Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Global Shingles Vaccine Market Analysis & Forecast 2024-2034" report has been added to ResearchAndMarkets.com's offering.
This industry analysis on the shingles vaccine market projects a significant expansion, with an estimated compound annual growth rate (CAGR) of 9.96% from 2024 to 2034. Current data indicates that the market, valued at $3.43 billion in 2023, is expected to achieve an impressive $9.75 billion by the end of the forecast period. Factors propelling this growth include an aging population, advancements in healthcare policies, and increased approvals for new shingles vaccinations.
An Aging Population Drives Demand for Shingles Vaccination
The rising global incidence of shingles, especially among individuals over 60, has become a catalyst for market expansion. As healthcare initiatives progress, there is a visible shift toward innovative recombinant vaccines that offer effective protection against the herpes zoster virus, which causes shingles.
New Shingles Vaccine Approvals Spur Market Advancements
Regulatory approvals are critical for the distribution and use of new shingles vaccines. Recent approvals in various regions underscore the demand for effective immunization options against this pervasive disease.
Increasing Prevalence of Herpes Zoster Cases
The market is witnessing heightened activity, with an upward trend in herpes zoster cases globally. This increase underscores the importance of shingles vaccinations as a preventive healthcare measure.
- Product Segment Analysis: Shingrix, as a high-efficacy vaccine, continues to dominate the market, supported by the rising awareness and growing adoption of this innovative vaccination.
- Vaccine Type Segment Analysis: Recombinant vaccines have emerged as a significant revenue-contributor due to their efficacy and the ongoing efforts to develop newer vaccines.
- End-user Segment Analysis: Hospitals, with their extensive reach and infrastructure, lead the end-user segment thanks to an uptick in the number of shingles cases and a more informed elderly population.
The North American market is set to maintain its dominance, bolstered by favorable reimbursement scenarios, heightened disease awareness, and strong vaccine adoption rates. Furthermore, advancements like mRNA vaccine trials are contributing to this regional market's strength. Meanwhile, the Asia Pacific region is forecasted to exhibit the fastest CAGR in the coming years. Factors such as rising disposable incomes, improved healthcare policies, and the growing acceptance of vaccines like Shingrix drive this remarkable growth trend.
Market Segmentation Insights
A comprehensive segmentation analysis reveals the diverse product types, vaccine classifications, and end-user groups interacting within the global shingles vaccine market. It outlines key areas like the live attenuated and recombinant vaccines, as well as specific end-user sectors including hospitals and specialty clinics.
Regional Market Dynamics
In-depth regional insights highlight market dynamics in North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. The report provides extensive coverage of both established and emerging markets, creating a robust picture of the global shingles vaccine landscape.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023-2034 |
| Estimated Market Value (USD) in 2023 | $3.43 Billion |
| Forecasted Market Value (USD) by 2034 | $9.75 Billion |
| Compound Annual Growth Rate | 9.9% |
| Regions Covered | Global |
Companies Mentioned
- Ethicon
- 3D Systems
- Medacta
- Simulab Corporation
- InSilicoTrials
- Inovus Medical
- Mentice AB
- Simulaids
- Limbs & Things Ltd.
- Laerdal Medical
- Surgical Science Sweden AB
For more information about this report visit https://www.researchandmarkets.com/r/1e4cf6
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