According to a new report published by Allied Market Research, titled, “Meningococcal Vaccine Market by Vaccine Serotype, Vaccine Type, and End User: Opportunity Analysis and Industry Forecast, 2018–2026,” the global meningococcal vaccines market size was valued at $1,935.54 million in 2018, and is projected to reach $4.19 billion by 2026, registering a CAGR of 9.5% from 2019 to 2026.
Bacterial infections can be prevented by immunization and therefore, immunization is crucial. Neisseria meningitidis, is a virus that causes diseases such as meningitis, bacteremia (meningococcemia), and bacteremia pneumonia. However, these infectious diseases can be prevented by the use of meningococcal vaccines. Meningococcal vaccines are administered to both children and adults in a pattern of two doses to ensure complete immunization. There are three different types of meningococcal vaccines such as conjugate, polysaccharide, and subcapsular meningococcal vaccines.
Rise in immunization programs worldwide is the major factor that boost the growth of the meningococcal vaccine market. In addition, factors such as surge in awareness related to the use of meningococcal vaccines and increase in adoption of vaccination across the globe fuel the growth of the meningococcal vaccine market. However, high monetary inputs associated with manufacture of the products restrict the growth of the market. Conversely, growth potential in emerging economies is expected to create lucrative opportunities for the meningococcal vaccine market growth during the forecast period.
The global meningococcal vaccine market is segmented on the basis of serotype, vaccine types, and end user. On the basis of serotype, the market is classified into Men ACYW, Men B/BC, Men C/CY, Men AC, and Men A. By vaccine type, it is divided into conjugate, polysaccharide, and subcapsular. On the basis of end user, it is segmented into pediatric, adult, and traveler. Based on region, it is analyzed across NorthAmerica (the U.S., Canada, and Mexico), Europe (Germany, the UK, Spain, France, the Netherland, and rest of Europe), Asia-Pacific(China, Australia, and rest of Asia-Pacific), and LAMEA (Latin America.
Based on Serotypes, the meningococcal vaccine segment constituted for the major share of the meningococcal vaccine market and is expected to experience rapid growth during the forecast period as these vaccines exhibit increase in adoption in several countries and inclusion of vaccines in their national immunization programs. Moreover, Meningococcal meningitis outbreaks in several countries has led to upsurge in demand for meningococcal vaccines, which further swelled up the growth of the market is another reason that boosts the growth of the meningococcal vaccine market.
On the basis of region, North America acquired a major share owing to easy availability of meningococcal vaccines, presence of skilled healthcare experts, and presence of major key players that offer meningococcal vaccines. The Asia-Pacific region is expected to grow at the fastest rate during the forecast period due to surge in awareness related to importance of immunization, presence of large population, and rise in disposable income.
The developing economies offer lucrative opportunities for meningococcal vaccine providers to expand their business. The constantly evolving healthcare industry drives the growth of the market in the developing economies such as Africa, China, and others ca, the Middle East, and Africa).
Key Findings Of The Study
As per the serotype, the MenACWY vaccine segment is accounted for the highest market share of 54% in 2018 and is anticipated to grow at a CAGR of 11.7% during the forecast period.
On the basis of the vaccine type, the conjugate vaccine segment accounted for the largest market share and is anticipated to be the fastest growing segment at a CAGR of 10.2%.
By end user, the hospitals & clinics segment is expected to grow at the highest CAGR of 11.6% from 2019 to 2026, in terms of value.
Region wise, North America was the major shareholder and accounted for 49.84% of the meningococcal vaccine market share in 2018.
Comprehensive competitive analysis and profiles of major market players such as Bio-Manguinhos, Bio-Med Pvt. Limited, Chongqing Zhifei Biological Products Co., Ltd., GlaxoSmithKline Plc, Hualan Biological Engineering Inc., Incepta Pharmaceuticals Ltd., Pfizer Inc., Sanofi S.A., Serum Institute of India Pvt. Ltd, and Walvax Biotechnology Co., Ltd. are provided in this report.