Meningococcal Vaccines Market Size Expected to Reach $4.2 Billion by 2026
Meningococcal Vaccines Market size is expected to reach $4.2 billion by 2026, growing at a CAGR of 10.8% during the forecast period 2021-2026. Meningococcal vaccines are polysaccharide vaccines that are used to prevent diseases caused by meningococcus, which is a Gram-negative bacterium that can cause meningitis and other forms of meningococcal disease such as meningococcemia. The meningococcal disease results in infection of the lining of the brain and spinal cord and also has the potential to cause large epidemics. This disease is generally transmitted through direct contact with droplets of throat secretions from patients. Increase in the demand for combination vaccines and conjugate vaccines, growing government initiatives to replace the current meningitis vaccines with new vaccines to combat rising deaths, and rise in the adoption in developing countries in their national immunization programs are the factors that are set to drive the growth of the Meningococcal Vaccines Market for the period 2021-2026.
Meningococcal Vaccines Market Segment Analysis-By Type
The Meningococcal Vaccines Market based on the Type can be further segmented into Bivalent, Quadrivalent, and Others. The Quadrivalent segment held the largest share in 2020 and is also estimated to be the fastest-growing segment with a CAGR of 11.6% over the period 2021-2026. This growth is owing to the growing usage from brands such as Menactra, Menveo, and Nimenrix. The quadrivalent Conjugate Vaccines are increasingly being used for the active immunization of individuals. The increasing approval of new vaccines to protect people against meningococcal meningitis is driving the growth of the Meningococcal Vaccines Market. The Bivalent segment held the second-largest share in 2020 owing to the factors such as growing demand for bivalent meningococcal vaccine for adolescents and young adults and increase in the research and development activities by the key players.
Meningococcal Vaccines Market Segment Analysis-By Age Group
The Meningococcal Vaccines Market based on the Age Group can be further segmented into Infants, Adolescents, and Adults. The Infants segment held the largest share in 2020 and is also estimated to be the fastest-growing segment with a CAGR of 11.5% over the period 2021-2026. This growth is owing to the increasing demand for meningococcal conjugate vaccines for treating the infant population. The growing government initiatives to replace the current polysaccharide vaccines with new vaccines to combat rising deaths owing to meningitis is driving the growth of the Meningococcal Vaccines Market. The Adolescent segment held the second-largest share in 2020 owing to the factors such as growing demand for meningococcal combination vaccines for treating the adolescent population and increase in the prevalence of meningococcal diseases in developing countries.
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Meningococcal Vaccines Market Segment Analysis-By Geography
North America held the largest share with 29% of the overall market in 2020. The growth in this segment is owing to the factors such as increase in the government initiatives to develop new vaccines to combat rising deaths and growing approval of new vaccines to protect people against meningococcal meningitis. The rising demand for meningococcal combination vaccines for adolescents is driving the growth of the Meningococcal Vaccines Market. Asia Pacific is estimated to be the fastest growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as increase in the research and development activities by the key players to develop polysaccharide vaccines, rise in the launches of conjugate vaccines in the region, and increase in the adoption of immunization programs.
Meningococcal Vaccines Market Drivers
Rise in the Demand for Meningococcal Conjugate Vaccines
There is a rapid increase in the demand for meningococcal conjugate vaccines owing to its capability of protecting against four types (serogroups A, C, W, and Y) of Neisseria meningitidis bacteria. It also provides the ability to induce greater antibody persistence, avidity, immunologic memory, and herd immunity, which is driving the growth of the Meningococcal Vaccines Market.
Increase in the Focus on Developing New Vaccines
The key players are focusing on developing polysaccharide vaccines that do not depend on very narrow range temperatures for storage. The manufacturers are also aimed at developing vaccines that provide an effective, long-term, and affordable solution to epidemics caused owing to meningococcal disease, which is driving the growth of the Meningococcal Vaccines Market.
Meningococcal Vaccines Market Challenges
Lack of Awareness of the Harmful Effect of Meningitis in Toddlers and Young Children
Meningococcal vaccines are increasingly being adopted in several countries in their national immunization programs and surge in meningococcal outbreaks in several countries have further propelled the demand for meningococcal vaccines. However, lack of awareness of the harmful effect of meningitis in toddlers and young children is one of the major factors that is estimated to reduce the growth of the Meningococcal Vaccines Market.
Meningococcal Vaccines Market Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Meningococcal Vaccines Market. Key companies of this market are GlaxoSmithKline PLC, Pfizer Inc, Walvax Biotechnology Co Ltd, Bio-Med Pvt Ltd, Bio-Manguinhos, Chongqing Zhifei Biological Products Co Ltd, Incepta Pharmaceuticals Ltd, Serum Institute of India Pvt. Ltd, Sanofi S.A, Hualan Biological Engineering, Inc among others.
Acquisitions/Product Launches:
In July 2020, Pfizer Inc has entered into partnership with CanSino Biologics to promote meningitis vaccine candidate in China to offer protection against the severe infectious disease caused by Meningococcus bacteria.
In February 2020, GlaxoSmithKline PLC has launched the Menveo vaccine in India for protection against meningococcal disease for use in infants as young as 2 months of age. It is used to prevent invasive meningococcal disease caused by Neisseria meningitidis serogroups A, C, Y, and W-135.
In February 2020, Serum Institute of India (SII) has announced the launch of the world’s most affordable pneumococcal conjugate vaccines (PCV) that provides protection against 10 variants of pneumococcus bacteria that causes pneumonia, meningitis, and blood infections in children.
Key Takeaways
North America Meningococcal Vaccines Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the growing approval of new vaccines to protect people against meningococcal meningitis.
The increasing demand for meningococcal conjugate vaccines for treating the infant population is driving the segment of Infants.
The lack of awareness of the harmful effect of meningitis in toddlers and young children is one of the major factors that is said to reduce the growth of the Meningococcal Vaccines Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Meningococcal Vaccines Market report.
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