Increase in outbreaks of meningococcal disease, surge in immunization programs across the globe, and rise in research and development for vaccine technology propel the growth of the global meningococcal vaccine market. However, longer timelines required for vaccine production and high cost associated with the development of vaccines impede the market growth. On the other hand, rise in healthcare spending, increase in research and development for meningococcal vaccines, and growing opportunities in the emerging markets offer lucrative opportunities to the market players.
According to the report published by Allied Market Research, the global meningococcal vaccine market size was valued at $1,935.5 million in 2018, and is projected to reach $4,192.6 million by 2026, registering a CAGR of 9.5% from 2019 to 2026. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, The growth of the global meningococcal vaccine market is due to the surge in adoption of meningococcal vaccines primarily for immunization programs across the globe.
Rise in immunization programs worldwide is the major factor that boost the growth of the meningococcal vaccine market. In addition, factors such as surge in awareness related to the use of meningococcal vaccines and increase in adoption of vaccination across the globe fuel the growth of the meningococcal vaccine market. However, high monetary inputs associated with manufacture of the products restrict the growth of the market. Conversely, growth potential in emerging economies is expected to create lucrative opportunities for the meningococcal vaccine market growth during the forecast period.
Key Findings Of The Study
- As per the serotype, the MenACWY vaccine segment is accounted for the highest market share of 54% in 2018 and is anticipated to grow at a CAGR of 11.7% during the forecast period.
- On the basis of the vaccine type, the conjugate vaccine segment accounted for the largest market share and is anticipated to be the fastest growing segment at a CAGR of 10.2%.
- By end user, the hospitals & clinics segment is expected to grow at the highest CAGR of 11.6% from 2019 to 2026, in terms of value.
- Region wise, North America was the major shareholder and accounted for 49.84% of the meningococcal vaccine market share in 2018.
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The key market players analyzed in the report involves 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., Bio-Manguinhos, and Bio-Med Pvt. Limited.
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