Meningitis Vaccine Market By Diseases Type (Viral Meningitis, Bacterial Meningitis, Meningococcal Disease, Pneumococcal Meningitis, TB Meningitis, Fungal Meningitis, Hib Meningitis, Other types of Meningitis) By Product (Meningitis A+C, Meningitis ACWY135, Meningitis B) By Vaccines (Polysaccharide Vaccines, Conjugate Vaccines, Combination Vaccines) By End-User (Hospitals, Clinics/ Nursing homes, Research laboratories) and Region – Global Forecast 2016 to 2024.
Meningitis is a bacterial infection which occurs due to seasonal variations which born several harmful bacteria. Rising awareness towards vaccinations and rising incidents of meningitis across the globe are the main demand growing factors for the meningitis vaccine. Increase in healthcare expenditure across the globe by developing and emerging nations are changing the scenario of healthcare sector in order to provide better and effective cure. Emerging economies are adopting advanced vaccinations to minimize the burden of diseases which is further cutting down the figure of health expenditure.
Market size and forecast
Global Meningitis Vaccine Market was valued USD 2.1 Billion in 2015 and the market is further anticipated to garner USD 5.2 Billion by 2023. Further, the global meningitis vaccine market is predicted to flourish significantly at a CAGR of 14.5% over the forecast period i.e. 2016-2023.
North America accounted the highest market share in terms of revenue in overall market of meningitis vaccine across the globe. The market is expected to maintain its dominance over the forecast period on the back of rising government interventions, increasing healthcare expenditure, rising awareness towards meningitis by various immunization programs.
On the other hand, Asia-Pacific is expected to be the most opportunistic and fastest growing region across the globe in meningitis vaccines market due to growing demand for advanced vaccines in emerging nations such as India, China, etc. increase in GDP figure, and rising awareness towards healthcare in order to minimize the burden of diseases.
Further, boost in research and development in healthcare sector in order to develop low cost and effective vaccines for the consumers are likely to grow awareness towards vaccinations among the population. The market of meningitis vaccines is majorly driven by the factors such as introduction of low cost meningitis vaccines as those are more effective than the conventional vaccines.
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Rising awareness towards meningitis diseases and their preventions and introduction of favorable re-imbursement policies by the government organizations across the globe are likely to shift the consumer to adopt advanced meningitis vaccines in order to minimize the disease burden.
The meningitis vaccine market is estimated to expand in terms of demand in near future on account of growing awareness towards cost-effective vaccines, and positive growth in GDP figure in developing nations.
By Region – Global Meningitis Vaccine Market is further classified on the basis of region as follows: North America (United States /U.S. & Canada), Latin America (Brazil, Mexico, Rest of Latin America), Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe), Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia), Middle East and North Africa (MENA), Rest of World
Growth Drivers and challenges
Increase in child births coupled with high risk of bacterial infections due to low immunity of infants, rising incidents of meningitis due to lack of awareness towards hygiene, growing awareness towards advanced healthcare vaccinations are some of the factors driving the market of meningitis vaccine across the globe. Apart from this, factors such as introduction of cost-effective vaccinations, growing awareness towards early prevention and vaccinations, rising preferences by physicians towards vaccinations are some of the key elements prompting the demand for meningitis vaccines over the forecast period i.e. 2016-2023.
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Additionally, increase in personal disposable income of the population in developing regions and increasing healthcare spending owing to growing concern towards cure and treatment of various bacterial infections, rising concern towards early prevention and health-hygiene are some of the major key elements swelling the demand for meningitis vaccines.
However, high cost of meningitis vaccines, lack of awareness towards meningitis in under-developed nations, and lack of skilled healthcare physicians are some of the factors likely to restraint the market of meningitis vaccine across the globe.
Key Players – The key players of meningitis vaccine market are as follows: GlaxoSmithKline, Company Overview, Key Product Offerings, Business Strategy, SWOT Analysis, Financials, Baxter International, Sanofi Pasteur, Merck, Pfizer, Zhejiang Tianyuan, Beijing Tiantan Biological
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