PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606442
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606442
Shingles Vaccine Market Application was valued at USD 4,259.43 Million in 2023, expanding at a CAGR of 15.50% from 2024 to 2032.
The shingles vaccine is a medical intervention designed to reduce the risk of developing shingles (herpes zoster), a painful rash caused by the reactivation of the varicella-zoster virus, the same virus responsible for chickenpox. Shingles predominantly affects older adults or individuals with weakened immune systems. The vaccine not only decreases the likelihood of shingles but also reduces the severity and duration of symptoms.
Shingles Vaccine Market- Market Dynamics
Increasing awareness about shingles and rising incidence of immunocompromising disorders is expected to propel market demand
Increasing prevalence of diabetes, cancer, HIV/AIDS, and the use of immunosuppressive drugs increase susceptibility to shingles, boosting the need for vaccination among at-risk groups, thereby fueling market growth. Awareness campaigns by healthcare organizations emphasize the risks of shingles and its severe complications, such as postherpetic neuralgia (PHN), encouraging vaccine uptake. The CDC and national health departments run educational initiatives promoting shingles vaccination among older adults. According to WHO, the global population aged 60 and above is expected to double by 2050, significantly expanding the target demographic.
Advancement in vaccine technology is also projected to enhance market growth. Innovations such as the development of Shingrix (a recombinant zoster vaccine) have improved vaccine efficacy and safety, encouraging adoption over older live-attenuated vaccines like Zostavax. Recently, the COVID-19 pandemic highlighted the importance of vaccines in preventing infectious diseases, spurring interest in other critical vaccines, including shingles.
Shingles Vaccine Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 15.50% over the forecast period (2024-2032)
Based on Product Type segmentation, the Shingrix segment was predicted to show maximum market share in the year 2023, owing to effectiveness in adverse events.
Based on Vaccine Type segmentation, the recombinant vaccine segment was the leading Vaccine Type segment in 2023, due to wider applications in virus strains.
Based on Application segmentation, the drug delivery segment was the leading Application segment in 2023, mainly due to the rising adoption of vaccination programs.
On the basis of region, North America was the leading revenue generator in 2023, due to the presence of top market players.
Global Shingles Vaccine Market is segmented on the basis of Product Type, Vaccine Type, Application, and Region.
The market is divided into three categories based on the Product Type: Shingrix, Zostavax, and SKYZoster. The Shingrix segment dominates the market. The SKYZoster segment is estimated to grow at the fastest rate due to its high cost-effectiveness.
The market is divided into two categories based on Vaccine Type: recombinant vaccine and live attenuated vaccine. The recombinant vaccine segment dominates the market. With the adoption of recombinant DNA technology these vaccines are growing in demand.
The market is divided into three categories based on Application: research, drug delivery, and others. The drug delivery segment dominates the global market. The vaccines' ability to provide long-lasting immunity & efficiency in drug delivery is expected to boost segment growth.
Shingles Vaccine Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America dominates the shingles vaccine market, driven by strong healthcare infrastructure, high awareness, and significant uptake of vaccines like Shingrix. Europe is the second-largest market, with robust adoption in countries like the UK, Germany, and France. Increased efforts by the European Centre for Disease Prevention and Control (ECDC) to harmonize vaccination policies are expected to boost market growth. Asia-Pacific is experiencing rapid growth due to improved healthcare access, rising disposable incomes, and a growing elderly population.
The shingles vaccine market is highly competitive, driven by increasing awareness, rising incidence of shingles, and government-backed vaccination programs. The global market is dominated by a few key players, with GlaxoSmithKline (GSK) and Merck & Co. leading the field. GSK's Shingrix vaccine has a significant market share, largely due to its high efficacy and the growing recommendation for its use among older adults. Companies are investing in mRNA-based vaccines with some other significant players include SK Chemicals and Green Cross Corp, which are introducing innovative vaccines.
In April 2024, GSK showed results from the ZOSTER-049 trial, which disclosed that Shingrix effectively protected people aged above 50.
In February 2023, Pfizer & BioNTech started trials for mRNA-based shingle vaccines.