Global Shingles Vaccine Market

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


Report ID: SQMIG35I2264 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 62 |Figures: 62

Shingles Vaccine Market Insights

Shingles Vaccine Market size was valued at USD 3.5 Billion in 2021 and is poised to grow from USD 3.99 Billion in 2022 to USD 11.29 Billion by 2030, growing at a CAGR of 7.6% in the forecast period (2023-2030).

The growth of the market is driven by several factors, including the heightened risk of developing shingles, particularly among individuals aged 60 and above, along with advancements in healthcare policies in developed nations. The CDC's estimations reveal that approximately one in three individuals in the U.S. will experience shingles during their lifetime. The vaccination against shingles is endorsed in key countries like the U.S., Canada, the U.K., Italy, Germany, Australia, New Zealand, and South Korea. In the context of the COVID-19 pandemic, the CDC issued guidelines in March 2021 designating shingles vaccination as an essential preventive care service.

The market is further stimulated by the shift towards innovative recombinant vaccines, although their relatively higher cost contributes to their growth prospects. Since 2006, the U.S. Advisory Committee on Immunization Practices has recommended shingles vaccination for adults aged 60 and above. In January 2018, the CDC endorsed Shingrix over Zostavax due to the former's superior vaccine efficacy. This preference is echoed in Canada, Australia, and parts of Europe, all of which advocate for vaccination to mitigate the impact of the disease.

As global herpes zoster cases increase, vaccine adoption is expected to follow suit. The incidence of herpes zoster rises with age, estimated at 3 to 5 cases per 1,000 individuals annually, as shown in a German study. This higher risk underscores the importance of shingles vaccination to curb its prevalence.

US Shingles Vaccine Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2023-2030

Global Market Size

USD 3.5 Billion

Largest Segment

Shingrix

Fastest Growth

Shingrix

Growth Rate

7.6% CAGR

Global Shingles Vaccine Market ($ Bn)
Country Share for North America Region (%)

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Shingles Vaccine Market Segmental Analysis

The shingles vaccine market is segmented based on Product, Vaccine Type, and Regional. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future. Based on Product the market is segmented as, Shingrix, Zostavax, SKYZoster. Based on Vaccine Type the market is segmented as, Recombinant Vaccine, Live Attenuated Vaccine. Based on Regional the market is segmented as, North America, Asia Pacific, Latin America, Middle East & Africa (MEA).

Shingles Vaccine Market Analysis By Product 

Shingrix secured the predominant share of over 90.0% in 2022, primarily due to its remarkable vaccine efficacy coupled with the absence of significant adverse events linked to it. Furthermore, Shingrix is projected to exhibit the highest growth rate throughout the forecast period. This surge in the segment's growth can be attributed to the growing awareness of the disease and the approval of Shingrix vaccines across various regions. An illustrative example is the approval granted by China's National Medical Products Administration in May 2019 for the prevention of shingles using Shingrix.

Anticipated to manifest a notable Compound Annual Growth Rate (CAGR) over the forecast period, SKYZoster's growth is underpinned by multiple factors. These encompass the endorsement of SKYZoster in South Korea, its cost-effectiveness in comparison to Zostavax, and its incorporation into the immunization programs of select provinces in South Korea. Moreover, ongoing clinical trials of SKYZoster for international approval and commercialization are poised to act as catalysts for the market's expansion in the years to come.

Shingles Vaccine Market Analysis By Type

With a commanding share of over 90.0% in 2020, the recombinant vaccine segment's prominence is attributed to the widespread acceptance of Shingrix in North America and Europe. The remarkable effectiveness of the recombinant vaccine in preventing shingles among adults has played a pivotal role in its dominance. According to the CDC, the administration of two doses of Shingrix has demonstrated efficacy of over 90% in preventing shingles in individuals aged 50 and above. This has solidified the recombinant vaccine's position as a primary choice in combating the disease.

