Pune, India, March 03, 2023 (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, 2023-2030”.
Notable Industry Development
The U.S FDA approved the draft packaging insert labelling of GSK’s shingles vaccine named SHINGRIX.
GSK received approval from the Chinese regulatory authorities for the marketing of the SHINGRIX for adults aged over 50 years and above from 2020.
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|Forecast Period||2023 to 2030|
|Historical Data for||2019 to 2021|
- The prevalence of shingles among adults and the elderly population has been increasing globally due to the reactivation of varicella-zoster virus
- This factor has become crucial in driving the growth of the shingles market
- Approximately 1 million people in the US suffering from the disease annually, as reported by the Centre for Disease Control and Prevention.
- The global shingles vaccine market has been bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Drivers & Restraints:
Active Government Efforts to Surge Usage of Shingles Vaccines will Boost Growth
The rising number of active government recommendations and efforts for the usage of shingles vaccines is one of the crucial factors responsible for the overall market growth. Apart from that, the increasing geriatric population and the higher incidence of shingles are expected to augment the market growth. Numerous companies are investing huge sums in the research and development activities to launch new shingles vaccines. It is further resulting in the rising FDA approvals for new products. However, the risks associated with the adverse effects of shingles vaccine are high. Also, in the developing nations, there is a lack of awareness regarding the availability and usage of such products. This may hamper the shingles vaccine market growth in the coming years.
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North America to Dominate Owing to Rising Prevalence of Shingles
In terms of region, the market is segregated into the Middle East and Africa, North America, Latin America, Asia Pacific, and Europe. Amongst these, North America is anticipated to dominate in the near future by generating the highest shingles vaccine market share. This growth is attributable to the surging demand for the products, increasing number of novel product launches, and higher cases of shingles in this region. The Centre for Disease Control and Prevention stated that every year, in the U.S. alone, approximately 1 million cases of shingles are reported.
Asia Pacific, on the other hand, is set to grow considerably owing to the increasing government support to lower the cases of shingles. The Government of Australia, for instance, started funding the National Shingles Vaccination Program for delivering Herpes Zoster vaccine to every eligible candidate. In Europe, the increasing awareness programs, enhanced accessibility of vaccines, and the presence of favourable government policies are set to contribute to the market growth in the forthcoming years. Lastly, the Middle East and Africa and Latin America are projected to showcase a decline in the market growth because of the limited awareness about the disease.
Key Companies Striving to Launch Innovative Shingles Vaccines
The market consists of a very few companies that are striving persistently to invent new drugs for preventing shingles. Till today, Shingrix and Skyzoster are considered to be the only vaccines available for the effective treatment of the disease
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List of Key Players Covered in the Shingles Vaccine Market Report:
- Merck & Co. Inc.
- GlaxoSmithKline plc
- SK Bioscience
This Report Answers the Following Questions:
- How will the manufacturers cope up with the impacts COVID-19?
- Which company is expected to generate the highest revenue?
- What are the market growth drivers, hindrances, and dynamics?
- Which segment is set to dominate the market in terms of share?
By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy and Others
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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