Meningococcal Vaccines Market Size To Strike $4.92 Billion By 2030, on Account of Rising Prevalence of Meningitis And Growing Immunization Programs | Grand View Research, Inc.

May 26 18:50 2022
Meningococcal Vaccines Market Size To Strike $4.92 Billion By 2030, on Account of Rising Prevalence of Meningitis And Growing Immunization Programs | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, the global meningococcal vaccine industry is anticipated to fuel growth owing to growing awareness about the disease, and increasing R&D activities pertaining to meningococcal vaccines during the forecast period.

Meningococcal Vaccines Industry Overview

The global meningococcal vaccines market size was valued at USD 2.88 billion in 2021 and is expected to reach USD 4.92 billion by 2030, registering a CAGR of 6.2% over the forecast period.

The increasing prevalence of meningitis is one of the major factors expected to drive the market. According to the Centers for Disease Control and Prevention (CDC), around 1.2 million cases of bacterial meningitis are projected to occur globally every year. Moreover, increasing immunization programs, growing awareness about the disease, and increasing R&D activities pertaining to meningococcal vaccines are expected to fuel the market growth during the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Meningococcal Vaccines Market

The overall market experienced a decline in 2020 owing to the COVID-19 pandemic. The net sales of Menactra, Menveo, Nimenrix, Trumenba, and Bexsero were negatively impacted in 2020. However, the market is expected to grow at a positive Y-o-Y growth rate in 2021 due to increasing initiatives by government and regulatory authorities to combat the rising prevalence of meningitis. For instance, in May 2019, the Ministry of Health of Ireland approved MenACWY vaccine to be provided to thousands of teenagers in Ireland, due to the rising prevalence of meningitis in 2018.

U.S. meningococcal vaccines market size, by type, 2020-2030 (USD Billion)

Various campaigns and awareness programs are being organized by government & non-government organizations, such as the National Meningitis Association (NMA), Meningitis Research Foundation of Canada, Meningitis B Action Project, and others. These organizations help in promoting continuous research and new approaches involved in disease prevention. Hence, these factors are anticipated to fuel the meningococcal vaccine market growth in the coming years.

The presence of non-profit organizations providing support for research projects, training to healthcare professionals, and offering information & help to patients is anticipated to accelerate market growth. For instance, in August 2021, DoSomething.Org and National Foundation for Infectious Diseases (NFID) introduced the “Complete What’s Missing Program”. The program’s goal is to educate young people about the importance of Meningococcal Disease Prevention.

The presence of phase III vaccines in the pipeline which are expected to be commercialized over the forecast period is anticipated to fuel the market growth. For instance, in June 2020, Pfizer, Inc. initiated phase III clinical trials of PF-06886992, a pentavalent meningococcal vaccine candidate (MenABCWY) to assess & compare the safety, immunogenicity, and tolerability with licensed meningococcal vaccines in adolescents and young adults. Moreover, Menactra, a conjugate vaccine manufactured by Serum Institute of India Pvt. Ltd. is currently in phase III clinical trial.

 

Meningococcal Vaccines Market Segmentation

Based on the Type Insights, the market is segmented into Bivalent, Quadrivalent, and Others.

  • Quadrivalent vaccines accounted for the largest revenue share in 2021 owing to widely used brands such as Menactra, Menveo, and Nimenrix. Moreover, approval of new vaccines to protect people against meningococcal vaccines is anticipated to fuel the growth of this market.
  • Bivalent vaccines held the second largest market share owing to the high adoption rate coupled with the low cost and inclusion of these vaccines in various programs undertaken by governments of different countries.

 

Based on the Brand Insights, the market is segmented into Menactra, Menveo, Nimenrix, Trumenba, Bexsero, and Others.

  • Bexsero accounted for the largest revenue share in 2021 owing to fewer doctor visits, lower costs and reduced doses.
  • Trumenba is expected to grow at the fastest rate over the forecast period. The growth of the vaccine is mainly driven by the increasing awareness of the disease and increasing marketing approval across the globe.

 

Based on the Age Group Insights, the market is segmented into Infants (0 to 2 years), and Children And Adults (2 years & above).

  • The infants segment is expected to be the fastest-growing segment over the forecast period owing to the rising prevalence of meningitis.
  • The children & adults segment held the largest market share owing to initiatives undertaken by healthcare organizations to vaccinate the adult population and ongoing clinical trials to develop novel vaccines for teenagers.

 

Based on the Serotype Insights, the market is segmented into Serotype A, Serotype B, Serotype C, Serotype W-135, and Serotype Y.

  • Serotype B segment dominated the global market in 2021. This can be attributed to the presence of strong vaccines such as Trumenba & Bexsero available in the market and the increasing disease burden of MenB worldwide.
  • The serotype C segment is anticipated to experience the fastest growth over the forecast period. The growth of the segment can be attributed to the high effectiveness of vaccines and the increasing inclusion of vaccines in vaccination programs of countries.

 

Based on the Sales Channel Insights, the market is segmented into Private and Public.

  • The public sales channel segment held the largest market share and is anticipated to maintain its dominance throughout the forecast period.
  • The private sales channel is mainly driven by increasing demand for meningococcal vaccines in developing countries.

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

  • North America dominated the overall market in terms of revenue in 2021, followed by Europe. Favorable recommendations & support from governments and high R&D investments are some factors driving the North America market.
  • The Asia Pacific market is expected to grow at a significant rate during the forecast period. The increasing pediatric population and increasing initiatives by the government to combat the rising prevalence of the disease are contributing to the growth of the meningococcal vaccines in this region.

 

Browse through Grand View Research’s Pharmaceuticals Industry Research Reports.

  • Vaccine Market The global Vaccine Market was valued at over USD 32.5 billion in 2015 and is expected to grow at a CAGR of 10.3% over the forecast period. The rising demand for better healthcare infrastructure and high awareness levels of the benefits of immunization are the major factors boosting the market growth.

 

  • Shingles Vaccine Market – The global shingles vaccine market size was valued at 2.99 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.9% from 2021 to 2028.

 

Market Share Insights

  • June 2020: Pfizer Inc. started Phase III clinical trials of PF-06886992, which is a pentavalent meningococcal vaccine candidate (MenABCWY).
  • April 2020: Sanofi received U.S. FDA approval for MenQuadfi. It is a quadrivalent meningococcal (Groups A, C, Y, W) conjugate vaccine for the prevention of invasive meningococcal disease in people 2 years & older.

 

Key Companies Profile:

The market is expected to experience a shift in the dynamics over the forecast period due to the presence of strong pipeline products. Moreover, companies are involved in developing novel vaccines for meningococcal disease and expanding the application of existing vaccines in terms of age groups.

Some prominent players in the global meningococcal vaccines market include,

  • Pfizer Inc.
  • Sanofi
  • Serum Institute of India Ltd.
  • GlaxoSmithKline plc.
  • Merck & co., Inc.
  • Walvax Biotechnology Co., Ltd.

 

Order a free sample PDF of the Meningococcal Vaccines Market Intelligence Study, published by Grand View Research.

 

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