Rockville, MD, July 30, 2024 (GLOBE NEWSWIRE) -- According to a new industry report released by Fact.MR, the global shingles vaccine market size is estimated at a value of US$ 2.71 billion in 2024 and is evaluated to reach US$ 5.97 billion, with a growing CAGR of 8.2% by the end of 2034.
- In January 2018, the Centers for Disease Control and Prevention (CDC) recommended Shingrix over Zostavax as a vaccine against Shingles because of its high efficacy.
- The National Center for Biotechnology Information predicts that if there is no shingles vaccine, there will be 278 million cases of herpes zoster worldwide over the next ten years.
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Although acyclovir and valacyclovir are two antiviral treatments for shingles, immunization against the herpes zoster virus becomes essential for patients with weakened immune systems. The primary factors driving the growth of the shingles vaccine market are improvements in healthcare policies in developed nations and the increased risk of developing shingles, particularly in individuals 60 years of age and older.
Limited awareness about shingles and vaccination benefits, particularly in low- and middle-income countries, is giving rise to the need for educational campaigns to drive vaccination uptake. The effectiveness of antiviral treatments for postherpetic neuralgia has emphasized the importance of vaccine development.
Key Takeaways from the Market Study
- The global singles vaccine market is projected to expand at a CAGR of 8.2% from 2024 to 2034.
- The market in the United States is set to reach a value of US$ 1.78 billion in 2024.
- China is estimated to account for a 53.7% share of the East Asia market in 2024.
- Revenue in the market in Japan is set to reach US$ 74 million in 2024.
- The East Asia market is forecasted to expand at a CAGR of 10.1% from 2024 to 2034.
“Innovative recombinant vaccines are the current trend in the shingles vaccine market, and their high cost is anticipated to drive market expansion. Enhanced healthcare facilities in developed countries are contributing to higher vaccination rates,” says a Fact.MR analyst.
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Increased Susceptibility of Older Adults to Shingles
- The Centers for Disease Control (CDC) estimates that one in three Americans will experience shingles at some point in their lives, which is anticipated to increase the market in the country.
People who are older and have weakened immune systems are more prone to infections. Age-related immune system deterioration is one factor contributing to the reactivation of the varicella-zoster virus, the cause of shingles. In the United States, symptoms associated with a history of varicella infection are present in over 99% of adults 40 years of age and older, placing them at risk for developing shingles.
Key Market Players
List of the prominent players in the global market are Cipla Inc.; Pfizer Inc.; Merck & Co., Inc.; SK Chemicals; Vaccitech; CanSinoBIO; Green Cross Corp.; GlaxoSmithKline Plc.; GeneOne Life Science.
Shingles Vaccines Industry News
- In January 2022, Pfizer and BioNTech launched their third partnership, investing $225 million to develop an mRNA-based shingles vaccine. They aim to create an effective and tolerable vaccine, sharing the development costs. Clinical trials are set to begin in the second quarter of 2022.
- In June 2021, GlaxoSmithKline announced the relaunch of its shingles vaccine, which had seen a sales drop due to COVID-19 vaccine rollout disruptions. The company aims to become the world's leading vaccine producer.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the shingles vaccine market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the shingles vaccine market based on type (Shingrix, Zostavax, Sky Zoster), vaccine type (recombinant vaccines, live attenuated vaccines), and end-user (government healthcare settings, private healthcare settings), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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