Global Shingles Vaccine Market

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

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

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 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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