Shingles Vaccine Market Size, Share, Growth Analysis, By Product (Shingrix, Zostavax), By Vaccine Type (Recombinant Vaccine, Live Attenuated Vaccine), By Region - Industry Forecast 2024-2031

Global Shingles Vaccine Market size was valued at USD 3.99 billion in 2022 and is poised to grow from USD 4.29 billion in 2023 to USD 7.71 billion by 2031, growing at a CAGR of 7.6% during the forecast period (2024-2031).

The shingles vaccine market is experiencing significant growth, primarily driven by the increased shingles risk among individuals aged 60 and older and advancements in healthcare policies across developed countries. The CDC reports that around one in three Americans will develop shingles in their lifetime, prompting strong vaccination endorsements in countries like the U.S., Canada, the U.K., and Germany, particularly heightened during the COVID-19 pandemic. The shift towards innovative recombinant vaccines, despite their higher costs, is fueling market prospects. The CDC's 2018 preference for Shingrix over Zostavax highlights this trend. With herpes zoster cases expected to rise with aging populations, the importance of shingles vaccination as a preventive measure is becoming increasingly recognized, driving further adoption and market growth.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Shingles Vaccine market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Shingles Vaccine Market Segmental Analysis

Global Shingles Vaccine Market is segmented by product, vaccine type and region. Based on product, the market is segmented into shingrix, zostavax and skyzoster. Based on vaccine type, the market is segmented into recombinant vaccine and live attenuated vaccine. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Shingles Vaccine Market

One of the primary drivers of the global shingles vaccine market is the escalating prevalence of shingles worldwide. This trend is largely attributed to the expanding aging population, which faces a heightened risk of developing shingles and experiencing associated complications. As more individuals reach an age where they are vulnerable to this viral infection, the demand for effective preventive measures grows significantly. Consequently, healthcare providers and patients alike are increasingly recognizing the importance of vaccination, thereby fueling market expansion and emphasizing the need for innovative solutions to mitigate this health concern on a global scale.

Restraints in the Global Shingles Vaccine Market

The Global Shingles Vaccine market faces significant restraints, primarily due to limited vaccine uptake in certain areas. While health authorities strongly advocate vaccination, actual participation is hindered by various factors. These include a lack of awareness about the vaccine's benefits, vaccine hesitancy among potential recipients, and apprehensions regarding possible side effects. These barriers collectively impede the market's expansion and prevent it from reaching its full potential, underscoring the necessity for enhanced educational efforts and outreach programs to address these concerns and improve vaccination rates in the affected regions.

Market Trends of the Global Shingles Vaccine Market

The Global Shingles Vaccine market is experiencing a notable upward trend, primarily fueled by the rising incidence of shingles, particularly among the aging population. As the demographic landscape shifts towards an older average age, the prevalence of herpes zoster infections is surging, prompting an urgent need for effective vaccination solutions. This growing awareness of shingles' potential complications and the effectiveness of available vaccines are further propelling market demand. Additionally, public health initiatives and recommendations from healthcare authorities aimed at increasing vaccination rates are expected to amplify growth, solidifying the shingles vaccine market's pivotal role in preventive healthcare strategies.