Furthermore, the live attenuated vaccine segment is poised for growth during the forecast period. The increasing awareness about shingles and the growing adoption of vaccination in developing countries are key drivers for this growth. However, the limited suitability of live attenuated vaccines for immune-compromised adults has dampened their market acceptance. Nevertheless, the anticipated approval and introduction of SK Bioscience's SKYZoster vaccine hold the potential to invigorate this segment over the forecast period. As the shingles vaccine market progresses, these trends underscore the significance of efficacious vaccines, heightened disease awareness, and strategic advancements in vaccine development.

Global Shingles vaccine market By Product, 2021 (%)

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Shingles Vaccine Market Regional Insights

Capturing a substantial share of over 80.0% in 2022, North America emerged as the dominant player. This market ascendancy is underpinned by several factors, including the strategic presence of key industry players, advantageous reimbursement policies, and a commendable vaccine adoption rate. Notably, the U.S. exhibits a vaccine uptake of approximately 35%, while Canada registers more than 20% of its eligible population benefiting from the vaccine. The region's elevated awareness levels and robust recommendation for shingles vaccination contribute significantly to its growth trajectory throughout the forecast period. Both the U.S. and Canada prioritize Shingrix as the preferred option over Zostavax for shingles prevention due to the demonstrated high efficacy of Shingrix.

Meanwhile, the Asia Pacific region is poised to manifest the most rapid growth rate during the forecast period. This growth is attributed to escalating disposable incomes, healthcare policy enhancements, and a substantial population segment at high risk of shingles. Moreover, the region's lower- and middle-income countries, characterized by unmet medical needs, are expected to stimulate market expansion. The endorsement of Shingrix across several Asian nations further accelerates the region's market growth. These dynamics collectively position North America as the present leader while paving the way for the Asia Pacific to emerge as a burgeoning market force.

Global Shingles vaccine market By Geography, 2023-2030
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Shingles Vaccine Market Dynamics

Shingles Vaccine Market Drivers

Increasing Disease Prevalence

  • The rising prevalence of shingles globally is a significant driver for the market. As the aging population grows, the risk of shingles and related complications increases, necessitating preventive measures.

Shingles Vaccine Market Restraints

Limited Vaccine Uptake

  • Despite strong recommendations, the actual vaccine uptake remains relatively low in some regions. Barriers like lack of awareness, vaccine hesitancy, and concerns about side effects restrain market growth.

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Shingles Vaccine Market Competitive Landscape

The shingles vaccine market is experiencing growth driven by factors like increasing awareness about preventive healthcare, aging populations, and rising incidences of shingles. The market is segmented based on vaccine type, distribution channel, and region. In terms of vaccine type, the recombinant subunit vaccines segment is witnessing substantial growth due to its efficacy and safety profile. North America and Europe dominate the market due to well-established healthcare systems and higher awareness. The Asia-Pacific region shows potential for growth due to its large population and increasing healthcare investments. The availability of government vaccination programs and initiatives further contribute to market expansion. The shingles vaccine market is poised for continued growth as healthcare priorities shift towards preventive measures against diseases like shingles, particularly in aging populations.

Shingles Vaccine Market Top Player’s Company Profile

  • GlaxoSmithKline plc.
  • Merck & Co., Inc.
  • SK chemicals
  • Green Cross Corp
  • Geneone Life Science
  • Vaccitech
  • CanSinoBIO

Shingles Vaccine Market Recent Developments

  • In January 2022, BioNTech and Pfizer entered into their third collaboration by Pfizer providing a sum of $225 million. This joint effort aims to utilize RNA technology in the development of a vaccine for shingles. The primary goal of this partnership is to create an mRNA-based shingles vaccine that demonstrates both effectiveness and tolerability. Both corporations will share the expenses associated with the vaccine's development, and the commencement of clinical trials is anticipated to take place in the second quarter of 2022.
  • In July 2021, the FDA granted approval to GlaxoSmithKline plc's Shingles vaccine for usage in individuals aged 18 and older, especially those with susceptibility to immunodeficiency or weakened immune responses due to various therapies or illnesses. GSK remains dedicated to catering to the significant group of patients who face the vulnerability of shingles and its related risks by providing them with viable vaccine alternatives.

