Meningococcal Vaccines Market Is Estimated To Witness High Growth Owing To Rapidly Increasing Cases Globally

Market Overview:
Meningococcal vaccines help prevent infections caused by Neisseria meningitidis bacteria, commonly known as meningococcal disease. The disease refers to infections of the lining of the brain and spinal cord called meningitis and bloodstream infections known as meningococcal septicaemia. The vaccines are used for both children and adults.

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 Dynamics:
The growth of the meningococcal vaccines market is attributed to rapidly increasing prevalence of meningitis globally. According to the World Health Organization (WHO), meningitis cases have increased significantly over the past few years. For instance, Sub-Saharan Africa has reported highest cases of meningitis accounting for over 80% of global meningitis cases. Further, increasing healthcare expenditure is also expected to support the market growth over the forecast period. Furthermore, continuous research and development activities underway for development of novel and improved vaccines by key players will fuel the market growth during the forecast period. However, high costs associated with vaccines may hinder the market growth.

SWOT Analysis
Strength: Meningococcal vaccines market has strong presence of key players such as GlaxoSmithKline plc, Pfizer, Inc., and Sanofi SA. These companies have strong pipeline and research capabilities. Furthermore, rising awareness about various meningococcal disease is prompting people to take vaccination.

Weakness: High development cost of meningococcal vaccines poses major challenge for small players. Additionally, lengthy approval process from regulatory authorities leads to delay in product launch.

Opportunity: Growing senior population base susceptible to meningococcal infections offers lucrative growth prospects. Moreover, government support for vaccination drives in emerging nations will widen the customer base.

Threats: Stringent regulations for vaccine development and efficacy data may increase compliance costs. Further, threat from substitute preventive measures can impede the market growth.

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.