Meningitis Vaccines Market is Estimated to Witness Significant Growth Due to Rising Incidences of Meningitis Cases and Increasing Vaccination Programs
Meningitis vaccines market is estimated to be valued at USD 3.72 Bn in 2024 and exhibit a CAGR of 6.6% over the forecast period (2024-2031). The market witnesses significant growth, owing to the rising incidences of meningitis worldwide and growing awareness about meningitis vaccination. Furthermore, various government initiatives to promote vaccination programs in developing nations can drive the market growth.
Market Dynamics
Rising number of meningitis cases can drive the meningitis vaccines market growth. In 2021, as per the WHO, the global incidence of meningitis is estimated to be 30–100 cases per 100,000 population, supposedly contributing to over 200,000 deaths. Increasing development of novel vaccines with improved efficacy can also drive the market growth. Government support in terms of funding for vaccination programs, especially in low- and middle-income countries can drive the market growth during the forecast period. However, stringent regulatory pathway for vaccine approval remains a challenge for the entry of new players in the market.
Increased Government Support and Funding for Meningitis Vaccination Programs
Government organizations around the world have increasingly supported and funded national vaccination programs to prevent meningitis outbreaks and provide immunization coverage. This is due to the high risks meningitis poses in terms of mortality and long-term health complications. Increased public funding for meningitis vaccination drives has boosted the demand for related vaccines. Manufacturers have also received funding to develop more advanced and effective vaccine formulations.
Growing Awareness about Meningitis Prevention through Vaccination
Public awareness about meningitis and the importance of vaccination for prevention has increased in recent years due to health education and communication campaigns run by governments, non-profit organizations, and vaccine manufacturers. People now better understand how the disease spreads and its potentially devastating impacts. As such, more individuals voluntarily opt for recommended meningitis vaccines. Decreasing social acceptance of remaining unvaccinated has further augmented the vaccine uptake. Heightened awareness has emerged as a key driver propelling the meningitis vaccines industry forward.
High Cost of Vaccine Development and Manufacturing
Developing new vaccines and scaling up commercial production is an extremely costly process due to stringent research and regulatory norms. Meningitis vaccines especially involve high R&D investment because of the advanced technologies required. Maintaining stringent quality control during manufacturing keeps production costs elevated. These expenses are passed on to customers in the form of higher vaccine prices. The high final cost of certain meningitis immunizations can hamper the market growth in low and middle-income nations.
Short Shelf Life of Some Vaccines
The short shelf life or stability period of certain meningitis vaccines poses logistics and supply chain challenges. It leads to wastage if vaccines expire before being administered. Distribution to remote areas then becomes difficult within the available time frame. The short shelf lives increase pressure on companies to invest more in cold chain infrastructure as well as recalls and replacements. These also discourage investment in markets that lack established cold chain systems. This property of select vaccines hampers broader market expansion efforts.
Growing Vaccination Needs in Developing Regions
Developing countries in Asia Pacific and Latin America are experiencing fast economic growth and rising incomes. This has boosted their healthcare expenditures and ability to invest in public health programs. As living standards rise, people in emerging markets are paying more attention to diseases like meningitis and their prevention. There is huge potential for vaccine makers to tap the substantial requirement arising from population-dense developing regions.
New Vaccine Formulations and Delivery Technologies
Advancements in vaccine R&D have opened possibilities for more effective, affordable and easy-to-administer products. Novel approaches like combination vaccines, thermostable vaccines not requiring constant refrigeration and alternative delivery methods present significant opportunities. Partnerships for clinical trials and commercialization of next-genration vaccines tailored for resource-poor settings can offer growth opportunities. Successful innovation will help expand access to immunization worldwide.
Link - https://www.coherentmarketinsights.com/market-insight/meningitis-vaccines-market-5042
Key Developments
- On June 13, 2024, Gavi, the Vaccine Alliance, announced that lower-income countries it supports can now apply to introduce four new vaccines: a preventive Ebola vaccine, a human rabies vaccine for post-exposure treatment, a multivalent meningococcal conjugate vaccine, and a hepatitis B birth dose. This expansion aims to enhance immunization efforts in these regions and improve health outcomes
- On April 16, 2024, GSK plc, a global biotechnology company, announced that the U.S. Food and Drug Administration accepted for review a Biologics License Application (BLA) for its 5-in-1 meningococcal ABCWY (MenABCWY) vaccine candidate
- On April 15, 2024, Serum Institute of India Pvt. Ltd. announced a landmark agreement with the University of Oxford to develop a Meningitis-B vaccine. This collaboration aims to produce a chimeric protein-based vaccine, addressing the limitations of existing Men-B vaccines in terms of efficacy, safety, and coverage
- In October 2023, Pfizer, Inc. a global pharmaceutical company, announced that the U.S. Food and Drug Administration approved PENBRAYA (meningococcal groups A, B, C, W and Y vaccine), the first and only pentavalent vaccine that provides coverage against the most common serogroups causing meningococcal disease in adolescents and young adults 10 through 25 years of age
Key Players
Pfizer Inc., Sanofi, GSK plc., Serum Institute of India Ltd., Merck & co., Inc., Walvax Biotechnology Co., Ltd., Icepta Pharmaceuticals Ltd., and Hualan Biological Engineering Inc.