Shingles Vaccine Key Market Trends

  • Rising Incidence of Shingles: increasing cases of shingles, particularly among the aging population, are driving the demand for shingles vaccines.
  • Recombinant Subunit Vaccines: Recombinant subunit vaccines are gaining popularity due to their effectiveness and safety profile, leading to increased adoption.

Shingles Vaccine Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global shingles vaccine market analysis, the shingles vaccine market is experiencing substantial growth driven by the rising elderly population and increased awareness about vaccination. The market is segmented into live attenuated vaccines and recombinant vaccines, with live attenuated vaccines holding a significant share due to their effectiveness. North America, particularly the U.S., is a prominent market due to high healthcare expenditure and a growing geriatric population. Europe follows suit with increased government initiatives and healthcare infrastructure. Asia-Pacific shows potential for growth due to a rising aging population. The increasing burden of shingles, coupled with efforts to prevent post-herpetic neuralgia, is a major driver for vaccine demand. Additionally, healthcare campaigns and improved access to vaccination are bolstering market expansion globally.

Report Metric Details
Market size value in 2021 USD 3.5 Billion
Market size value in 2030 USD 11.29 Billion
Growth Rate 7.6%
Base year 2023
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Shingrix, Zostavax, and SKYZoster
  • Vaccine Type
    • Recombinant Vaccine, and Live Attenuated Vaccine
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • GlaxoSmithKline plc.
  • Merck & Co., Inc.
  • SK chemicals
  • Green Cross Corp
  • Geneone Life Science
  • Vaccitech
  • CanSinoBIO
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Shingles Vaccine Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Shingles Vaccine Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Shingles Vaccine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Shingles Vaccine Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Shingles Vaccine Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Shingles Vaccine Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Shingles Vaccine Market size was valued at USD 3.5 Billion in 2021 and is poised to grow from USD 3.99 Billion in 2022 to USD 11.29 Billion by 2030, growing at a CAGR of 7.6% in the forecast period (2023-2030).

The shingles vaccine market is experiencing growth driven by factors like increasing awareness about preventive healthcare, aging populations, and rising incidences of shingles. The market is segmented based on vaccine type, distribution channel, and region. In terms of vaccine type, the recombinant subunit vaccines segment is witnessing substantial growth due to its efficacy and safety profile. North America and Europe dominate the market due to well-established healthcare systems and higher awareness. The Asia-Pacific region shows potential for growth due to its large population and increasing healthcare investments. The availability of government vaccination programs and initiatives further contribute to market expansion. The shingles vaccine market is poised for continued growth as healthcare priorities shift towards preventive measures against diseases like shingles, particularly in aging populations. 'GlaxoSmithKline plc.', 'Merck & Co., Inc.', 'SK chemicals', 'Green Cross Corp', 'Geneone Life Science', 'Vaccitech', 'CanSinoBIO'

The rising prevalence of shingles globally is a significant driver for the market. As the aging population grows, the risk of shingles and related complications increases, necessitating preventive measures.

Rising Incidence of Shingles: increasing cases of shingles, particularly among the aging population, are driving the demand for shingles vaccines.

Capturing a substantial share of over 80.0% in 2022, North America emerged as the dominant player. This market ascendancy is underpinned by several factors, including the strategic presence of key industry players, advantageous reimbursement policies, and a commendable vaccine adoption rate. Notably, the U.S. exhibits a vaccine uptake of approximately 35%, while Canada registers more than 20% of its eligible population benefiting from the vaccine. The region's elevated awareness levels and robust recommendation for shingles vaccination contribute significantly to its growth trajectory throughout the forecast period. Both the U.S. and Canada prioritize Shingrix as the preferred option over Zostavax for shingles prevention due to the demonstrated high efficacy of Shingrix.

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Global Shingles Vaccine Market

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