Shingles Vaccine Market

Shingles Vaccine Market Outlook (2022-2032)

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.

Sales Analysis of Shingles Vaccine Market from 2017 to 2021 Vs Market Outlook for 2022 to 2032

Persistence Market Research’ reveals that Shingles vaccine had the highest revenue share in the forecasted period. Revenue through Shingles Vaccine grew at 14.4% CAGR during 2021-2022. On the other hand, recombinant vaccine dominated the segment of vaccine type. It achieved a growth rate of 11.2% during 2017-2021 and is expected to garner a market revenue of 14.0% CAGR over the forecasted period.

According to National Center for Biotechnology Information, without the presence of shingles vaccine, 278 Mn cases of herpes zoster will be prevalent throughout the world in the coming decade. Although several antiviral treatment of shingles is present such as acyclovir and valacyclovir, but prevention of herpes zoster virus through vaccination becomes of utmost importance due to immunocompromised patients. Moreover, antiviral therapy is not effective for postherpetic neuralgia (PHN). As a result, developing effective vaccine acts as a driver for Shingles Vaccine Market during the forecasted period.

Based on research conducted in 2018, half of the countries in Latin America and Caribbean found varicella vaccination helpful. Varicella vaccine would prevent the activation of herpes zoster, causing shingles in individuals. This would substantially reduce exposure of virus thereby lowering the disease burden.

How shingles among older adults is propelling the shingles vaccine market?

Older adults are more susceptible to developing shingles because their immune systems become weak as they age. Half of all shingles cases worldwide are in adults aged 60 or older. According to the Centers for Disease Control and Prevention (CDC), shingles affect 1 in 3 persons at some point in their lives, with the risk increasing beyond the age of 60. Around 30% of people who are hospitalized due to shingles are found to have a weaker immune system.

Shingles is not a deadly disease but it causes almost 100 or fewer deaths annually where all shingles death are commonly found among the elderly population with a compromised immune system.

Shingles possess further health problems in older adults leading to a higher risk of stroke and various health complications such as pneumonia and encephalitis. Therefore, a safe and cost-effective herpes zoster vaccine is required to treat the older population. This necessity will drive the demand for shingles vaccine market.

How prevalence in shingles in underdeveloped countries will drive the market for Shingles Vaccines?

Shingles caused by the reactivation of the Varicella Zoster virus differ on the basis of geographical regions and the prevailing climatic conditions. Varicella zoster virus has been found commonly in tropical and subtropical regions. Most tropical Asian countries do not have a vaccination routine against varicella and therefore the market for shingles vaccine can be a driver in underdeveloped countries. Individuals who are not affected with Varicella prefer to take shingles vaccine when there is a necessity.

Shingles Vaccination have been found cost-effective in developed countries, but in low and middle-income countries, people are either unaware of shingles or are inclined towards other public health priorities. Early childhood vaccination programs can reduce the incidence rates of shingles in older age. Therefore it becomes vital to add shingles vaccination programs in WHO Regional Strategic Plan for Immunization for the African region. This will reduce the burden of other chronic illnesses like postherpetic neuralgia (PHN) resulting from post shingles condition.

What are the challenges against vaccinating shingles?

Like other vaccines, the Shingles vaccine is administered to the person before exposure to the varicella Zoster virus. This induces immunity which prevents the reactivation of herpes zoster virus, causing shingles. In contrast, vaccination is directed towards persons who have previously contracted the varicella-zoster virus and already have immunity against varicella, but latent Varicella zoster virus can still reactivate and cause herpes zoster. There is a need for Zoster vaccines to be effective and act as a “therapeutic vaccine” and give prompt immune response against the reactivation of latent varicella-zoster virus in a person with pre-existing immunity to varicella zoster virus.

How was the shingles vaccine market impacted by Covid-19?

Covid-19 had both positive and negative impactS on the market. Many pharmaceutical companies were caught off guard when the pandemic made its way throughout the world. There were supply tensions and export bans of vaccine shots. It contributed to several disparities in the immunization rates among the rich and poor nations.

Amid the coronavirus pandemic, The Centre for disease Control and Prevention (CDC) recommended people to not take any other vaccine before the Covid-19 shot, although later they dropped the idea. This resulted in hitting the sales for other key vaccines. During the pandemic, GlaxoSmithKline’s top selling Shingles witnessed a sales drop by more or less to 50% in the first quarter of 2021. Several pharmaceutical companies attributed this loss to disruption from covid-19 vaccine rollouts.

However, GlaxoSMithKline reported high revenue in 2022 from the sales of Shingles vaccine, by almost doubling the amount to US$ 857 Mn. GSK’s demand for top selling Shingles vaccine outpaced its supply after the pandemic.

While companies like Moderna grabbed the opportunity from the Covid-19 pandemic and put forward all its sales, earned through the Covid-19 vaccine for the expansion of the shingles vaccine. This effort of the companies unveils how the pandemic could allow other pharmaceutical companies to seek a dominant position in the vaccine market as the Covid-19 fades.

Regional-wise Insights

What is the growth prospectus of Shingles vaccine market in Europe?

Shingles Vaccine market is gaining momentum in Europe. U.K. was the first country in the European region to approve shingles vaccine in its immunization program. It spends around US$ 130 to National Health Service (NHS) for the uptake of each dose of vaccine. It has the highest vaccination enrolment of adults with roughly 60% vaccination rate. Besides, initiatives undertaken by key vaccine companies is fuelling the market of shingles vaccine. For instance, GlaxoSmithKline plc. is the world’s largest producer of Shingles vaccine. Its main R&D vaccine hubs are situated in Belgium, Italy and with manufacturing capacity in UK. The expected growth rate in shingles market is likely to reach at 15.6% during 2021-2032. The absolute dollar opportunity growth in the market is US$ 524.6 Bn by 2032.

Country-wise Insights

South Korea Shingles Vaccine Market Analysis

Shingles vaccine market in South Korea is valued at US$ 244.8 Mn in 2032. Revenue through Shingles vaccine grew at 11.7% CAGR during 2017-2021. Korean companies are expanding their efforts to step up in the global market with Korean vaccines. In spite of being late in the shingles vaccine market, Korea has displayed robust achievements by being the world’s second vaccine producer. SK bioscience introduced Sky Zoster globally for the treatment of herpes zoster. SK Bioscience initiated efforts for the approval of ‘Sky Zoster’ in South Asian countries while stepping up for global clinical trials and expansion of its products in US, China and Europe. South Korea is expected to achieve an absolute dollar opportunity growth of US$ 171 Mn in the shingles vaccine market during 2022 - 2032.

China Shingles Vaccine Market Analysis

China is a leading player in the shingles vaccine market after U.S. The market in China is valued at US$ 1.4 Bn in 2032 and is expected to have an absolute dollar opportunity growth of US$ 1 Bn over the forecasted period. China achieved a growth rate of 12.9% CAGR during 2017-2022.

Category-wise Insights

How Shingles is accelerating the growth in the shingles vaccine market?

Shingles witnessed the fastest growth over the forecasted period and is expected to garner a growth rate of 14.4% during the forecasted period set between 2022 and 2032. According to clinical trials, Shingles is safer to use and possess high efficacy with over 97% effectiveness in people aged between 50 to 69 years. Based on CDC data, Shingles was found to be 91% effective in preventing postherpetic neuralgia. The Shingles vaccine is being used in immunization programs throughout several countries due to the reduction rate of herpes zoster.

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.

Similarly, recent developments related to companies manufacturing Shingles Vaccine have been tracked by the team at Persistence Market Research, which is available in the full report.

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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