Market Size of Meningococcal Vaccines Industry
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Meningococcal Vaccines Market Analysis
The meningococcal vaccines market is expected to register a CAGR of around 9.5% over the forecast period.
- The COVID-19 pandemic had a significant impact on the market studied in the initial phase of the pandemic as people were not able to get the scheduled vaccinations owing to the lockdown and restrictions on hospital visits for non-emergency services. Various studies have found that few cases of meningitis suffered from COVID-19 over the years. For instance, as per the data from the BMC Infectious Disease report published in February 2022, one of the most common causes of invasive bacterial infections, such as pneumonia, sepsis, and meningitis, is streptococcus pneumonia. However, increased awareness program associated with education relating to the importance of treating infections is likely to boost the market growth.
- For instance, as per the November 2022 update from the Government of Western Australia Department of Health, the School-Based Immunization Program (SBIP) is likely to be supplying Diphtheria-tetanus-pertussis (dTpa), HPV (human papillomavirus), Meningococcal ACWY, and COVID-19 vaccines to the students from 2023 onwards. Hence, such immunization programs create a demand for preventive vaccines, which is anticipated to drive market growth over the forecast period.
- The major factors for the growth of the meningococcal vaccine market include the increase in public-private partnerships to support the development of vaccines at low cost and rising immunization programs and government initiatives.
- The increasing focus of companies to develop novel vaccines in the field of meningococcal disease is contributing to market growth. For instance, in April 2022, experts from the University of Maryland School of Medicine (UMSOM) announced a new study in which they are evaluating the pentavalent or five-in-one meningococcal conjugate vaccine (NmCV-5) among infants and young children in the meningitis belt of sub-Saharan Africa.
- This is the final investigation to undergo for obtaining the prequalification from the World Health Organization for this vaccine, and if it qualifies the same, it will be launched in the low-and-middle-income countries. Hence, with such new vaccines, the market studied is getting benefits. Also, there is a rising public-private partnership to support the development of vaccines and create awareness among the population. Hence, the Meningococcal vaccine market is expected to witness high growth over the forecast period. However, the high cost associated with the storage and supply of vaccines is expected to hinder market growth.