The shingles vaccine market has seen significant growth in recent years, as more and more people seek to protect themselves from the painful and debilitating condition caused by the reactivation of the varicella zoster virus (VZV), which is also responsible for chickenpox.
The global Shingles Vaccine market was valued at around US$ 3.5 Bn in 2021. With a projected CAGR of 13.9% for the next ten years, the market is likely to reach a valuation of nearly US$ 14.1 Bn by the end of 2032. Global Shingles Vaccine market is projected to witness an absolute dollar opportunity growth of US$ 10.2 Bn during 2022-2032.
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The shingles vaccine is typically recommended for people over the age of 50, as the risk of developing shingles increases with age. However, the vaccine is also recommended for certain groups of people under the age of 50, such as those with weakened immune systems.
There are currently two shingles vaccines available on the market: Zostavax and Shingrix. Zostavax has been available for over a decade, but Shingrix was approved by the U.S. Food and Drug Administration (FDA) in 2017 and has quickly become the preferred option due to its higher effectiveness rate.
- GlaxoSmithKline plc.
- Merck & Co., Inc.
- SK Chemicals
- Green Cross Corp
- Geneone Life Science
- Cipla Inc.
- Pfizer Inc
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In addition, the rising aging population and increasing government initiatives to promote vaccination are also contributing to the growth of the market. However, the high cost of the vaccine and lack of reimbursement in some countries may hinder market growth.
Overall, the shingles vaccine market is expected to continue growing in the coming years, as more and more people seek to protect themselves from this painful and debilitating condition. It is important for individuals to consult with their healthcare provider to determine if the shingles vaccine is right for them.
How Shingles is accelerating the growth in the shingles vaccine market?
Shingles witnessed the fastest growth over the forecasted period and is expected to garner a growth rate of 14.4% during the forecasted period set between 2022 and 2032. According to clinical trials, Shingles is safer to use and possess high efficacy with over 97% effectiveness in people aged between 50 to 69 years. Based on CDC data, Shingles was found to be 91% effective in preventing postherpetic neuralgia. The Shingles vaccine is being used in immunization programs throughout several countries due to the reduction rate of herpes zoster.
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Key Segments Covered in Shingles Vaccine Industry Survey
Shingles Vaccine Market by Product type:
- Sky Zoster
Shingles Vaccine Market by Vaccine type:
- Recombinant Vaccine
- Live Attenuated Vaccine
Shingles Vaccine Market by Region:
- North America Shingles Vaccine Market
- Latin America Shingles Vaccine Market
- Europe Shingles Vaccine Market
- South Asia Shingles Vaccine Market
- East Asia Shingles Vaccine Market
- Oceania Shingles Vaccine Market
- Middle East & Africa Shingles Vaccine Market
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