SAN FRANCISCO, Oct. 21, 2021 /PRNewswire/ -- The global shingles vaccine market size is expected to reach USD 6.35 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.9% from 2021 to 2028. 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.
Key Insights & Findings:
- By product, Shingrix held the largest share in 2020 owing to the high efficacy of the vaccine as compared to others. Shingrix is also expected to grow at a significant CAGR over the forecast period owing to the increasing recommendations by regulatory bodies to prevent shingles
- Based on vaccine type, the recombinant vaccine segment is anticipated to grow at a substantial rate over the forecast period due to the low risk associated with recombinant vaccines
- Asia Pacific is projected to witness the fastest growth during the forecast period owing to the high unmet needs and the rising adoption of vaccination programs in the region
- North America dominated the market in 2020 due to favorable reimbursement policies and rising initiatives to raise awareness among healthcare professionals and patients
Read 100 page market research report, " Shingles Vaccine Market Size, Share & Trends Analysis Report By Product (Shingrix, Zostavax, SkyZoster), By Vaccine Type (Recombinant Vaccine, Live Attenuated Vaccine), By Region, And Segment Forecasts, 2021 - 2028 '', by Grand View Research
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.
Grand View Research has segmented the global shingles vaccine market on the basis of product, vaccine type, and region:
- Shingles Vaccine Product Outlook (Revenue, USD Million, 2017 - 2028)
- Shingles Vaccine Type Outlook (Revenue, USD Million, 2017 - 2028)
- Recombinant Vaccine
- Live Attenuated Vaccine
- Shingles Vaccine Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
List of Key Players of Shingles Vaccine Market
- GlaxoSmithKline plc.
- SK chemicals
- Green Cross Corp
- Geneone Life Science
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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