Shingles Vaccine Market Surges, Persistence Market Research Projects US$ 14.1 Bn Valuation by 2032

The shingles vaccine market is undergoing significant growth due to increasing awareness about the condition and the growing demand for preventive healthcare, especially for the aging population. As the global population ages and the incidence of shingles continues to rise, vaccination has become a critical strategy in preventing the painful and debilitating effects of the disease. The global shingles vaccine market was valued at approximately US$ 3.5 billion in 2021, with a projected compound annual growth rate (CAGR) of 13.9% from 2022 to 2032, potentially reaching nearly US$ 14.1 billion by 2032, as highlighted by Persistence Market Research. This article provides an in-depth overview of the market, segmentation, growth drivers, regional insights, key players, and much more.

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Overview of the Market

The shingles vaccine market is primarily driven by the increasing prevalence of shingles among older adults, who are more susceptible due to weakening immune systems. Shingles, caused by the reactivation of the varicella-zoster virus (VZV), leads to painful rashes and postherpetic neuralgia (PHN), a debilitating complication. As the global population ages, the demand for shingles vaccines has risen, with older adults at the highest risk. According to the Centers for Disease Control and Prevention (CDC), one in three people will develop shingles in their lifetime, with the risk increasing significantly after age 60.

The market is expanding due to rising awareness about shingles prevention, especially in countries where vaccination programs are not yet widespread. Additionally, significant advancements in vaccine formulations and the introduction of newer vaccines with higher efficacy are further fueling market growth. As per the latest market analysis by Persistence Market Research, the global shingles vaccine market saw a revenue surge, growing at a rate of 14.4% CAGR between 2021 and 2022. This trend is expected to continue as the world adapts to the increasing need for immunization against herpes zoster.

Key Growth Drivers Behind Market Growth

Several factors are driving the growth of the shingles vaccine market, including the aging global population, advancements in vaccine technology, and increased awareness about the long-term effects of shingles. Older adults are particularly vulnerable to shingles, and with the increasing number of individuals aged 60 and above, the demand for shingles vaccines is expected to grow rapidly. Furthermore, the introduction of more effective and safer vaccines, such as recombinant vaccines, has contributed to market expansion.

Shingles also poses significant risks for individuals with compromised immune systems, further emphasizing the importance of vaccination. The awareness campaigns by public health organizations, alongside the growing incidence of shingles-related complications like PHN, are prompting governments and healthcare providers to prioritize the introduction of shingles vaccines into national immunization programs. In addition, the ongoing research and development efforts by pharmaceutical companies to improve vaccine efficacy are contributing to the market's positive outlook.

Leading Segment and Leading Geographical Region

The recombinant vaccine segment is leading the market, with a projected growth rate of 14.0% CAGR during the forecast period from 2022 to 2032. These vaccines, which use genetic material to stimulate immunity, have demonstrated higher efficacy and safety compared to traditional vaccines, making them more favorable for global adoption. On the geographical front, North America is currently the leading region for the shingles vaccine market, due to high awareness levels, robust healthcare infrastructure, and an aging population. The U.S. in particular has a well-established vaccination program and a high vaccination rate among older adults, which significantly contributes to the region's dominance.

Key Highlights from the Report

➤ The global shingles vaccine market was valued at US$ 3.5 billion in 2021.
➤ The market is projected to reach a valuation of nearly US$ 14.1 billion by 2032.
➤ The recombinant vaccine segment is expected to dominate the market, with a growth rate of 14.0% CAGR from 2022 to 2032.
➤ The U.S. and Europe are leading regions in the shingles vaccine market due to robust healthcare systems and high vaccination rates.
➤ Older adults (aged 60 and above) represent the largest demographic for shingles vaccines.
➤ Persistence Market Research forecasts an absolute dollar opportunity growth of US$ 10.2 billion in the next decade.

Market Segmentation

Product Type

The shingles vaccine market is primarily segmented into two product types: live attenuated vaccines and recombinant vaccines. The live attenuated vaccines, which contain weakened forms of the virus, have been in use for several years and are effective at preventing shingles. However, recombinant vaccines, which use genetic material to produce a stronger immune response, are rapidly gaining market share due to their higher efficacy and safety profile. These vaccines are particularly beneficial for immunocompromised individuals, including older adults and people undergoing immunosuppressive treatments.

