Lately, growing prevalence of meningococcal meningitis has emerged as public health concerns.
Meningococcal Vaccine Market: Overview
Lately, growing prevalence of meningococcal meningitis has emerged as public health concerns. Although effective and cost-effective treatment options are available across the globe, the disease has taken toll on several lives. Further, its induction in children below 5 years of age has been leading to long-term neurological disorders in young children and infants.
Children belonging to age group below 5 years are found to be highly susceptible to the disease. Hence, 50% of all the reported cases is found in children belonging to aforementioned age group. Further, adolescents belonging to age group of 15-19 years category are found to be vulnerable to the disease.
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Accounting the predominant ill-effects of the meningococcal meningitis on young population, key companies operating in the meningococcal vaccine landscape such as GlaxoSmithKline is focusing on development of the medicine to cater the requirement of population and control the contraction rate of the disease.
The vaccine market is witnessing favorable public-private alliances to support the development of vaccines at low cost and to curb the medical emergency status of the disease.
As per a report published by Transparency Market Research, the global meningococcal vaccines market is anticipated to witness expansion at a lucrative CAGR of 12.9% in the forecast period (2018-2026). In 2017, the market size was approximately equivalent to US $ 3.3 bn. As per the CAGR estimation given by market analyst, the market value is projected to reach approximately equal to US $ 9.9 bn by the end of 2026.
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Government Immunizations Regulations Propelling Growth of Global Meningococcal Vaccine Market
Rising awareness regarding the vaccines due to awareness campaigns and education has resulted in growth in demand rate. The campaigns and awareness programs are particularly being driven by vaccine manufacturing companies, government bodies, and non-profit organizations. Large number of people are getting immunized against bacterial meningitis.
This is one of the prominent factors driving the global meningococcal vaccine market.
Further, government interventions, such as approval of legislations to enforce immunization regulations for school children up to a particular age is projected to fuel the market growth. Besides, government bodies are introducing strict regulation for sub-Saharan travelers and Hajj pilgrims are also anticipated to contribute to the global meningococcal vaccine market. The regulations have resulted in increase in demand for these vaccines from non-profit organizations.
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Awareness Gap Regarding Meningococcal Meningitis and Vaccine Among Parents Resulting in Revenue Loss in Meningococcal Vaccine Market
On the other hand, in developing countries parents of young children and infants are still unaware of significance of the disease pathogenesis of meningococcal meningitis. Hence, they are deprived of meningococcal vaccination program initiated by government bodies.
This, in turn, has resulted in low adoption rate of meningococcal vaccines, specifically among toddlers and children.
Referring the recent statistics, among 5 parents, only 1 parent is aware of most common way in which children contracts meningococcal disease. The ratio accounts for 21% of the population. Further, half of the parents are unaware of the fact that there are different types of meningococcal bacteria strains. These bacterial strains may cause meningococcal meningitis.
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Moreover, significant number of parents have no idea regarding specific vaccines included in the immunization schedule as defined by the government body in the respective country.
The awareness gap is one of the major factor leading to downturn of the growth trajectory of the meningococcal vaccines market. As a result, revenue growth is also negatively impacted.
Immunization Programs and Awareness Programs in North America Contributing to Growth of Regional Market
North America market holds prominent position in the global meningococcal vaccine market, in terms of revenue. Europe and North America have been witnessing significant reduction in number of the meningitis cases. Owing to rising awareness regarding the immunization therapy against meningitis and growing intervention by government bodies in legislations have resulted in controlling the disease in the region. In addition, awareness campaigns and immunizations programs are favoring growth of the meningococcal vaccine market.
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As per a report published by the U.S. Centers for Disease Control and Prevention (CDC), nearly 1,000 t0 2,600 people are diagnosed with meningococcal disease in the U.S. annually. Meanwhile, 1,000 cases per 100, 000 population is found to contracted with the diseases every year.
Increasing patient pool in the North America region is providing wide growth prospects for the meningococcal vaccine market.
On the other hand, Asia Pacific regional market is estimated to scale at a significant rate during the forecast period. Recurrence of meningococcal disease outbreaks in recent years, growing focus on preventive measures against the disease, and growing population in the region are, conjointly, driving the regional meningococcal vaccine market.
Moreover, recent trends such as enrolment of pharmacists in the training programs is likely to boost the market. The training program is conducted by the New Zealand Ministry of Health.
Some of the key players operating in the global meningococcal vaccines market include Sanofi SA, Novartis International, GlaxoSmithKline plc, Pfizer Inc., Nuron Biotech, JN-International Medical Corporation, Serum Institute of India Ltd., Baxter International, and Biomed Pvt. Ltd. among others
To mark their presence in the global market, companies are undertaking several organic and in-organic growth strategies. Merges and acquisitions, strategic alliances between companies and governing bodies, innovation in the existing product, diversification of product portfolio may result in growth of these companies in coming years.
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