The Europe car rental market has seen critical patterns and changes as of late, mirroring the developing elements of the car and travel enterprises. One conspicuous pattern shaping the market is the rising inclination for supportable and eco-compliant transportation choices. As natural cognizance develops among purchasers, car rental organizations in Europe are growing their fleets to incorporate electric and hybrid vehicles. This lines up with the more extensive European Association's push towards lessening carbon outflows and advancing supportable portability arrangements.
One more critical pattern in the Europe car rental market is the rise of digitalization and innovation reconciliation. With the appearance of portable applications and online stages, clients presently have more helpful and effective methods for booking and deal with their car rentals. This shift towards advanced stages has smoothed out the booking system as well as considered improved client encounters, with highlights, for example, ongoing vehicle following and contactless interactions getting prominence.
Moreover, the market has seen a surge popular for adaptable and customized rental choices. Car rental organizations are adjusting their plans of action to take special care of changing buyer inclinations, offering adaptable rental timespans, rebuilt packages, and a different choice of vehicle choices. This pattern is especially articulated with the rising prevalence of transient rentals and membership-based administrations, giving clients the adaptability to pick vehicles that suit their requirements for different durations.
Furthermore, the European automobile rental industry is witnessing increased cooperation and alliances between rental companies and various stakeholders in the functioning of the ecosystem. Collaboration with airlines, hotels, and travel agencies has become a vital approach to provide clients with comprehensive travel plans. Such concerted efforts usually result in bundled bundles and loyalty programs, creating a uniform experience for explorers and developing brand loyalty in an important market.
The effect of the Coronavirus pandemic has additionally influenced the Europe car rental market. The business confronted a slump during the level of movement limitations and lockdowns, prompting diminished interest for rental administrations. Apart from the movement limitation, there has been a stable convalescence, with a developing inclination for homegrown and provincial travel. Car rental organizations are adjusting by zeroing in on cleanliness and security conventions, offering sterile vehicles, and elevating contactless administrations to support clients and recover their trust.
The Herpes Zoster Market Size was valued at USD 0.19 Billion in 2023. The global herpes zoster industry is projected to grow from USD 0.21 Billion in 2024 to USD 0.32 Billion by 2032, exhibiting a CAGR of 5.18% during the forecast period (2024 - 2032).
The rise in herpes zoster prevalence and the rise in the older population are two key market drivers anticipated to propel the growth of the herpes zoster market during the forecast period.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In April 2023, GlaxoSmithKline Pharmaceuticals Ltd. (GSK) introduced Shingrix (Zoster Vaccine Recombinant, Adjuvanted) to the Indian market. The vaccine is intended to prevent shingles (herpes zoster) and post-herpetic neuralgia in those who are 50 years of age and older. According to a statement by the business, Shingrix is the first vaccination of its kind to be administered intramuscularly in two doses. It is a non-live, recombinant subunit vaccine. According to the manufacturer, the vaccine Shingrix offers a minimum of 10 years of protection against shingles, a condition caused by the reactivation of the varicella zoster virus (VZV), which is the same virus responsible for causing chickenpox. The announcement indicated that the vaccination has demonstrated an efficacy rate of 90 percent in preventing shingles. In 2017, the US Food and Drug Administration (FDA) granted approval to Shingrix for the purpose of preventing shingles in persons aged 50 years or older. In 2018, the European Commission granted clearance to Shingrix for the purpose of preventing shingles in individuals aged 50 years or above.
In October 2023, the Ministry of Health and Prevention announced the availability of the herpes zoster vaccine. This vaccine is certified to prevent shingles, a viral infection that results in a painful skin rash. The vaccine is currently available to persons who are 50 years old and above at healthcare facilities throughout the UAE. The vaccine is given in two doses, with a six-month interval between them. It follows the best practices for preventing shingles infection in adults and helps lower the risk of complications for individuals who are already infected. The session emphasized the necessity of increasing awareness regarding the significance of preventative vaccination for specific groups, particularly in regards to vaccinating against shingles. It also emphasized the importance of expanding the knowledge and understanding of health workers regarding the newest global recommendations for shingles. The ministry emphasized that these endeavors will help reduce the health burden caused by preventable diseases by increasing the national immunization coverage rate.
The varicella-zoster virus (VZV), which also causes varicella, reawakens and produces HZ (chickenpox). The WHO estimates that each year there are roughly 4.2 million cases of varicella with serious complications and 4,200 fatalities as a result. Yet, among unvaccinated groups, a subsequent attack rate of more than 70% has been reported. Furthermore, as of 8 June 2022, 1,536 suspected cases with 72 deaths had been recorded from eight countries, citing the WHO, and 59 confirmed cases had been during this same time from six nations. The rise in the incidence of chickenpox boosts consumer demand for the shingles vaccine and post-herpetic neuralgia treatment, which is propelling the herpes zoster market. Thus, this factor is driving the market CAGR.
Figure 1: Prevalence of chickenpox
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
However, another major trends boosting the market growth is the emergence of novel vaccinations for disease management. Herpes zoster was entirely managed with pharmacological therapy up until the development of vaccinations. Vendors have concentrated their efforts on creating a number of novel medicines for the management and prevention of shingles, nevertheless. For instance, Merck's V 212 is now undergoing Phase III evaluation as a potential treatment for varicella-zoster. In immunocompromised patients, the molecule has been found to significantly lower the risk of developing herpes zoster by 64%. In the US, as well as some other European and Asian nations, the vaccine has already finished its Phase III trials. It is anticipated to be released in a few years. These new vaccines should be more effective at treating and preventing herpes zoster. Furthermore, it is anticipated that they will be sold for less than the ones that are already on the market. In turn, this will fuel market expansion over the duration of the forecast. Thus, it is anticipated that this aspect will accelerate herpes zoster market revenue globally.
