Meningococcal Vaccines Market is Anticipated To Grow At a CAGR Of ~5.6% From 2019 To 2030
Market Industry Reports (MIR) has published a new report titled “Meningococcal Vaccines Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global meningococcal vaccines market is estimated to be over US$ 2,500 Billion in 2019. It is anticipated to grow at a CAGR of ~5.6% from 2019 to 2030.
Increasing number of initiatives for development of novel vaccines by government bodies, international health organizations, private sectors and public health bodies has played a crucial role in promoting the growth of meningococcal vaccines market. For instance, from April 2019, Australian Government announced Nimenrix (MenACWY vaccine) to be funded as part of the National Immunization Program (NIP) for adolescents. Moreover, novel vaccines targeting different serogroups of meningococci are receiving approvals for sales in different regions, which in turn is contributing in the growth of the market. For instance, on 30 May 2017, Pfizer Inc. received European Commission (EC) for TRUMENBA (Meningococcal Group B Vaccine). TRUMENBA aids in prevention of invasive meningococcal disease caused by Neisseria meningitidis serogroup B (MenB) among individuals 10 years of age and older. However, the strict storage conditions required for meningococcal vaccines, adds on to the cost, which in turn hampers the growth of the market.
Rising incidences of meningococcal disease has considerably encouraged the development of vaccines targeting wide range of serogroups of meningococci. The highest incidence meningitis is found in the ‘meningitis belt’ of the sub-Saharan African region. For instance, in this region, major epidemics occur every 5 to 12 years, i.e. an attack rate of around 1,000 cases per 100,000 population. Global health organizations, private sector companies and government bodies across several regions are continuously promoting active immunization campaigns against meningococcal diseases. For instance, in May 2018, “Defeating meningitis by 2030” was introduced at the World Health Assembly, which aims at eradicating meningitis from all high-risk countries by 2030.
Extensive research by key players for development of novel vaccine targeting difficult serogroups such as serogroup B of meningococci further contributes in the growth of the market. For instance, In February 2018, Bexsero developed by GlaxoSmithKline plc received Breakthrough Therapy Designation from the U.S. Food and Drug Administration (FDA). Bexsero is a vaccine which is meant for prevention of Invasive Meningococcal Disease (IMD) caused by serogroup B among children aged between 2 to 10 years.
Browse key industry insights spread across 170 pages with market data tables & figures & charts from the report, Meningococcal Vaccines Market, By Vaccine Type (Polysaccharide-Based Vaccines, Quadrivalent Conjugate Vaccines and Serogroup B Vaccines), By Patient Type (Pediatric Patients and Adult Patients) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/meningococcal-vaccines-market/261
However, strict compliance to refrigeration conditions required for storage of vaccines eventually contributes to the overall cost of meningitis vaccine products. High cost of these vaccines is likely to restraint the growth of meningococcal vaccines market in the coming years.
Asia Pacific is expected to be the fastest growing region in the forecast period owing to increasing population, history of outbreaks of meningococcal disease in the past and favorable government initiatives for promotion of vaccination.
The prominent players in the meningococcal vaccines market are GlaxoSmithKline plc., Sanofi, Pfizer Inc., Serum Institute of India Pvt. Ltd, Nuron Biotech Inc., BIO-MED, Hualan Biological Engineering Inc, Walvax Biotechnology Co., Ltd. and other key players (if any) among others.
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