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Meningococcal Vaccine Market is Projected to Grow at a 10.3% CAGR, Reaching US$ 10,788.0 Million by 2034 | Fact.MR Report
Meningococcal Vaccine Market
The market is driven by the high incidence of meningococcal diseases, especially meningococcal meningitis, which are highly contagious in humans or groups. The increase in cases of these diseases is driving demand for meningococcal vaccination. Increasing focus on preventive care is also generating market demand.
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Country-wise Insights
The North American meningitis vaccine market is estimated to grow at a 11.1% CAGR until 2034. In 2024, the United States is expected to lead the North American meningococcal vaccine market with a 92.5% market share.
East Asia's meningococcal vaccine market is expected to grow at a 9.8% CAGR until 2034. In 2024, meningitis vaccines are expected to hold 59.1% of China's market.
The need for meningococcal vaccines will grow significantly in China, with a forecasted market value of US$ 173 million in 2024. Furthermore, the expected CAGR in the forecast period is 10.0%, which is quite high. This growth is anticipated to lead to a market value of US$ 451 million by 2034.
Category-wise Insights
The meningococcal conjugate vaccine (MCV4) segment is anticipated to contribute 41.6% market share in terms of product type in 2024. At the same time, the serogroup B meningococcal vaccine (MenB-FHpb/MenB-4C) segment is anticipated to capture 35.3% of the market, greatly improving the industry's source diversification and stability.
According to age, teenagers and young adults will account for a dominant 28.4% of the meningococcal vaccination market in 2024. Children between the ages of 2 to 12 years are expected to maintain 25.5% market share in 2024.
Competitive Landscape
The major players involved in the market for meningococcal vaccine are Incepta Pharmaceuticals Limited, Novartis International, GlaxoSmithKline plc, Merck, CSL, Baxter International, JN International Medical Corporation, Serum Institute of India, Biomed Pvt. Ltd, China National Biotec Group, Hualan Biological Engineering Inc., Walvax Biotechnology Co., Ltd., Zhifei, Pfizer Inc., GlaxoSmithKline plc., Sanofi SA, and Nuron Biotech.
The international meningococcal vaccination market is expanding rapidly and is a highly competitive industry where numerous firms are competing for market share and a strong foundation. Various factors such as price strategies, advertising campaigns, research and development, and innovative product development fuel market competition.
Owing to the high degree of fragmentation of the meningitis vaccine market and competition among the firms for market share, there is a higher focus on strategic decision-making and competitive forces. Players are investing heavily in research and development to develop new, more effective vaccines to gain a competitive edge.
To enhance the effectiveness of operation and maximize market penetration, partnerships, joint ventures, and other strategic collaborations are also being established. Product launches and other promotional campaigns are also utilized by companies to boost meningitis vaccine sales and gain a competitive edge.
Recent Developments:
In December 2023, Pfizer received the FDA approval of Penbraya, the first pentavalent meningococcal disease vaccine for people aged 10-25 years, which delivers robust protection against severe and life-threatening infection in adolescents and young adults.
The Serum Institute of India Private Limited developed MenFive, the world's first conjugate vaccine pre-qualified by the World Health Organization to guard against Africa's five leading causes of meningococcal meningitis, in July 2023.
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Segmentation of the Meningococcal Vaccine Market
By Product type :
Meningococcal Polysaccharide Vaccine (MPSV4)
Meningococcal Conjugate Vaccine (MCV4)
Serogroup B Meningococcal Vaccine (MenB-FHpb/MenB-4C)
By Age Group :
Infants (0-24 months)
Children (2-12 years)
Adolescents and young adults
Adults
By Distribution Channels :
Institutional Sales
Retail Sales
By Region :
North America
Europe
East Asia
East Asia
South Asia & Oceania
Middle East & Africa
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