Pune, India, Aug. 12, 2021 (GLOBE NEWSWIRE) -- The global shingles vaccine market size is projected to experience dynamic growth in the forthcoming years owing to the rising number of ageing population across the world, finds Fortune Business Insights™ in its report, titled “Shingles Vaccine Market, 2021-2028”.
Shingles is a disease caused due to the virus known as varicella-zoster. Shingles is a reactivation of the chickenpox in the human body, which can cause a painful rash. There has been a rising prevalence of shingles among the adults and ageing population around the world owing to the re-occurrence of varicella-zoster virus in the human body. Thus, this is an important factor responsible for the growth of this market. For instance, as per the report published by the Centre for Disease Control and Prevention, approximately 1 million people in the US are suffering from shingles every year, which is projected to drive the growth of this market.
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However, the lack of awareness about shingles in the developing nations is projected to restrict the growth of this market. In spite of the COVID-19 pandemic and the imposing of lockdown restrictions worldwide, the production and distribution of shingles vaccine has not been impacted due to the increasing government efforts for the prevention of shingles in the form of arranging free vaccination programs on a regular basis. Thus, the COVID-19 pandemic has not impacted the shingles vaccine market, which is one of the driving factors for the growth of this market.
Industry Development:
June 2019: GSK received approval from the Chinese regulatory authorities for the marketing of the shingrix for adults aged over fifty years and above.
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Rising Awareness about Shingles Worldwide to Fuel the Market
There has been an increasing awareness by the government regarding shingles especially in the developing nations as most of the people in the developing countries are unaware about the adverse side effects of shingles and its proper treatment. Hence, the governments of these countries have increased their investments towards the prevention of shingles across several regions. This is a crucial factor responsible for the growth of this market.
Rising Demand for Shingles Vaccine to Boost the North America Market Growth
North America region is projected to witness substantial growth in the shingles vaccine market share on account of the rising demand for shingles vaccine and the increasing prevalence of shingles in this region.
Europe is anticipated to grow speedily in this market due to the easy accessibility of vaccines and appropriate government policies in this region. Asia Pacific region is projected to grow rapidly in this market owing to the rising government initiatives towards the prevention of shingles in the countries such as India, China, Australia, and others.
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Market Segmentation:
On the basis of drug, this market is divided into zostavax, shingrix, and others. By distribution channel, the market is classified into hospital pharmacy and retail pharmacy. Based on geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights/Summary:
The report provides an exhaustive assessment of each market segment and also offers an in-depth analysis of the market drivers, trends, opportunities, and hindrances. Furthermore, the report contains a granular examination of the regional developments impacting the market, along with a thorough evaluation of the top market players and their key strategies.
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Increasing Production and Distribution of Shingles Vaccines to Feed Competition
The leading companies in the shingles vaccine market are focusing on the increasing production and distribution of shingles vaccines owing to the high demand for such vaccines especially in the developing countries. This has resulted in the increasing competition among key companies which will help them to diversify their business portfolio and strengthen their market position.
List of Key Players Covered in the Shingles Vaccine Market Report:
- Merck & Co. Inc.
- GlaxoSmithKline plc
- SK Bioscience
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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