by The global Meningococcal Vaccines Market is estimated to be valued at US$2,965.9 Mn in 2019 and is projected to reach US$7,956.3 Mn by 2027, with a CAGR of 12.7% during the forecast period 2020-2027, as per a report by Coherent Market Insights.
Market Overview: Meningococcal vaccines are developed to prevent meningococcal infections caused by the bacteria Neisseria meningitidis. These vaccines provide immunity against various serogroups of the bacteria, aiding in the prevention of life-threatening meningococcal diseases such as meningitis and septicemia. The increasing prevalence of meningococcal infections, particularly among infants and young adults, is driving the demand for meningococcal vaccines globally.
Market Key Trends: One key trend observed in the Meningococcal Vaccines Market is the focus on developing effective conjugate vaccines. Conjugate vaccines are capable of inducing a stronger and longer-lasting immune response compared to other vaccine types. They are formulated by linking a meningococcal polysaccharide with a protein carrier, enhancing the vaccine’s efficacy. This trend is driven by the need for improved vaccine effectiveness and the prevention of meningococcal outbreaks. Major players in the market such as GlaxoSmithKline plc and Pfizer, Inc. are investing in research and development activities to develop advanced conjugate vaccines, thereby fueling market growth.
Porter’s Analysis
Threat of New Entrants: The threat of new entrants in the Meningococcal Vaccines market is relatively low. The high costs involved in research and development, stringent government regulations, and the need for extensive clinical trials act as barriers for new players. Additionally, established vaccine manufacturers already enjoy economies of scale, strong brand recognition, and distribution networks, making it difficult for new entrants to compete.
Bargaining Power of Buyers: The bargaining power of buyers in the Meningococcal Vaccines market is moderate. Though buyers have the option to choose from a range of vaccines, the critical nature of the disease and the limited number of established players gives suppliers some leverage. However, the increasing demand for cost-effective vaccines and government initiatives to provide affordable healthcare may empower buyers to negotiate lower prices.
Bargaining Power of Suppliers: The bargaining power of suppliers in the Meningococcal Vaccines market is high. The availability of certain vaccine components, such as antigens and adjuvants, may be limited to a few suppliers. This gives suppliers the ability to dictate prices and terms of supply to vaccine manufacturers. Suppliers with innovative technologies and a strong market presence hold significant power.
Threat of New Substitutes: The threat of new substitutes in the Meningococcal Vaccines market is low. Vaccines are the primary method of preventing meningococcal diseases, and no alternatives exist that offer the same level of protection. Public health initiatives and government mandates further support the use of vaccines, reducing the likelihood of substitutes gaining market share.
Competitive Rivalry: The competitive rivalry in the Meningococcal Vaccines market is intense. Key players in the market, including Baxter International Inc., GlaxoSmithKline plc, Novartis International AG, and Pfizer Inc., are constantly striving to introduce innovative vaccines and increase their market share. The competitive landscape is characterized by mergers and acquisitions, collaborations, and extensive research and development activities.
Key Takeaways
The global Meningococcal Vaccines Market Scope is expected to witness high growth, exhibiting a CAGR of 12.7% over the forecast period. This growth can be attributed to the increasing incidences of meningococcal diseases, growing awareness about vaccination, and government efforts to control and prevent the spread of these diseases. For example, initiatives such as the Global Meningococcal Initiative aim to raise awareness, develop guidelines, and promote vaccination programs, driving market growth.
In terms of regional analysis, North America is the fastest-growing and dominating region in the Meningococcal Vaccines market. Factors such as well-established healthcare infrastructure, high healthcare expenditure, and a strong focus on preventive healthcare contribute to the growth of the market in this region. The growing incidence of meningococcal diseases, particularly in the United States, further fuels the demand for vaccines.
Key players operating in the Meningococcal Vaccines market include Baxter International Inc., GlaxoSmithKline plc, Novartis International AG, Pfizer Inc., and Sanofi SA. These key players are actively engaged in research and development activities, mergers and acquisitions, and collaborations to strengthen their product portfolios and expand their market presence. For example, in 2019, GlaxoSmithKline plc received approval from the U.S. Food and Drug Administration for a new meningococcal vaccine, reinforcing its position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
