The shingles vaccine market is a rapidly growing industry driven by the increasing incidence of shingles and the aging population. Shingles, also known as herpes zoster, is a viral infection caused by the varicella-zoster virus, the same virus that causes chickenpox. It results in a painful rash, often accompanied by fever and fatigue. The disease tends to occur in older adults and people with weakened immune systems.
The two main vaccines available in the market are Zostavax and Shingrix. Zostavax, which is produced by Merck & Co, was approved by the US Food and Drug Administration (FDA) in 2006 and is the first shingles vaccine to be developed. It is a live attenuated vaccine and is given as a single dose to people 60 years of age and older. Shingrix, produced by GlaxoSmithKline, was approved by the FDA in 2017 and is a non-live recombinant subunit vaccine given in two doses, 2-6 months apart for adults 50 and older.
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.
Request For Free Sample Report of “Shingles Vaccine Market”@ https://www.persistencemarketresearch.com/samples/33198
The growth of this market is driven by several factors, including an aging population, an increasing awareness of the disease and its complications, and government initiatives to promote vaccination.
One of the major drivers of the shingles vaccine market is the aging population, as the risk of shingles increases with age. As people live longer, the number of cases of shingles is also increasing, which is driving demand for the vaccine. Additionally, the increasing awareness of the disease and its complications, such as postherpetic neuralgia, which is a severe form of pain that can last for months or even years after the rash is gone, is also driving demand for the vaccine.
- Adaptive Biotechnologies Corporation
- Quest Diagnostics
- Guardant Health
- Rosetta Genomics
- 23andme, Inc.
Buy Full Report Now @ https://www.persistencemarketresearch.com/checkout/33198
Another major driver of the shingles vaccine market is government initiatives to promote vaccination. Many countries have included shingles vaccine in their national immunization schedules, making it more accessible and affordable for individuals. Furthermore, the Centers for Disease Control and Prevention (CDC) recommends shingles vaccination for all adults aged 50 years and older, regardless of whether they have had shingles before, which also increases the awareness of the importance of getting a vaccine
However, there are some challenges that need to be overcome in order to fully realize the potential of the shingles vaccine market. One of the main challenges is low vaccination rates, as many people are not aware of the vaccine or choose not to get vaccinated. Additionally, there is a lack of reimbursement for the vaccine in some countries, which makes it more difficult for individuals to afford the vaccine.
Shingles Vaccine manufacturers are largely aiming at setting up manufacturing facilities, winning orders, and investing in R&D. The key companies operating in the Shingles Vaccine market include GlaxoSmithKline plc., Merck & Co., Inc., SK chemicals, Green Cross Corp, Geneone Life Science, Vaccitech, CanSinoBIO, Cipla Inc.,and Pfizer Inc.
Some of the recent developments by key providers of Shingles Vaccine are as follows:
- In Jan 2022, Pfizer paid BioNtech US$ 225 Mn to team up for the third time and develop a shingles vaccine based on RNA technology. The alliance between the two companies is aimed towards developing mRNA shingles vaccine which will exhibit efficacy and tolerability. Vaccine development costs will be shared by both the companies and clinical trial is expected to start from the 2nd quarter of 2022.
- In July 2021, GlaxoSmithKline plc’s Shingles vaccine was approved by FDA in adults aged 18 or above or who are prone to immunodeficiency or immunosuppression resulting from any therapy or disease. GSK is committed to addressing the important patient population exposed to the risk for shingles disease and its associated risk by bringing them vaccine options.
- In June 2021, GlaxoSmithKilne announced to relaunch its shingles vaccine amidst the drop of its Shingles vaccine sales due to disruption in covid-19 vaccine rollouts. They further aimed to dominate the position in the world as leading vaccine market where in Shingles vaccine will come out as a buoyant outlook.
- In June 2021, GlaxoSmithKline aimed to double down the revenue in U.S. and launch the shingle vaccine in 35 counties in the coming years.
Request Customization @ https://www.persistencemarketresearch.com/request-customization/33198
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
For More Premium Insights, Check out the Link:
Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
Persistence Market Research
Persistence Market Research
1-2-1 Kinshi Arca Central Building 14/F Tokyo, 130-0013 Japan
Address – 305 Broadway, 7th Floor, New York City, NY 10007 United States
U.S. Ph. – +1-646-568-7751
USA-Canada Toll-free – +1 800-961-0353