Visiongain Publishes Meningococcal Vaccines Market Report 2023-2033
31 January 2023
Visiongain has published a new report entitled Meningococcal Vaccines Market Report 2023-2033: Forecasts by Vaccine Type (Conjugate, Polysaccharide, Others), by Vaccine Brand (Bexsero, Menactra, Menveo, Others), by End-users (Pediatric, Adult, Travelers) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The meningococcal vaccines market was valued at US$3,268.6 million in 2022 and is projected to grow at a CAGR of 6.32% during the forecast period 2023-2033.
High Costs of Drug Development Limits the Entry of New Players
Vaccines are required to undergo extensive studies and demonstration procedures to obtain final approval. The manufacturing companies need to adhere to the rules and regulations for the purpose of consumer safety once the product is introduced in the market. Moreover, the research and development costs increase due to all the steps involved in the approval process. Replication of original pharmaceutical products needs an in-depth understanding of product mechanisms. Therefore, the high costs of development can hinder the new manufacturer entrance which is a restraining factor for the market growth.
How has COVID-19 had a Significant Impact on the Meningococcal Vaccines Market?
COVID-19 has had a significant impact on the meningococcal vaccines market. During the COVID-19 pandemic, there were delays in seeking medical care and receiving a diagnosis for meningococcal disease due to concerns about exposure to COVID-19 in healthcare settings. This led to a reduction in the number of cases being diagnosed and treated in a timely manner. Additionally, disruptions in vaccination programs and changes in patterns of travel and crowding have led to changes in the distribution and transmission of meningococcal disease.
How will this Report Benefit you?
Visiongain’s 213-page report provides 83 tables and 132 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the meningococcal vaccines market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Meningococcal Vaccines. Get financial analysis of the overall market and different segments including Vaccine Type, Vaccine Brand, End-users, and capture higher market share. We believe that there are strong opportunities in this fast-growing meningococcal vaccines market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Prevalence of Meningitis
Bacterial meningitis is a serious and potentially life-threatening infection caused by various types of bacteria, most commonly Neisseria meningitidis & Streptococcus pneumonia. It is characterized by inflammation of the lining of the brain and spinal cord. Some of the symptoms comprise fever, stiff neck, headache, vomiting, nausea, confusion, & sensitivity to light. In severe cases, it can lead to brain damage, hearing loss, and death if not treated promptly with antibiotics.
Bacterial meningitis can be spread through close contact with respiratory and throat secretions, such as saliva, from an infected person. It can also be caused by bacteria that normally live in the nose and throat but can infect the brain and spinal cord under certain conditions, such as a compromised immune system, skull fractures, or head injury. Vaccines are available to protect against certain types of meningococcal meningitis, such as Neisseria meningitidis serogroups A, C, W and Y, and Haemophilus influenzae type b (Hib)
Early diagnosis and treatment are crucial to prevent severe complications and death from bacterial meningitis. The growing occurrence of meningitis is one of the key factors likely to drive the market. As per the Centers for Disease Control and Prevention (CDC) statistics, about 1.2 million cases of bacterial meningitis are anticipated to occur worldwide every year. As per the data published by the National Meningitis Association (NMA), in U.S., nearly 600-1,000 people contract the meningococcal disease each year. Additionally, 21% of the meningococcal disease cases occur in pre-teens, teens, and young adults. Thus, rising cases of meningitis are estimated to create huge demand for meningitis vaccines.
Increasing Initiatives by Government and Regulatory Authorities
There are some initiatives like Public-Private Partnerships in several countries which are serving in the growth of Meningococcal Vaccine market. For example, in the PATH-WHO meningitis project, Public Health Officials in India, Serum Institute of India, and some African Countries have joined hands. This initiative designed to offer affordable, long term and effective solutions to Meningococcal meningitis in several African belts. These initiatives are anticipated to boost meningococcal vaccines market.
Where are the Market Opportunities?
There are several opportunities for manufacturers of meningococcal vaccines. Some of these include:
• Increasing demand: The incidence of meningococcal disease varies depending on the location, but it is considered a significant public health concern worldwide. With increasing awareness of the disease, there is likely to be increased demand for vaccines to protect against it.
• New vaccine development: There is ongoing research to develop new meningococcal vaccines that provide broader protection against more serogroups of the bacteria. This could provide new opportunities for manufacturers to develop and market new vaccines.
• Adapting to changing epidemiology: The distribution and incidence of meningococcal disease can change over time, with certain serogroups becoming more or less prevalent in different regions. Manufacturers of meningococcal vaccines will need to be able to adapt to these changes in order to continue to provide effective protection.
• New markets: The World Health Organization (WHO) recommends that all countries should develop a comprehensive meningitis control program, including vaccination. Therefore, countries that don't have such program in place can be a potential market for meningococcal vaccine manufacturers.
The major players operating in the meningococcal vaccines market are BIO-MED, GSK plc, Incepta Pharmaceuticals Ltd., Merck & Co., Inc., Pfizer Inc., Sanofi, Serum Institute of India Pvt. Ltd., Walvax Biotechnology Co., Ltd., and Zhi Fei Biological. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• In December 2022, Pfizer Inc. announced that the U.S. Food and Drug Administration (FDA) accepted for review a Biologics License Application (BLA) for its investigational pentavalent meningococcal vaccine candidate (MenABCWY). Pfizer submitted MenABCWY for the prevention of meningococcal disease caused by the most common serogroups in individuals 10 through 25 years of age.
• In October 2022, GSK plc announced that the US Food and Drug Administration (FDA) has approved a new presentation of Menveo [Meningococcal (Groups A, C, Y, and W-135) Oligosaccharide Diptheria CRM197 Conjugate Vaccine] for individuals aged 10 to 55 years to help prevent invasive meningococcal disease caused by Neisseria meningitidis serogroups A, C, Y, and W. The Menveo one-vial presentation now comes in a ready to use single vial giving healthcare providers a more convenient option. The Menveo one-vial presentation will initially be available to US federal customers, with broader availability anticipated in mid-2023.
Notes for Editors
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