PUBLISHER: Grand View Research | PRODUCT CODE: 1529695
PUBLISHER: Grand View Research | PRODUCT CODE: 1529695
The global shingles vaccine market size is expected to reach USD 11.26 billion by 2030, registering a CAGR of 15.34% during the forecast period, according to a new report by Grand View Research, Inc. Increasing incidence of shingles and high awareness regarding shingles in developed countries are contributing to the market growth. According to the CDC, nearly one million cases of shingles are reported each year in the United States. Furthermore, one out of three individuals in the country will develop the disease in their lifetime.
The increasing adoption of vaccines and an increase in the recommendation of vaccination by different government regulatory bodies are expected to drive the market over the forecast period. For instance, in February 2019, the U.K. Joint Committee of Vaccination and Immunization (JCVI) has recommended the use of the recombinant vaccine to prevent shingles in adults aged 60 to 70 years old.
The inclusion of shingles vaccines in national immunization programs of several countries is anticipated to propel the demand for vaccines. For instance, the shingles vaccine is a part of the national immunization program in the U.K. since 2013. The U.K. is the first country in the European region to introduce shingles vaccine in the national immunization program and it costs around USD 130 to the National Health Service (NHS) for each dose of the vaccine. Similarly, other countries such as the U.S., Italy, Australia, and some provinces of Canada and South Korea have also included the vaccine in their immunization program.
Besides, favorable initiatives undertaken by market players and regulatory bodies to increase the awareness among people who are at risk of developing the disease are expected to fuel the market growth over the coming years. For instance, GlaxoSmithKline plc. has launched a campaign to increase vaccination rates among older adults by educating people about the benefits associated with vaccination.
The high efficacy of vaccines is expected to increase the adoption over the forecast period. According to clinical trial results, Shingrix is highly efficient to prevent shingles and postherpetic neuralgia. Two doses of Shingrix are more than 90% effective to prevent the disease in adults aged 50 years and above. Protection stays above 85% for at least the first four years after getting vaccinated.
The availability of vaccines at lower prices, coupled with a high incidence of the disease and high vaccination rate in developed countries, is anticipated to fuel the market growth. The vaccination rate against shingles in the U.K., the U.S., France, Canada, Germany, and South Korea is higher compared to other countries owing to better reimbursement policies and high awareness levels regarding the disease and vaccines. For instance, the U.K. has the highest shingles vaccine uptake with more than 60% vaccination of eligible adults.