Shingles Vaccines Market Size, Share, Industry, Forecast and outlook (2024-2031)

Shingles Vaccines Market

Shingles Vaccines Market Anticipates Robust Growth with a Projected CAGR of 10.00% from 2024 to 2031

The global Shingles Vaccines Market is poised for substantial expansion, estimated to achieve a Compound Annual Growth Rate (CAGR) of 10.00% during the forecast period spanning from 2023 to 2030.

Recommended in established nations such as the US, Canada, Germany, and the UK, the shingles vaccine is integral to National Immunisation Programs (NIP) in several countries. Australia, for instance, provides free shingles vaccines under its NIP for adults aged 70 years, while countries like Italy, the UK, and the US have incorporated this vaccination into their national immunization programs. These initiatives contribute significantly to the anticipated noteworthy growth in the shingles vaccines market in the upcoming years.

Cost-Effectiveness Drives Market Momentum

The cost-effectiveness of shingles vaccine over treatment emerges as a pivotal driver for the global shingles vaccines market. The CDC-recommended Shingrix vaccine, administered in two doses over six months, is a recombinant zoster vaccine with proven effectiveness. Shingles treatment, on the other hand, is costly and merely alleviates symptoms. Health experts widely advocate vaccination due to its proven efficacy, positioning the cost-effectiveness of shingles vaccines as a major driver for market growth throughout the forecast period.

Market Scope and Key Insights

Market Scope Metrics:
• CAGR: 10.00%
• Segments Covered: By Product, By Vaccine Type, By Distribution Channel, and By Region
Report Insights Cover:
• Competitive Landscape Analysis
• Company Profile Analysis
• Market Size, Share, Growth, Demand
• Recent Developments, Mergers and Acquisitions
• New Product Launches
• Growth Strategies
• Revenue Analysis
• Other key insights
Regional Dynamics:
• Fastest Growing Region: Asia Pacific
• Largest Market Share: North America

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Understanding Shingles
Shingles, or herpes zoster, is a viral infection impacting cranial nerves, originating in the brain and caused by the varicella-zoster virus. The shingles vaccine, particularly the CDC-recommended Shingrix, significantly reduces the incidence of herpes zoster, providing a crucial preventive measure for adults aged 50 and older.

Key Insights by Region

North America stands as a key region due to high shingles prevalence, housing major pharmaceutical companies actively researching new vaccines and treatments. In 2021, GlaxoSmithKline plc obtained regulatory approval for Shingrix in the U.S. and Canada, signaling significant growth prospects for the North American shingles vaccines market.
In Europe, where shingles prevalence is lower, preventative inoculation is widespread, particularly in major countries like Germany, the UK, and Italy, driving the growth of the European shingles vaccines market.
Asia-Pacific presents new opportunities, with China reporting over 1.5 million new shingles cases annually among individuals aged 50 and above, and Japan reporting over 600,000 cases yearly.

Market Dynamics and Restraints

While the cost-effectiveness of shingles vaccines propels growth, side effects associated with the vaccine pose challenges, including sore arms, muscle pain, headache, and, rarely, severe allergic reactions. The shift towards recombinant vaccines opens new opportunities, with their efficacy exceeding 90% and longer protection.
Low awareness about shingles, particularly in developing countries, presents a challenge for market growth, with less than 20% awareness in countries like India and Turkey.

COVID-19 Impact Analysis

The COVID-19 pandemic brought both positive and negative impacts. Reactivation of herpes zoster in immunocompromised individuals occurred, but production and sales of shingles vaccines declined as manufacturers prioritized COVID-19 vaccines. Despite challenges, the global shingles vaccines market is poised for recovery during the forecast period.

Recent Developments
• In July 2021, GlaxoSmithKline plc gained U.S. FDA approval for the Shingrix recombinant shingles vaccine.
• In July 2022, Maxvax Biotechnology and Beijing Luzhu Biotechnology raised USD 74 million for multiple clinical trials of their recombinant shingles vaccine candidates.
• In October 2021, the CDC panel recommended Shingrix for immunodeficient or immunosuppressed adults.

Market Segmentation Analysis

Product Segmentation:
• Shingrix
• Zostavax
• SKYZoster
Vaccine Type:
• Recombinant Vaccines
• Live Attenuated Vaccines
Distribution Channel:
• Hospital Pharmacies
• Retail Pharmacies
• Others

Competitive Landscape

The global shingles vaccines market features major players adopting strategies such as mergers, acquisitions, product approvals, and agreements to enhance market reach and competitiveness. Leading companies include GlaxoSmithKline plc., Merck & Co. Inc., SK Bioscience, GC Pharma, Vaccitech, Geneone Life Science, Shulov Innovative Science, and EYEGENE Inc.

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