Market Research Future (MRFR) has published a research report on the “Global Shingles Vaccine Market” that contains information from 2019 to 2032. The Shingles Vaccine market is estimated to register a CAGR of 8.00% during the forecast period of 2024 to 2032.
Shingles Vaccine Market Highlights
The global Shingles Vaccine Market has registered a CAGR of 8.00% during the forecast period and is estimated to reach USD 7.03 billion by 2032.
The rising prevalence of herpes zoster, generally known as shingles, particularly among the older populace, is a critical driving component for the shingles vaccine market. As the worldwide populace ages, the occurrence of shingles is expected to increase, driving the interest in vaccines. Additionally, the significant expense of shingles vaccines, especially in certain regions where they may not be covered by protection or government-supported initiatives, can go about as a huge hindrance to getting to, restricting business sector development, particularly among low-income populaces. Furthermore, emerging economies with further developing medical services framework and rising dispensable incomes present huge opportunities for the shingles vaccine market. Expanded mindfulness, government drives, and extended access to medical care administrations contribute to market expansion in these regions. Moreover, a key obstacle to attaining high vaccination coverage rates against shingles is skepticism or hesitation towards vaccination, which is fostered by false information, false beliefs about the safety of vaccines, and mistrust of healthcare authorities.
Key Players
MRFR recognizes the following companies as the key players in the global Shingles Vaccine market— GlaxoSmithKline plc., Merck & Co., Inc., SK chemicals, Green Cross Corp, Geneone Life Science, Vaccitech, CanSinoBIO, Pfizer Inc., and Jiangsu Recbio Technology Co., Ltd.
Segment Analysis
The global Shingles Vaccine market has been segmented based on product and vaccine type.
Based on the Product, the market is segmented into Shingrix, Zostavax, and SKYZoster. The Shingrix segment was attributed to holding the largest market share in 2023. Over a wide variety of age groups, including older individuals, Shingrix has shown great efficacy in avoiding shingles and accompanying sequelae, such as postherpetic neuralgia. Its high demand in the market is partly due to its efficacy.
The global Shingles Vaccine market has been segmented based on vaccine type: recombinant vaccine and live attenuated vaccine. The category with the largest predicted market share in 2023 was recombinant vaccines. Most recombinant vaccines are made using cutting-edge biotechnological techniques, which can generate a safer and cleaner vaccine. Demand will increase if the recombinant shingles vaccine appeals to a larger patient group and has fewer adverse effects than previous vaccine types while maintaining an enhanced safety profile.
Explore In-depth Market Details [Table of Content, List of Figures, List of Tables] of Shingles Vaccine Market Research Report
Regional Analysis
Based on region, the global Shingles Vaccine market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The European Shingles Vaccine market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Shingles Vaccine market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Shingles Vaccine market comprises the Middle East, Africa, and Latin America.
The North American regional sector maintained the largest market share. Immunocompromised adults should have access to shingles vaccinations, which should accelerate market expansion. For example, the CDC panel suggested Shingrix as a shingles vaccination in October 2021 for individuals who are immunocompromised or immunodeficient. In July 2021, the US FDA approved GSK plc's Shingrix (Zoster vaccination Recombinant, Adjuvanted) to safeguard adults 18 years of age and older from contracting shingles, also known as herpes zoster, assuming they have an expanded risk of creating shingles because of immunodeficiency or immunosuppression from known illnesses or medicines. These variables are going to have a big effect on the North American shingles vaccine market. They also fuel the high demand for the vaccine throughout the forecast period.
Moreover, the European market has been persistently growing over the forecast period. According to shingles vaccine market data, encouraging government policies, increased vaccination accessibility, and shingles awareness are anticipated to be driving drivers in Europe. Europe has a large senior population, much like many other regions. The area has a high incidence of shingles, a condition for which age is a key risk factor. Approximately 1.7 million people in Europe have shingles each year. In Europe, zoster is an annual occurrence that affects about three patients per 1,000 people. The incidence rate rises sharply after age 50, with persons 50 years of age and beyond accounting for two-thirds of cases.
Additionally, Asia-Pacific is anticipated to experience the quickest growth over the forecast period. The Asia-Pacific area is home to a rapidly expanding drug industry, with many organizations putting resources into vaccine improvement and assembly. This extension prompts expanded availability and accessibility of shingles vaccines in the area, driving business sector development.
Furthermore, the rest of the world's Shingles Vaccine market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's growing emphasis on healthy aging and elderly care healthcare systems, expansion of the pharmaceutical industry, and growing research and development activities, all of which contribute to the market expansion.
Key Findings of the Study
- The global Shingles Vaccine market is expected to reach USD 7.03 billion by 2032, at a CAGR of 8.00% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market. The improvement of middle-class people in various Asia-Pacific countries has prompted extended clinical services, awareness, and spending. Middle-class individuals are more likely to focus on preventive clinical benefits, including immunization against diseases like shingles, which is thus driving interest in shingles vaccines.
- Based on Product, the Shingrix segment was attributed to holding the largest market in 2023.
- GlaxoSmithKline plc., Merck & Co., Inc., SK chemicals, Green Cross Corp, Geneone Life Science, Vaccitech, CanSinoBIO, Pfizer Inc., and Jiangsu Recbio Technology Co., Ltd. are the key market players.
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Base Year | 2021 |
Companies Covered | 15 |
Pages | 128 |
Certified Global Research Member
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