Recombinant vaccines are projected to experience a higher growth rate, as they offer better protection against herpes zoster and postherpetic neuralgia. Due to these advantages, more countries are incorporating recombinant vaccines into their national immunization programs, further propelling market growth.

End-User

The primary end-users of shingles vaccines are older adults, especially those aged 60 and above, who are at the highest risk of developing shingles and its complications. However, the vaccine is also recommended for immunocompromised individuals and those with weakened immune systems due to other medical conditions or treatments. As awareness grows about the risks of shingles, more individuals are seeking vaccination, further expanding the market.

The demand for shingles vaccines among elderly populations is expected to remain high, with a significant increase in vaccination rates due to healthcare initiatives and insurance coverage in many developed countries.

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Regional Insights

North America

North America, especially the U.S., is the leading region in the shingles vaccine market. The country has a high incidence of shingles, particularly among its aging population, and there is strong government support for vaccination programs. The availability of both live and recombinant vaccines, along with well-established healthcare systems, has contributed to the widespread adoption of shingles vaccines. In addition, health insurance plans in the U.S. often cover the cost of shingles vaccination for individuals over 50, further encouraging vaccination.

Europe

Europe has also witnessed significant growth in the shingles vaccine market, with countries such as the U.K. leading the way. The U.K. was the first European country to introduce the shingles vaccine into its national immunization program, and the vaccination rate among older adults is high, exceeding 60%. Other European countries have followed suit, contributing to the region's growth. The introduction of new vaccines and research efforts by major pharmaceutical companies in Europe has also played a key role in expanding the market.

Market Drivers

The primary drivers of the shingles vaccine market include the increasing aging population, rising healthcare awareness, and growing prevalence of shingles. As individuals age, their immune systems weaken, making them more susceptible to infections like shingles. This has created a surge in demand for preventive solutions, with vaccines being one of the most effective methods for reducing the risk of infection. Public health campaigns, such as those led by the CDC, have played a critical role in raising awareness about the importance of vaccination for older adults.

Moreover, advancements in vaccine formulations, such as recombinant vaccines, have led to better efficacy and fewer side effects, further driving the adoption of shingles vaccines.

Market Restraints

Despite the significant growth in the shingles vaccine market, there are a few challenges that could hinder its expansion. One of the main barriers is the high cost of vaccines, which can be a deterrent for individuals, particularly in low-income countries. In addition, there is still a lack of awareness in some regions about the importance of shingles vaccination, especially in developing nations where other public health priorities may take precedence.

Furthermore, the stigma surrounding vaccines in some populations, combined with misinformation, could pose a challenge to widespread adoption. These factors may slow down the market's growth in certain regions.

Market Opportunities

The shingles vaccine market presents numerous opportunities, particularly in underdeveloped and developing countries. With the rising prevalence of shingles and growing recognition of the disease's long-term consequences, there is a need for vaccine programs in these regions. Governments and global health organizations, such as the World Health Organization (WHO), are increasingly emphasizing vaccination as a cost-effective measure to prevent shingles.

Additionally, the growing focus on the aging population presents further opportunities for vaccine manufacturers to expand their product offerings. The development of mRNA vaccines, which have shown success in combating COVID-19, could also play a role in the evolution of shingles vaccine technology.

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Reasons to Buy the Report

✔ Get a comprehensive understanding of the current market size and projections for the next decade.
✔ Understand key growth drivers and challenges affecting the shingles vaccine market.
✔ Gain insights into competitive dynamics and key players in the market.
✔ Explore regional trends and opportunities in emerging markets.
✔ Access in-depth market segmentation and data analysis to guide strategic decisions.

Company Insights
Key Players in the Market

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

Recent Developments

Jan 2022: Pfizer partnered with BioNtech to develop an mRNA-based shingles vaccine, with clinical trials expected to begin in mid-2022.

July 2021: GlaxoSmithKline's shingles vaccine was approved by the FDA for adults aged 18 and older, specifically targeting individuals with immunodeficiency or immunosuppression.

The shingles vaccine market is poised for significant growth, driven by increasing demand for effective and safe vaccination options, particularly among older adults and those with weakened immune systems.

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