Global Meningococcal Vaccine Market is projected to grow at high-rate due to growing awareness regarding meningococcal vaccines, rising rate of meningococcal vaccination, and increasing aging & paediatric populations. The Global Meningococcal Vaccines Market was valued at USD 3.3 Bn in 2020 and is expected to reach USD 6.1 Bn by 2027, with a growing CAGR of 9.4% during the forecast period (2017-2027).
The driving factors influencing the growth of global meningococcal vaccine market include increase in aging populations, and rising demand for meningococcal vaccines. Moreover, rising prevalence of meningitis infection in paediatric population, growing public-private partnership for vaccine development, and government initiatives in terms of awareness generation through campaign boost the growth of meningococcal vaccine market. According to the survey of Centers for Disease Control and Prevention, ~1.3 million cases of bacterial meningitis is anticipated every year.
In addition to this, increase in companies' collaborations for business development and growing investment in R&D leverage the growth of meningococcal vaccine market. Continuous vaccine development by the companies by increasing the efficacy of vaccine and reducing cost of product, further fuels the growth of meningococcal vaccine market. High global burden of bacterial meningitis uplifts the growth meningococcal vaccine market.
This market is broadly segmented into vaccine serotype, vaccine type, end user, and region. Based on vaccine serotype, MenACWY vaccine held largest market share in 2020 and expected to increase more during forecast period due to increase in meningococcal infections. Based on vaccine type, conjugate meningococcal vaccine accounted for highest market share in 2020 due to its high defence mechanism against bacterial infection. Based on end user, paediatric segment accounted for highest market share due to high infection prevalence rate in this segment. Geographically, North America accounted for the highest market share in 2020 and expected to increase more during forecast period due to rise in number of infected patients and growing healthcare expenditure.
The covid-19 outbreak has poorly impacted the growth of meningococcal vaccine market due to sudden decline in number of meningitis infected patients. During covid-19 outbreak, priority was given to the covid infected patients. Pharmaceutical companies focused on development of vaccines for covid-19 infection as there was sudden influx of infected patient across the globe.
Global Meningococcal Vaccine Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, North America dominated the growth of market due to availability of huge healthcare infrastructure and presence of large volume of geriatric population. Moreover, availability of key market players in this region, increasing demand for meningococcal vaccine products, and increase in R&D activities leverage the growth of meningococcal vaccine market. In addition to this, increasing research in meningitis infection and rise in public awareness boost the growth of market.
However, Asia-Pacific is expected to witness fastest market growth due to ongoing research on Meningitis and technological advances boost the growth of meningococcal vaccine market.
The Global Meningococcal Vaccine Market Segmentation:
Global Meningococcal Vaccine Market by Vaccine Serotype Outlook (Revenue, USD Million, 2021-2027)
Global Meningococcal Vaccine Market by Vaccine Type Outlook (Revenue, USD Million, 2021-2027)
Global Meningococcal Vaccine Market by End User Type Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the meningococcal vaccine market are:
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