Shingles Vaccine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global Shingles Vaccine market is experiencing significant growth, with a valuation of approximately US$4.6 billion in 2024. According to the latest report by the publisher, the market is poised to achieve a staggering CAGR of 16% over the next decade, reaching an estimated US$13 billion by the end of 2031.

Sales Analysis and Market Outlook

The reveals that the Shingles vaccine segment exhibited the highest revenue share during the forecasted period. The recombinant vaccine, within the vaccine type segment, dominated with an impressive growth rate CAGR over the forecasted period.

The National Center for Biotechnology Information emphasizes the pivotal role of Shingles vaccines in preventing the prevalence of herpes zoster, with an estimated 278 million cases expected globally in the coming decade in the absence of effective vaccination. The urgency for vaccine development is heightened, especially for immunocompromised patients, as existing antiviral treatments are not entirely effective for postherpetic neuralgia (PHN).

Shingles among Older Adults Driving Market Demand

Older adults, particularly those aged 60 and above, face an increased susceptibility to shingles due to weakened immune systems. The Centers for Disease Control and Prevention (CDC) reports that half of all shingles cases worldwide occur in this age group, emphasizing the need for a safe and cost-effective herpes zoster vaccine. Shingles, while not deadly, can lead to health complications such as pneumonia and encephalitis, making a vaccine crucial for this demographic.

Shingles Market Dynamics in Underdeveloped Countries

The prevalence of shingles varies based on geographical regions and prevailing climatic conditions. Shingles caused by the Varicella Zoster virus is common in tropical and subtropical regions. Underdeveloped countries, particularly in tropical Asia, lack routine varicella vaccination, presenting an opportunity for the shingles vaccine market. Integrating shingles vaccination programs into the WHO Regional Strategic Plan for Immunization in underdeveloped regions could significantly reduce disease burdens and associated complications.

Challenges and Impact of COVID-19 on Shingles Vaccine Market

Despite the positive outlook, challenges persist in developing effective shingles vaccines. The vaccine is typically administered before exposure to the Varicella Zoster virus, requiring strategic planning for efficacy. The latent reactivation of the virus in individuals with pre-existing immunity poses a challenge, necessitating the development of therapeutic vaccines for prompt immune response.

The COVID-19 pandemic had mixed effects on the Shingles vaccine market. Supply tensions and export bans initially disrupted vaccine rollouts, affecting sales. GlaxoSmithKline reported a significant drop in sales in the first quarter of 2021, attributed to disruptions caused by COVID-19 vaccine rollouts. However, the market rebounded in 2022, with GlaxoSmithKline's Shingles vaccine witnessing high revenue, reflecting a strong demand that outpaced supply after the pandemic.

Regional Growth and Market Analysis

Europe is emerging as a key growth region for the Shingles vaccine market, with the U.K. leading the way. The U.K. approved the shingles vaccine in its immunization program, achieving a vaccination rate of approximately 60%. Initiatives by key vaccine companies, such as GlaxoSmithKline plc., are contributing to the market's momentum. The expected growth rate in the European shingles market is estimated at 17% from 2024 to 2031, with an absolute dollar opportunity growth by 2032.

Country-Specific Insights

South Korea: The shingles vaccine market in South Korea is valued significantly in 2031. Revenue from shingles vaccines witnessed a substantial growth rate over the period from 2018 to 2023. Korean companies are actively expanding their presence in the global market with their shingles vaccines. Despite entering the shingles vaccine market relatively late, South Korea has achieved remarkable success, becoming the world's second-largest vaccine producer. SK Bioscience introduced Sky Zoster as a global solution for treating herpes zoster. SK Bioscience has also initiated efforts for the approval of 'Sky Zoster' in South Asian countries and is actively engaged in global clinical trials and expanding its product reach in the United States, China, and Europe. South Korea is expected to experience significant absolute dollar opportunity growth in the shingles vaccine market between 2024 and 2031.

China: China plays a prominent role in the shingles vaccine market, following the United States. The market in China holds substantial value in 2031 and is projected to witness substantial absolute dollar opportunity growth during the forecasted period. China achieved a notable growth rate in the shingles vaccine market from 2018 to 2023.

Competitive Analysis:

The competitive landscape showcases strategic developments by key players, positioning them for continued success in the dynamic vaccine market.

Key Companies Profiled

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

Diverse Segments Explored in Comprehensive Shingles Vaccine Industry Study

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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