Meningococcal Vaccines Market is Estimated To Witness High Growth Owing To Increase in Government Initiatives for Vaccination
Market Overview:
Meningococcal vaccines are given to prevent infections caused by Neisseria meningitidis bacteria, commonly known as meningococcus. There are currently five major serogroups of Neisseria meningitidis that cause invasive disease: A, B, C, W and Y. Meningococcal vaccines protect against the five major types of meningococcal bacteria that cause meningitis and bloodstream infections. They induce the body's natural defenses, the immune system, to protect against 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:
Increase in government initiatives for vaccination is driving the growth of meningococcal vaccines market. Various governement organizations are undertaking programs and campaigns to spread awareness about meningitis and advocate for vaccination. For instance, in the US, the Centers for Disease Control and Prevention (CDC) recommends routine vaccination of preteens and teens 11-18 years of age with a meningococcal conjugate vaccine (MenACWY) and a serogroup B meningococcal (MenB) vaccine. Similarly, in the UK, the national immunization program recommends vaccination against meningitis and sepsis caused by meningococcal serogroups A, C, W-135 and Y for infants. Such initiatives help increase the reach of vaccination programs and boost the adoption of meningococcal vaccines.
Porter's Analysis
Threat of new entrants: The threat of new entrants into the meningococcal vaccines market is moderate as it requires substantial R&D investment and regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is moderate since the buyers have limited options and high stakes in health.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitutes and established buyer-supplier relationships in the market.
Threat of new substitutes: The threat of new substitutes is low as developing new vaccines requires huge capital investment and time for clinical trials.
Competitive rivalry: is high owing to the presence of large establishments.
SWOT Analysis
Strengths: Established infrastructure for production, strong R&D capabilities.
Weaknesses: High R&D costs, stringent regulatory norms.
Opportunities: Growing immunization programs, increasing government support.
Threats: Patent expiries, pricing pressure.
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 invasive meningococcal disease. As per the WHO, meningococcal disease is responsible for over 1.2 million illnesses annually.
Regional analysis: North America dominates the global market and is estimated to maintain its lead over 2023-2030. This is attributed to growing awareness about vaccination, availability of advanced healthcare infrastructure, and presence of major market players in the region. Asia Pacific exhibits the fastest growth owing to large patient pool, rapid economic development and improving healthcare accessibility in countries like India and China.
Key players related content: 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. GlaxoSmithKline plc holds the leading market share on back of its extensive product portfolio.
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