The Herpes Zoster Market segmentation, based on diagnosis, includes Laboratory Testing (Immunofluorescent Microscopy, Real-Time Polymerase Chain Reaction (PCR), Serological Testing and Others). The laboratory testing segment held the majority share in 2022 in the Herpes Zoster Market data. If clinical symptoms alone are unclear, laboratory testing is advisable, especially in patients who have received the advised shingles vaccination and in people with compromised immune systems. Due to its high specificity and short turnaround time, the sophisticated technique of Polymerase Chain Reaction (PCR) is frequently employed to precisely detect the infection.
The Herpes Zoster Market segmentation, based on treatment and prevention, includes Antiviral Medications, Narcotic Medications, Anti-Inflammatory Medications, Antihistamines, Anticonvulsants, Capsaicin, Numbing Creams, Gels, or Patches, Vaccines and Others. The antiviral medications segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032 as it lessens viral shedding and quickens the resolution of symptoms, like symptom relief and discomfort reduction. The category is driven by variables like product launches by market participants and the accessibility of various antiviral medications for the treatment of herpes zoster infection.
June 2022: Tenofovir Disoproxil Fumarate Tablets and Emtricitabine have been added to Camber Pharmaceuticals' existing product line. Emtricitabine and Tenofovir Disoproxil Fumarate Tablets are a two-drug combination of emtricitabine (FTC) and tenofovir disoproxil fumarate (TDF), both HIV-1 nucleoside analogue reverse transcriptase inhibitors, and are indicated for the treatment of HIV-1 infection in adults and paediatric patients weighing at least 37 lbs.
The global herpes zoster industry, based on route of administration, includes Oral, Topical and Others. The oral segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032 due to an increase in oral pharmaceuticals including antivirals, anti-inflammatories, and other medications that are treated with oral or topical medications in both developed and developing countries, a rise in treatment demand, and an increase in the population of elderly people.
Figure 2: Herpes Zoster Market, by Route of Administration, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Herpes Zoster Market data, based on end user, includes Hospitals & Clinics, Diagnostic Centers, Research & Academic Institutes, Home Care Settings and Others. The hospitals & clinics segment dominated the herpes zoster market revenue in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032 because more infections are being diagnosed, more people are aware of using herpes zoster medications, and more people are using herpes zoster treatments. Furthermore, a rise in government measures to support a healthy lifestyle fuels market expansion.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America herpes zoster market accounted for USD 0.1 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period due to an increase in herpes zoster cases, growing healthcare costs, an aging population, and herpes zoster technology. The Center for Disease Control and Prevention (CDC) estimates that there are 4 HZ cases per 1,000 people in the United States each year. The disease affects about 1 in 100 People 60 and older each year.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: HERPES ZOSTER MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe herpes zoster market accounts for the second-largest market share. Government financing and enhanced research and development efforts are credited with the market growth in this area. Herpes zoster is reported to be increasing linearly in frequency across Europe, with yearly incidences ranging from 2.0 to 4.6/1 000 people. Further, the UK herpes zoster market held the largest market share, and the Germany herpes zoster market was the fastest growing market in the region.
Asia Pacific herpes zoster Market is expected to grow at the fastest CAGR from 2024 to 2032 because of rising healthcare costs and increased vaccination awareness. Additionally, the expansion of these regions has been aided by the presence of numerous manufacturing companies. A major advancement is also anticipated for the herpes zoster vaccine in addition to this. Moreover, China herpes zoster market held the largest market share, and the India herpes zoster market was the fastest growing market in the region.
Herpes Zoster Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the herpes zoster market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the herpes zoster industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global herpes zoster industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, herpes zoster industry has provided medicine with some of the most significant benefits. The herpes zoster market major player such as Astellas Pharma Inc., Foamix Pharmaceuticals, GeneOne Life Science, GlaxoSmithKline plc, Merck & Co., NAL Pharma, Novartis AG, Hoffmann-La Roche Ltd and TSRL Inc.
The global headquarters of the multinational British pharmaceutical and biotechnology business GSK plc, formerly known as GlaxoSmithKline plc, are located in London, England. SmithKline Beecham and Glaxo Wellcome merged to form this company in 2000. In July 2021, the US Food and Drug Administration (FDA) has endorsed Shingrix (Zoster Vaccine Recombinant, Adjuvanted) to prevent herpes zoster in adults 18 years of age and older who are at a higher risk of developing the condition due to immunodeficiency, according to a statement from GSK plc.
With its headquarters in Mumbai, Cipla Ltd is a worldwide pharmaceutical corporation. Cipla focuses on creating medications to treat a variety of illnesses, including arthritis, diabetes, depression, cardiovascular disease, respiratory diseases, and many others. In July 2019, Jiangsu Acebright Pharmaceutical Co. Ltd. and Cipla (EU) Ltd, a U.K.-based wholly-owned subsidiary of the top global pharmaceutical business Cipla Ltd, announced that they had reached an agreement to establish a joint venture company (or "JV Co") in the People's Republic of China.
Key Companies in the herpes zoster market includes
Herpes Zoster Industry Developments
April 2022: A renowned worldwide eye health company, Bausch Health Companies, Inc., has announced that it has signed into an arrangement agreement with its wholly owned subsidiary Bausch + Lomb Corporation.
March 2020: Pregabalin containers, a common structure to relieve pain caused by nerve damage caused by diabetes or shingles contamination, were dispatched, according to Camber Pharmaceuticals, Inc
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)