Shingles is an all-too-common virus that can cause scarring and debilitating discomfort, but fortunately there are vaccines available to reduce the risk of developing this condition. With the growing aging population, demand for these vaccines has also been on the rise
So why are more people getting vaccinated against shingles? Major factors driving this trend include increasing availability of varicella vaccines in both developed and developing countries, improved awareness of shingles among healthcare professionals and general practitioners, as well as an aging population who are more prone to catching it.
The global Shingles Vaccine market was valued at around US$ 3.5 Bn in 2021. With a projected CAGR of 13.9% for the next ten years, the market is likely to reach a valuation of nearly US$ 14.1 Bn by the end of 2032. Global Shingles Vaccine market is projected to witness an absolute dollar opportunity growth of US$ 10.2 Bn during 2022-2032.
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The growth of this market is driven by several factors, including an aging population, an increasing awareness of the disease and its complications, and government initiatives to promote vaccination.
One of the major drivers of the shingles vaccine market is the aging population, as the risk of shingles increases with age. As people live longer, the number of cases of shingles is also increasing, which is driving demand for the vaccine. Additionally, the increasing awareness of the disease and its complications, such as postherpetic neuralgia, which is a severe form of pain that can last for months or even years after the rash is gone, is also driving demand for the vaccine.
Companies
- Roche
- Adaptive Biotechnologies Corporation
- Quest Diagnostics
- Illumina
- Qiagen
- Eurofins
- Guardant Health
- Biotheranostics
- Rosetta Genomics
- Biodesix
- 23andme, Inc.
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Another major driver of the shingles vaccine market is government initiatives to promote vaccination. Many countries have included shingles vaccine in their national immunization schedules, making it more accessible and affordable for individuals. Furthermore, the Centers for Disease Control and Prevention (CDC) recommends shingles vaccination for all adults aged 50 years and older, regardless of whether they have had shingles before, which also increases the awareness of the importance of getting a vaccine
However, there are some challenges that need to be overcome in order to fully realize the potential of the shingles vaccine market. One of the main challenges is low vaccination rates, as many people are not aware of the vaccine or choose not to get vaccinated. Additionally, there is a lack of reimbursement for the vaccine in some countries, which makes it more difficult for individuals to afford the vaccine.
Competitive Landscape
Shingles Vaccine manufacturers are largely aiming at setting up manufacturing facilities, winning orders, and investing in R&D. The key companies operating in the Shingles Vaccine market include GlaxoSmithKline plc., Merck & Co., Inc., SK chemicals, Green Cross Corp, Geneone Life Science, Vaccitech, CanSinoBIO, Cipla Inc.,and Pfizer Inc.
Some of the recent developments by key providers of Shingles Vaccine are as follows:
- In Jan 2022, Pfizer paid BioNtech US$ 225 Mn to team up for the third time and develop a shingles vaccine based on RNA technology. The alliance between the two companies is aimed towards developing mRNA shingles vaccine which will exhibit efficacy and tolerability. Vaccine development costs will be shared by both the companies and clinical trial is expected to start from the 2nd quarter of 2022.
- In July 2021, GlaxoSmithKline plc’s Shingles vaccine was approved by FDA in adults aged 18 or above or who are prone to immunodeficiency or immunosuppression resulting from any therapy or disease. GSK is committed to addressing the important patient population exposed to the risk for shingles disease and its associated risk by bringing them vaccine options.
- In June 2021, GlaxoSmithKilne announced to relaunch its shingles vaccine amidst the drop of its Shingles vaccine sales due to disruption in covid-19 vaccine rollouts. They further aimed to dominate the position in the world as leading vaccine market where in Shingles vaccine will come out as a buoyant outlook.
- In June 2021, GlaxoSmithKline aimed to double down the revenue in U.S. and launch the shingle vaccine in 35 counties in the coming years.
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Key Segments Covered in Shingles Vaccine Industry Survey
Shingles Vaccine Market by Product type:
- Shingles
- Zostavax
- Sky Zoster
Shingles Vaccine Market by Vaccine type:
- Recombinant Vaccine
- Live Attenuated Vaccine
Shingles Vaccine Market by Region:
- North America Shingles Vaccine Market
- Latin America Shingles Vaccine Market
- Europe Shingles Vaccine Market
- South Asia Shingles Vaccine Market
- East Asia Shingles Vaccine Market
- Oceania Shingles Vaccine Market
- Middle East & Africa Shingles Vaccine Market
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