Introduction to Meningococcal Vaccines Market
Meningococcal vaccine is used to prevent contagious infection of the membranes that surround the brain and spinal cord caused by Neisseria meningitides. Three types of vaccines are present to act against meningococcal disease which target serogroups A, C, W-135, and Y of meningococcus. These vaccines are mainly used to immunize infants and children against invasive diseases caused by Neisseria meningitides.
The occurrence of meningococcal disease relies on several factors inclusive of age, geographical location, environmental fettle, and immunity. Such a wide range of factors responsible for the diseases also increases its rate of incidence, and this gives an impetus to the growth of the global market for meningococcal vaccines. The rising incidence of the disease is rebutted by the awareness campaigns to inform and educate people about the ills of meningococcal disease and ways to prevent and treat it. This has also created growth spaces for the pharmaceutical companies manufacturing vaccines and drugs for the treatment of meningococcal. The efforts of international bodies towards building a strong healthcare awareness framework have also aided the growth of the global market. Subsidization of vaccinations and mandates from global healthcare bodies have also benefitted the global market for meningococcal diseases.
The meningococcal vaccines market has drawn a significant impetus owing to the advancement of the medical and healthcare industry in emerging economies. The increasing concerns over the growing incidences of meningitis and sepsis have also fueled the demand for these vaccines significantly across the world. The increasing incidence of meningitis across the world is the major driving force for this market. Rising awareness level of diseases and their vaccines also drives the market for meningococcal vaccines. World Health Organization is promoting strategies for prevention and awareness of meningitis, this would provide growth opportunities in this market.
Market Size and Forecast
The global meningococcal vaccines market consists of a good number of established players who are on a quest to expand their market shares. The competition in the market has been stiffening over the past decade, partly due to the innovative business strategies of leading players, and majorly on account of the continual entry of new players. The companies operating in the pharmaceutical industry can easily expand their horizons by manufacturing meningococcal vaccines and this is the prime reason behind the emergence of new market players. The established market vendors have attained a deft level of expertise in the manufacture, sale, and marketing of products, thus, enhancing their growth prospects in the contemporary times. On the other hand, the smaller market vendors in the global meningococcal vaccines market are expected to form strategic alliances to counter the strong footholds of the leading players.
The global meningococcal vaccination market is anticipated to record a CAGR of around 11.5% over the forecast period i.e. 2019-2027. The market is segmented by composition into mono vaccines and combinational vaccines, out of which, the combinational vaccines is expected to witness lucrative growth over the forecast period. CLICK TO DOWNLOAD FREE SAMPLE
Production of Cheap and Quality Vaccines
Manufacturing quality vaccines at affordable prices, various public private partnerships for carrying out research and development activities and presence of vaccines in pipeline and their expected commercialization such as MenACWY are the key factors driving the growth of meningococcal vaccines market. Furthermore, presence of various government awareness programs, increasing government interventions in refining healthcare infrastructure and incorporation of security guidelines pertaining to meningococcal vaccines are expected to positively reinforce market growth. Growing incidences and mortality rates due to meningococcal diseases have caused the federal government to involve and support R&D initiatives and distribution of meningococcal vaccines. For instance, introduction of MenA Conjugate Vaccination Programe in Africa is expected to prevent 123,000 deaths.
Increasing Education and Awareness through various Non-Profit Organizations
The National Association of School Nurses, a non-profit specialty nursing organization, in collaboration with Sanofi Pasteur, is working in the Voices of Meningitis campaign. It is a public health initiative to help prevent children and teens from getting infected by meningococcal disease. These non-profit organizations, such as the National Meningitis Association (NMA), welcome partnerships by providing opportunities to collaborate with government agencies, corporations, and other non-profit organizations in order to increase awareness about meningococcal disease, its prevention, and the urgent need for immediate treatment following diagnosis. Visits to health care facilities should be used to assess immunization status and administer recommended vaccines in order to provide access to vaccines for as many adolescents as possible. Alternative sites, such as schools or pharmacies, can also be utilized to maximize vaccination opportunities. Increased coverage rates of meningococcal immunization programs worldwide are likely to further increase access to vaccines.
Cold Storage of Vaccines
The maintenance of cold chain for the delivery of vaccines leads to rise in cost of vaccination, which serves as the major limiting factor for this market.
Our-in depth analysis of the global meningococcal vaccine market includes the following segments:
By End Users
On the basis of regional analysis, the global meningococcal vaccine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is projected to be a highly lucrative market for meningococcal vaccines during the forecast period. The region held major share of the global meningococcal vaccines market due to high rate of adoption of advanced products and rise in penetration of new entrants with novel technology. The U.S. held a major share of the market in North America as well as globally. The country is a major innovation hub, where the world’s leading companies conduct research and development.
The global meningococcal vaccine market is further classified on the basis of region as follows:
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