The meningococcal vaccine market has expanded to a significant extent over the past few years in correspondence to the parent market. Constant research and development in meningococcal vaccines for various meningococcal disease preventive applications, coupled with the sanctions of subsidy & support of government organizations for immunization program are among the significant factors that are anticipated to drive the growth of the meningococcal vaccine market during the forecast period.
Expansion of the age group indication related to new sero-groups is boosting the potential population pool, thus boosting the market growth. As per the latest research by PMR, the global meningococcal vaccine market is estimated to account for ~ US$ 6.5 billion in terms of revenue by the end of 2029. The meningococcal vaccine market report also projects a significant growth prospective with a projected average Y-o-Y growth rate of ~ 10% during the forecast period.
Although many effective meningococcal vaccines have already been developed, persistent product gaps still remain. Creating stable meningococcal vaccine supply in developing countries provides significant growth opportunities for the manufacturers of meningococcal vaccines. To ensure stable supply, manufacturers must look for committed financing, high-quality manufacturing capacity, strong regulatory systems, and predictable demand. This also provides opportunities for local or regional players to partner with global players and stimulate procurement, as well as penetrate markets with high unmet needs.
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Collaborations between multiple firms to evaluate and develop meningococcal vaccines and new supply and healthcare funding models are becoming progressively necessary to respond resourcefully to emergency outbreaks of infectious diseases such as meningococcal disease. Even after powerful competition in high-value vaccines markets, collaborations with emerging and developing countries is becoming complex, and the involvement of multiple manufacturers as well as private- and public-sector investments are essential for developing new resistive meningococcal vaccines against emerging infectious diseases.
Balanced Supply to Developed and Developing Regional Markets to Ensure Sustained Immunization
There is evidence that augmented demand for Gavi-aided meningococcal vaccines is encouraging the entry of a larger number of suppliers into the vaccine market. This is encouraging competition among players following the entry of new technologies into the market. Gavi’s support is based on a country’s ability to pay, as it intends to put countries on a trajectory toward financial sustainability. The co-financing commitments of a country increases its national income until it reaches a threshold. At the end of this process, countries are fully self-financing vaccines.
Every year, some countries are entering into an accelerated transition phase. For instance, 16 countries, which include Vietnam, Cuba, Angola, Indonesia, Bhutan, Honduras, Mongolia, Sri Lanka, etc., entered into a transition phase and reached the end of the full self-financing stage. This is expected to ensure equal immunization coverage across the globe and create growth opportunities in emerging meningococcal vaccine markets. The manufacturers of meningococcal vaccines are gradually focusing on value-driven services to boost their market penetration.
The addition of meningococcal vaccines to national immunization programs is expected to ensure the sustainable and affordable supply of these vaccines in the public as well as private sectors. This is estimated to accelerate the demand for meningococcal vaccines among the pediatric age group, thus contributing to meningococcal vaccine market growth. In addition, the expansion of the indication of certain meningococcal vaccines for use in certain age groups can be partially attributed to the growing consumption of meningococcal vaccine units across the globe.
For instance, in February 2018, the Ministry of Health, Government of Australia announced the upgradations of NIP to add Nimenrix-quadrivalent ACWY vaccines to the national immunization program of Australia. In July 2018, the Ministry of Health France declared that immunization with MenC vaccines is obligatory for all young children effective from 2018. Moreover, in 2014, single-dose meningococcal vaccine was added to the national immunization program of Pakistan.
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PMR has segmented the global market for meningococcal vaccine based on product type, age group, distribution channel, and region. By product type, the market for meningococcal vaccine is further segmented into Serogroup B Meningococcal Vaccine (MenB-FHpb/MenB-4C), Meningococcal Conjugate Vaccine (MCV4) and Meningococcal Polysaccharide Vaccine (MPSV4). On the basis of age group, the meningococcal vaccine market is further segmented into Infants (0-24 months), Children, Adolescents and Young Adults, and Adults.
On the basis of distribution channel, the meningococcal vaccine market is segmented into Retail Sales and Institutional Sales. The institutional sales segment is further classified into Community Clinics, Public Health Agencies and Hospitals. By region, the meningococcal vaccine market is segment into Europe, Latin America, North America, South Asia, East Asia, Oceania, and the Middle East & Africa. The report tracks some of the major companies operating in the meningococcal vaccine market, which include GlaxoSmithKline Biologicals SA, Sanofi Pasteur SA, Wyeth Pharmaceuticals Inc. (a subsidiary of Pfizer Inc.), and Serum Institute of India Ltd.