through strategic partnerships and collaborations with local players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
