Meningococcal Conjugate Vaccine Market size is forecast to reach $1.83 billion by 2025, growing at a CAGR of 4.12% during the forecast period 2020-2025. Meningococcal conjugate vaccine is used to prevent infection caused by meningococcal bacteria. Rising government awareness programs and increasing government interventions are the major factors driving the growth of the market. Low manufacturing cost and increasing healthcare spending is set to further enhance the overall market demand of meningococcal conjugate vaccine during the forecast period 2020-2025.
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Composition – Segment Analysis
Meningococcal vaccination is used to prevent invasive meningococcal disease caused by Neisseria meningitidis serogroups A, C, Y, and W-135 in high risk adults. Vaccines can be monovalent or polyvalent. A monovalent vaccine contains a single strain of a single antigen. Combination vaccines are used to prevent different diseases or that protect against multiple strains of infectious agents causing the same disease. Combination vaccines can be useful to overcome logistic constraints of multiple injections and accommodate for a children’s fear of needles and pain. The development of combination vaccines for protection against multiple diseases began with the combination of individual diphtheria, tetanus, and pertussis vaccines into a single product and this combined vaccine was first used to vaccinate infants and children.
Brand- Segment Analysis
Vaccines can help prevent meningococcal disease which is used to prevent illness caused by Neisseria meningtidiss which are Menactra and Menveo. Menactra (meningococcal conjugate vaccine) is used to prevent infection caused by meningococcal bacteria.Menactra works by exposing you to a small dose of the bacteria or a protein from the bacteria, which causes the body to develop immunity to the disease. Meningococcal disease is a serious infection caused by a bacterium. Meningococcal bacteria can infect the spinal cord and brain, causing meningitis that can be fatal. Meningococcal disease can also lead to permanent and disabling medical problems.
Geography – Segment Analysis
North America dominated the meningococcal conjugate vaccine market in 2019 with a share of more than 36.5%, followed by Asia Pacific owing to rising incidences of meningitis and supportive government initiatives and growing efforts of healthcare organizations to curb meningococcal disease .Owing to the rising population, the meningococcal disease is also increasing. Improving healthcare infrastructure, development of quality vaccines at an affordable price and growing awareness about meningococcal vaccination & associated immunization is boosting the growth of meningococcal conjugate vaccine market in the North America region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to development of combination vaccines and government regulations.
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Drivers – Meningococcal Conjugate Vaccine Market
Rising public health awareness initiatives to help prevent children, teens and adolescents from getting infected by meningococcal disease .With an increasing number of individuals becoming aware about the symptoms and impact of meningococcal meningitis and subsequent treatment options, vaccines are garnering notable traction, especially from the worst-hit regions. High rate of mortality and long term neurological defects among infants and young children has been creating an increased demand for promising vaccines. Growing use of meningococcal vaccines for immunization of special risk groups, including travelers or military personnel and for recommended but not reimbursed immunization is fueling gains in the market.
Low manufacturing cost and increasing healthcare spending is boosting the growth of the meningococcal conjugate vaccine. Growing investments by manufacturers and governments to cope with pandemic meningitis and rapidly growing consumption of meningococcal vaccines bolstered by immunization alliances and mass vaccination campaigns among others is increasing the growth of the vaccine. Presence of various government awareness programs, increasing government interventions in refining healthcare infrastructure and incorporation of security guidelines pertaining to meningococcal vaccines are estimated to increase the demand of meningococcal conjugate vaccine.
Challenges – Meningococcal Conjugate Vaccine Market
Some of the factors that can impede the growth of the meningococcal conjugate vaccine market are lack of awareness of the harmful effect of meningitis on toddlers and young children and also implementing meningococcal immunization programs with adequate vaccine coverage has been effective in decreasing the burden of disease. However, achieving similar results in developing countries.
Meningococcal Conjugate Vaccine Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the meningococcal conjugate vaccine market. In 2019, meningococcal conjugate vaccine Market share is consolidated by the top ten players present in the market. Meningococcal conjugate vaccine top 10 companies are Baxter International Inc, Biomed Pvt.Ltd , Glaxosmithkline Plc, International Medical Corporation, Merck Co.Inc, Novartis Ag, Pfizer Inc and Sanofi Pasteur among others.
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