Shingles Vaccine Market Set for Significant Growth, Projected to Reach US$ 14.1 Billion by 2032 | Persistence Market Research Insights

Overview of the Shingles Vaccine Market

The global shingles vaccine market has been witnessing substantial growth and is projected to continue expanding at a rapid pace over the next decade. Valued at approximately US$ 3.5 billion in 2021, the market is expected to reach US$ 14.1 billion by 2032, reflecting a CAGR of 13.9% during the forecast period from 2022 to 2032. This growth is largely driven by the increasing prevalence of shingles, particularly among older adults, and the rising awareness about the importance of preventive vaccination. Shingles, caused by the reactivation of the varicella-zoster virus (VZV), is more common among individuals over the age of 60, making vaccines a vital tool in preventing this painful and debilitating condition.

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The key growth drivers of the shingles vaccine market include the growing aging population, increased awareness of the vaccine's benefits, and government initiatives promoting vaccination. The leading segment within the market is the recombinant vaccine type, which has shown significant growth due to its higher efficacy compared to the live attenuated vaccines. North America, particularly the United States, is the dominant geographical region for this market, largely due to high healthcare spending, robust healthcare infrastructure, and government-backed vaccination programs. This region is expected to continue its dominance, driven by strong demand for shingles vaccines, particularly among seniors.

Key Highlights from the Report

✦ The global shingles vaccine market is projected to grow at a CAGR of 13.9% from 2022 to 2032.
✦ The recombinant vaccine segment holds the largest market share and is expected to maintain a high growth rate.
✦ North America is expected to remain the dominant market region throughout the forecast period.
✦ Europe, particularly the U.K., has seen increasing adoption of shingles vaccination among adults.
✦ The market's growth is being driven by an aging population and increasing awareness of shingles prevention.
✦ China and South Korea are emerging as key players in the global shingles vaccine market.

Market Segmentation

The shingles vaccine market is primarily segmented based on vaccine type, end-user, and region.

By Vaccine Type
The market is divided into live attenuated vaccines and recombinant vaccines. Recombinant vaccines have garnered significant attention due to their improved efficacy and safety profile, especially among older adults and immunocompromised individuals. The recombinant vaccine market is expected to witness the highest growth during the forecast period.

By End-User
The end-user segment primarily includes individuals aged 50 and above, who are more susceptible to shingles. Governments and healthcare organizations have made significant efforts to target this demographic group through vaccination programs. Additionally, there is increasing adoption among immunocompromised individuals, who are at a higher risk of developing severe complications from shingles.

By Geography
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America currently leads the market, driven by extensive vaccination programs and high healthcare spending. Europe and Asia-Pacific are expected to grow significantly during the forecast period due to increasing awareness and access to vaccines.

Regional Insights

North America
North America, especially the United States, is the largest market for shingles vaccines. The region has a well-established healthcare system, and both public and private healthcare providers are actively promoting shingles vaccination. In addition, government programs such as those by the Centers for Disease Control and Prevention (CDC) play a pivotal role in encouraging older adults to get vaccinated. The U.S. remains the largest contributor to market revenue, and the high incidence of shingles among adults aged 60 and above is expected to keep the demand strong.

Europe
Europe also represents a significant portion of the shingles vaccine market. The U.K. has been at the forefront of integrating shingles vaccines into national immunization programs. Many other European countries are following suit due to the increasing prevalence of shingles and the effectiveness of the vaccine. The European market is expected to grow steadily at a CAGR of 15.6% between 2021 and 2032.

Asia-Pacific
Asia-Pacific is an emerging market for shingles vaccines, with countries like China, South Korea, and India showing significant growth potential. The region's aging population, especially in China, combined with increasing awareness about shingles, is expected to drive the demand for vaccines. In countries like South Korea, where companies like SK Bioscience are actively involved in the development and distribution of shingles vaccines, the market is seeing rapid growth.

Latin America and Middle East & Africa
The Latin American and Middle Eastern markets are expected to grow, but they are more constrained due to cost barriers, lack of awareness, and healthcare system challenges. However, there is potential for growth, particularly with the introduction of varicella-zoster virus (VZV) vaccines in countries with higher cases of herpes zoster.

Market Drivers

The aging population is one of the primary drivers behind the growth of the shingles vaccine market. As people age, their immune systems weaken, making them more vulnerable to conditions like shingles. The incidence of shingles increases significantly after the age of 50, with nearly half of all cases occurring in individuals aged 60 and older. Additionally, the growing awareness of the risks associated with shingles, particularly among older adults, has led to an increase in demand for vaccines. Public health initiatives, government subsidies, and healthcare reforms aimed at preventing shingles also contribute to market growth.

Market Restraints

Despite its potential, the shingles vaccine market faces several challenges. One significant restraint is the cost of the vaccine, which can be prohibitive, particularly in low and middle-income countries. The vaccine's high price limits its accessibility, especially in regions where healthcare funding is limited. Additionally, there is a lack of awareness about shingles and its vaccine in certain parts of the world, which hinders adoption. Moreover, vaccine supply chain issues and regulatory hurdles in some countries pose obstacles to widespread distribution.

Market Opportunities

There are several opportunities for growth in the shingles vaccine market. The introduction of immunization programs in developing countries and expansion into new regions offers significant potential. As countries like India, Brazil, and South Africa invest in healthcare and preventive measures, the market for shingles vaccines is likely to grow. Additionally, the development of combination vaccines that can address multiple diseases, including shingles, presents an opportunity to increase the adoption of shingles vaccines. Pharmaceutical companies can capitalize on these opportunities by developing cost-effective solutions and expanding their reach to untapped regions.

Reasons to Buy the Report

✔ Gain insights into the global shingles vaccine market's growth prospects and forecast for the next decade.
✔ Understand the key market drivers, challenges, and opportunities shaping the future of the market.
✔ Identify the leading players in the market and their strategies for growth.
✔ Evaluate the competitive landscape and market share distribution across regions.
✔ Access detailed market segmentation by vaccine type, end-user, and region, providing comprehensive insights into specific trends.

Company Insights

• GlaxoSmithKline plc.
• Merck & Co., Inc.
• SK Chemicals
• Green Cross Corp
• Geneone Life Science
• Vaccitech
• CanSinoBIO
• Cipla Inc.
• Pfizer Inc.

Recent Developments:

GlaxoSmithKline reported a significant increase in shingles vaccine sales in 2022, with revenues nearly doubling after the pandemic.

SK Bioscience is expanding its global presence with its "Sky Zoster" vaccine, aiming to introduce it in markets such as the U.S., China, and South Korea.

Conclusion

The shingles vaccine market is poised for substantial growth, driven by factors such as the aging population, increased awareness, and government-backed vaccination programs. While challenges such as cost and awareness exist, opportunities in emerging markets and the development of innovative vaccines present a promising future for the market. As more people become aware of the risks associated with shingles, and as vaccines become more accessible globally, the market is expected to experience robust growth throughout the forecast period, with North America continuing to lead the way.

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