Meningococcal Vaccines Market Size to Expand at Highest Revenue US$ 7,732.3 Million with Growth Rate at 12.7% CAGR by 2027, Owing to Increasing Number of Travelers to Hajj
Three meningococcal vaccines are available in the U.S. that include meningococcal polysaccharide vaccine (MPSV4), meningococcal conjugate vaccine (MCV4), serogroup B meningococcal vaccine. The vaccine is administered to 11 to 12 year olds and a booster dose is given at 16 years of age. International travelers to Mecca for Hajj, sub-Saharan Africa, and other meningococcal epidemic prone areas require meningococcal vaccine.
The global meningococcal vaccines market is estimated to account for US$ 3,341.9 Mn in terms of value and is expected to reach US$ 7,732.3 Mn by the end of 2027.
Request Sample Copy of the Business Report: https://www.coherentmarketinsights.com/insight/request-sample/3864
Global Meningococcal Vaccines Market: Drivers
Increasing number of travelers to Hajj is expected to propel growth of the global meningococcal vaccines market over the forecast period. For instance, according to Travelport Worldwide Ltd., Asia Pacific recorded the highest growth in flight bookings made through global distribution system to airports around Mecca in 2019, recording 5% increase in number of bookings.
Global Meningococcal Vaccines Market: Opportunities
R&D related to meningococcal vaccination is expected to offer lucrative growth opportunities for players in the market. For instance, in October 2019, researchers from The Children’s Hospital at Westmead, Australia, reported assessment of meningococcal vaccine uptake among Hajj pilgrims.
Global Meningococcal Vaccines Market: Restraints
Maintenance of cold chains to deliver vaccines leads to high cost of vaccination, which is expected to hinder growth of the market. Maintaining the cold chain (which comprises a series of refrigerators, and ice-chilled carriers maintaining temperature between 2 degree Celsius and 8 degree Celsius for vaccine storage) is a major challenging task while delivering the vaccines to the needy, especially in the developing countries.
Tailored Information as per niche requirement:
LIMITED TIME OFFER – Hurry Up!
Get Discount For Buyers UPTO 30% OFF On Any Research Report
Apply Promo Code “CMIFIRST1000” And Get Instant Discount Of USD 1000
Buy Now this Premium Report to Grow your Business @ https://www.coherentmarketinsights.com/insight/buy-now/3864
The global meningococcal vaccines market was valued at US$ 2,965.9 Mn in 2019 and is forecast to reach a value of US$ 7,732.3 Mn by 2027 at a CAGR of 12.7% between 2020 and 2027. Major factor driving the growth of global meningococcal vaccines market during the forecast period is increasing prevalence of meningitis, and increasing government initiatives for increasing vaccinations.
Conjugate vaccines segment held dominant position in the global meningococcal vaccines market in 2019, accounting for 85.5% share in terms of value. Products approval for meningococcal conjugate vaccine candidates has supported growth of the segment. For instance, in December 2016, Pfizer Inc. received an European Commission (EC) approval for its expanded indication for Nimenrix (meningococcal group A, C, W-135, and Y conjugate vaccine), which is indicated for active immunization against invasive meningococcal disease (IMD).
Private distribution segment held dominant position in the global meningococcal vaccines market in 2019, accounting for 81.3% share in terms of value, followed by government distribution channel, respectively. Private vaccination centers charge for vaccines while government vaccine distribution centers provide vaccine for free/at low price through various immunization programs. This is expected to support growth of the segment over the forecast period.
Domestic pilgrims of Hajj often miss the compulsory meningococcal vaccine. For instance, according to the study, ‘Meningococcal Vaccine for Hajj Pilgrims: Compliance, Predictors, and Barriers’, published in MDPI Tropical Medicine and Infectious Disease, in October 2019, 81.7% confirmed their meningococcal vaccination status, 13.4% did not receive the vaccine, and 4.8% were unsure.
Several state governments in the U.S. are mandating meningococcal vaccination. For instance, in January 2020, the Government of New Jersey, U.S., mandated college students to be vaccinated against bacterial meningitis as a condition for attending an institution.
Health Canada launched a newly approved 4CMenB vaccine in all the provinces in late 2013. On an average, the cost of Novartis’s 4CMenB vaccine Bexsero is high i.e. US$ 100, but the reimbursement pattern is yet to be established.
Biologics and Genetic Therapies Directorate, in collaboration with Public Health Agency of Canada, conducts a pre-release test which includes quality of vaccine, safety and effectiveness. After extensive review of all supporting data, the vaccine receives marketing approval.
Global Meningococcal Vaccines Market: Competitive Landscape
Major players operating in the global 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.
View Press Release For More Information @ https://www.coherentmarketinsights.com/press-release/meningococcal-vaccines-market-3131
Global Meningococcal Vaccines Market: Key Developments
January 2020: GlaxoSmithKline plc funded study ‘Meningococcal B Vaccine and Meningococcal Carriage in Adolescents in Australia’, published in the New England Journal of Medicine, reported that the 4CMenB vaccine had no discernible effect on the carriage of disease-causing meningococci, including group B among Australian adolescents.
September 2019: Baxter International Inc. attended the Morgan Stanley 17th Annual Global Healthcare Conference in New York, U.S.
- By Vaccine Type
- By Distribution Channel
- By Region
- North America
- Latin America
- Asia Pacific
- Middle East
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.
To know more about us, please visit our website – www.coherentmarketinsights.com
Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154, U.S.
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
- CDN Newswire