Meningococcal Vaccine Market to Reach $4.19 Bn, Globally, by 2026 at 9.5% CAGR: AMR
Rise in outbreaks of meningococcal disease, increase in immunization programs across the world, and surge in research and development for vaccine technology drive the global meningococcal vaccine market
PORTLAND, Oregon, May 19, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Meningococcal Vaccine Market by Serogroup (MenACWY, MenB/BC, MenC, MenAC, and MenA), Vaccine Type (Conjugate, Polysaccharide, and Subcapsular), and End User (Pediatric, Adults, and Travelers): Global Opportunity Analysis and Industry Forecast, 2018–2026." According to the report, the global meningococcal vaccine industry generated $1.93 billion in 2018, and is estimated to reach $4.19 billion by 2026, growing at a CAGR of 9.5% from 2019 to 2026.
Prime determinants of growth
Rise in outbreaks of meningococcal disease, increase in immunization programs across the world, and surge in research and development for vaccine technology drive the global meningococcal vaccine market. However, long duration required for vaccine production and high cost of vaccine development hinder the market growth. On the other hand, increase in healthcare expenditure and untapped potential in emerging economies create new opportunities in the coming years.
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Covid-19 scenario
- Due to lockdown, immunization programs will come to a halt and program schedules will be changed in various countries.
- Research and development activities for vaccine technology will be limited, as researchers need to stay at home during the lockdown.
- Meningococcal vaccine is used as a placebo effect in the Covid-19 vaccine trial conducted at the University of Oxford.
The MenACWY vaccine segment to maintain its highest share during the forecast period
Based on vaccine serotype, the MenACWY vaccine segment contributed to the highest market share in 2018, accounting for nearly half of the global meningococcal vaccine market, and is estimated to maintain its highest share during the forecast period. This is attributed to rise in awareness regarding the usage of meningococcal vaccine to treat meningitis disease. However, the MenA vaccine segment is estimated to witness the fastest CAGR of 13.5% from 2019 to 2026, owing to surge in the routine immunization programs worldwide.
The conjugate segment to maintain its lead by 2026
Based on vaccine type, the conjugate segment held the largest share of the global meningococcal vaccine market, accounting for nearly half of the total market share in 2018, and is estimated to maintain its lead by 2026. Moreover, this segment is estimated to grow at the highest CAGR of 10.2% from 2019 to 2026. This is attributed to usage of vaccines in routine immunization schedules, preventive campaigns, and outbreak responses. The research also analyzes segments including polysachharide and subcapsular.
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North America to maintain its dominance throughout the forecast period
Based on region, North America accounted for the largest market share in terms of revenue in 2018, holding nearly half of the global meningococcal vaccine market, and is estimated to maintain its lead position throughout the forecast period. This is due to surge in prevalence of meningitis disease and ease in availability of meningococcal vaccine products for treatment of the disease. However, Asia-Pacific is expected to portray the largest CAGR of 14.7% from 2019 to 2026, owing to surge in outbreaks of meningococcal diseases and widespread availability of products.
Leading market players
- Bio-Manguinhos
- Bio-Med Pvt. Limited
- Chongqing Zhifei Biological Products Co., Ltd.
- GlaxoSmithKline Plc
- Hualan Biological Engineering Inc.
- Incepta Pharmaceuticals Ltd.
- Pfizer Inc.
- Sanofi S.A.
- Serum Institute of India Pvt. Ltd.
- Walvax Biotechnology Co., Ltd.
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