Meningococcal Vaccines Market to Witness 12.40% CAGR by 2022
The global meningococcal vaccines market comprises good number of established companies that are focusing on expanding market shares. According to report by Transparency Market Research, the competition in the market is rising since the past decade mainly owing to leading players introducing innovative business strategies in the market. This is majorly due to continuous entry of new players in the market.
Companies engaged in pharmaceutical industry can easily manufacture meningococcal vaccines to expand their horizon in the market by making a valuable change in the area of disease management. This is the prime factor for entrance of new players in the market. The established players in the market have attained skillful level of expertise in marketing of products, sale, and manufacturing of products that is resulting in enhanced growth prospective for the players in the market. Small vendors in the market are forming strategic alliances so as to counter strong foothold of leading players. The leading players in the market are experts in conducting core research in the field of meningococcal vaccines.
Some of the leading players operating in the global meningococcal vaccines market are Baxter International Inc., Biomed Pvt. Ltd., Pfizer Inc., Serum Institute of India Ltd., and Novartis International AG.
The global meningococcal vaccines market is expected to rise at a healthy CAGR of 12.40% during the forecast period of 2014 to 2022. The global market is expected to attain a valuation of US$4,450.4 mn by the end of 2022. The global meningococcal vaccines product segment is led by combination vaccines segment and it is expected to emerge as a prominent modality in the coming years owing to its helpful prevention in infants and toddlers. Geographically, the meningococcal market is led by North America and is anticipated to dominate the market during the forecast period due to substantial growth of public awareness in this region.
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The global meningococcal vaccines market is growing rapidly owning to rise in mortality and morbidity of meningococcal diseases among large populations. Technological advancement has massively reduced the burden of meningococcal disease. Governments across the globe are spreading awareness through campaigns in various parts of the globe is also boosting the market for meningococcal vaccines. The advancement in vaccinology has successfully improved public health. Implementation of vaccination programs in various countries such as sub-Saharan Africa and others are supplementing the market. The market is also driven by infant immunization and awareness campaign programs by government in various regions. Several health protection agencies are also taking initiatives to recommend vaccination of preteens and teens have boosted the market. The wide range of factor leading to occurrence of meningococcal disease gives impetus to the growth of global meningococcal vaccines market. This has led pharmaceutical companies to enter the market and manufacture meningococcal vaccines thus, boosting the market for the same.
The global meningococcal vaccines market is expected to face certain restrains that might hamper the growth of the market. There is rise in drug makers making similar vaccines that have led to cost war in the market. The market cannot penetrate into regions with strict regulation, thus causing hindrance to the global market growth. Several regions have stringent regulatory framework that obstruct the manufacturing of drugs in this region. Several attempts to build strong base for research and development of antibodies have failed in various regions of the world such as Europe. Therefore, the market is expecting sluggish growth during the forecast period.
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