by The global Meningococcal Vaccines Market is estimated to be valued at US$ 2,965.9 Mn in 2019 and is expected to exhibit a CAGR of 12.7% over the forecast period 2020-2027, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Meningococcal vaccines are specifically designed to protect individuals from meningococcal infections, which are caused by the bacteria Neisseria meningitidis. These vaccines offer effective protection against various serotypes of the bacteria, reducing the risk of life-threatening meningococcal diseases such as meningitis and septicemia. The growing incidence of meningococcal infections, particularly among infants and young children, is driving the demand for meningococcal vaccines. The need for effective immunization strategies and government initiatives to prevent meningococcal outbreaks further supplement market growth.
Market Key Trends: One of the key trends in the Meningococcal Vaccines Market is the development of combination vaccines. Combination vaccines offer multiple immunizations in a single dose, reducing the number of injections and improving patient compliance. Manufacturers are focusing on developing combination vaccines that provide protection against multiple serotypes of Neisseria meningitidis and other infectious diseases. This trend is driven by the increasing demand for convenient and cost-effective vaccination options. The development and introduction of innovative combination vaccines in the market are expected to significantly contribute to the growth of the meningococcal vaccines market in the coming years.
Porter’s Analysis
Threat of new entrants:
The Meningococcal Vaccines Market poses a moderate threat of new entrants. While the market is highly regulated and requires substantial research and development efforts, the growing demand for meningococcal vaccines presents an attractive opportunity for new players to enter the market.
Bargaining power of buyers:
Buyers in the Meningococcal Vaccines Market have a moderate bargaining power. The relatively high market competition and the availability of alternatives give buyers some leverage in negotiating prices and terms.
Bargaining power of suppliers:
Suppliers in the Meningococcal Vaccines Market have a moderate bargaining power. The market is characterized by a few key suppliers of raw materials and ingredients, giving them a certain level of control. However, the presence of multiple vaccine manufacturers provides some competition for suppliers.
Threat of new substitutes:
The Meningococcal Vaccines Market faces a low threat of new substitutes. Meningococcal vaccines have proven to be highly effective in preventing meningitis caused by Neisseria meningitidis, and there are limited alternatives available for preventing this disease.
Competitive rivalry:
The Meningococcal Vaccines Market experiences high competitive rivalry. Several key players, including Baxter International, Inc., Biomed Pvt. Ltd., GlaxoSmithKline plc, JN-International Medical Corporation, Novartis International AG., Pfizer, Inc., Sanofi SA, and Serum Institute of India Ltd., are operating in the market. These players compete on factors such as pricing, product quality, and geographic presence.
Key Takeaways
The Meningococcal Vaccines Market Insights is expected to witness high growth, exhibiting a CAGR of 12.7% over the forecast period of 2020-2027. This growth can be attributed to the increasing incidence of meningococcal disease globally and the growing awareness about the importance of vaccination in preventing this disease.
In terms of regional analysis, North America is the fastest-growing and dominating region in the Meningococcal Vaccines Market. This can be attributed to the high prevalence of meningococcal disease in the region, coupled with the favorable reimbursement policies and healthcare infrastructure.
Key players operating in the Meningococcal Vaccines Market include Baxter International, Inc., Biomed Pvt. Ltd., GlaxoSmithKline plc, JN-International Medical Corporation, Novartis International AG., Pfizer, Inc., Sanofi SA, and Serum Institute of India Ltd. These key players are actively involved in research and development activities, strategic collaborations, and mergers and acquisitions to maintain their market position and gain a competitive edge.
Overall, the Meningococcal Vaccines Market presents significant growth opportunities, driven by the increasing incidence of meningococcal disease and the growing emphasis on vaccination. However, competition among key players and regulatory barriers may pose challenges to market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
