Market Overview:
Meningococcal vaccines help prevent meningococcal disease, which is a serious bacterial infection caused by Neisseria meningitidis bacteria. The disease mainly affects children and young adults. The vaccines induce immune response against the bacteria and provide protection. There are different types of meningococcal vaccines available based on strains of bacteria such as serogroup A, C, W, Y. Rising awareness about the disease and availability of different vaccines drive the meningococcal vaccines market.
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 key trends:
One of the key trends in the meningococcal vaccines market is accelerated research and development activities for novel vaccines. Major players are focusing on developing vaccines for new emerging serogroups of Neisseria meningitidis bacteria to expand their product offerings. For instance, Pfizer received approval for its vaccine VAXELIS which provides protection against diphtheria, tetanus, pertussis, poliomyelitis, hepatitis B and meningococcal serogroups C and Y. Similarly, GlaxoSmithKline is developing a vaccine candidate for serogroup B meningococcal disease.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate as the vaccines industry requires extensive R&D and clinical trials for product development along with high capital investments which pose significant entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of several established manufacturers. However, vaccines are sometimes mandatory in certain regions thereby providing some pricing power to suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is low since the raw materials required are commoditized and available from numerous suppliers globally.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment options and vaccination remains the most effective way of preventing meningococcal disease.
Competitive rivalry: Moderate due to the presence of a few large players.
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 meningitis and growing awareness regarding this serious invasive disease.
Regional analysis: North America dominated the global market in 2018 owing to rising vaccination mandates and availability of broad range of meningococcal vaccines. However, Asia Pacific is projected to grow at a robust CAGR during the forecast period owing to the increasing healthcare investments and emerging economies with large population base opting for vaccination programs.
Key players: 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 dominated the market in 2018 with its robust meningococcal vaccines portfolio. However, other players are focusing on expanding their geographic presence through strategic partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
