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Global Shingles Vaccine Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2024-2032

Published Date: January, 2024
Base Year: 2023
Delivery Format: PDF+ Excel
Historical Year: 2017-2023
No of Pages: 263
Forecast Year: 2024-2032
Category

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Market Overview

The global shingles vaccine market is experiencing significant growth and is expected to continue expanding in the coming years. Shingles, also known as herpes zoster, is a viral infection caused by the varicella-zoster virus. It primarily affects individuals who have previously had chickenpox, as the varicella-zoster virus remains dormant in the body after the initial infection. Shingles is characterized by a painful rash, usually occurring on one side of the body.

The market for shingles vaccines has gained traction due to the increasing prevalence of shingles and the growing elderly population worldwide. Older adults are more susceptible to developing shingles due to age-related decline in immune function. Additionally, the rising awareness about the importance of vaccination to prevent shingles and its complications has contributed to the market growth.

Meaning

The shingles vaccine is a preventive measure that helps reduce the risk of developing shingles and related complications. It works by boosting the immune system’s response to the varicella-zoster virus, thereby reducing the severity and duration of shingles outbreaks. The vaccine is typically recommended for individuals aged 50 years and older, as this population is at a higher risk of developing shingles.

Executive Summary

The global shingles vaccine market is witnessing steady growth, driven by factors such as the increasing prevalence of shingles and the growing elderly population. The market offers lucrative opportunities for vaccine manufacturers and healthcare providers to address the unmet needs of this vulnerable population. However, there are challenges to overcome, including high costs and limited access in some regions. Despite these challenges, the market is expected to experience significant growth in the forecast period.

Global Shingles Vaccine Market

Key Market Insights

  1. Growing Prevalence of Shingles: The global burden of shingles is increasing, primarily due to the aging population and the associated decline in immune function. This has led to a higher demand for shingles vaccines globally.
  2. Rising Awareness and Vaccination Campaigns: Governments and healthcare organizations are actively promoting shingles vaccination through awareness campaigns and immunization programs, driving the market growth.
  3. Technological Advancements: Advancements in vaccine development and manufacturing processes have resulted in improved shingles vaccines with enhanced efficacy and safety profiles, further contributing to market growth.

Market Drivers

  1. Increasing Aging Population: The global population is aging rapidly, with a significant proportion of individuals falling within the susceptible age group for shingles. This demographic trend is expected to drive the demand for shingles vaccines.
  2. Growing Burden of Shingles: The prevalence of shingles is rising, primarily due to the increasing number of individuals who have previously had chickenpox. This population remains at risk of developing shingles later in life, creating a substantial market opportunity.
  3. Government Initiatives and Immunization Programs: Governments worldwide are focusing on preventing shingles and its complications by incorporating shingles vaccination into their immunization schedules. This has fueled the demand for shingles vaccines.

Market Restraints

  1. High Cost of Vaccines: Shingles vaccines can be expensive, which limits their accessibility, particularly in low- and middle-income countries. The high cost of vaccines acts as a restraint to market growth.
  2. Limited Vaccine Coverage: In some regions, shingles vaccines may not be widely covered by healthcare systems or insurance plans, resulting in limited access for individuals who could benefit from vaccination.
  3. Cold Chain Requirements: Shingles vaccines require storage and transportation under specific temperature conditions, which can pose logistical challenges, especially in resource-limited settings.

Market Opportunities

  1. Untapped Markets: The market for shingles vaccines is relatively untapped in many regions, presenting opportunities for vaccine manufacturers to expand their market presence and increase vaccine uptake.
  2. Development of Novel Vaccines: Ongoing research and development activities aim to develop next-generation shingles vaccines with improved efficacy, longer duration of protection, and simplified administration, creating opportunities for innovation in the market.
  3. Collaborations and Partnerships: Strategic collaborations between vaccine manufacturers, healthcare providers, and government agencies can help improve access to shingles vaccines and expand market reach.

Market Dynamics

The global shingles vaccine market is dynamic and influenced by various factors. The increasing prevalence of shingles, rising awareness about vaccination, government initiatives, and technological advancements are driving market growth. However, challenges such as high vaccine costs, limited coverage, and cold chain requirements act as restraints. Despite these challenges, untapped markets, ongoing research, and collaborations present opportunities for market expansion.

Regional Analysis

The shingles vaccine market is segmented into several regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America currently dominates the market, owing to the high prevalence of shingles and the well-established healthcare infrastructure. Europe is also a significant market, driven by the aging population and increasing government support for vaccination programs. The Asia Pacific region is expected to witness rapid growth due to the growing awareness of shingles and the rising elderly population in countries like China and India.

Competitive Landscape

The global shingles vaccine market is highly competitive, with several key players vying for market share. Some of the leading vaccine manufacturers in the market include Merck & Co., Inc., GlaxoSmithKline plc, Sanofi Pasteur, CSL Limited, and Pfizer Inc. These companies focus on research and development activities to improve vaccine efficacy, enhance manufacturing processes, and expand their product portfolios. Strategic partnerships, mergers, and acquisitions are common strategies employed by market players to strengthen their market position.

Segmentation

The shingles vaccine market can be segmented based on vaccine type, distribution channel, and region. By vaccine type, the market can be categorized into live attenuated vaccines and recombinant vaccines. The distribution channel segment includes hospitals, clinics, retail pharmacies, and online pharmacies.

Category-wise Insights

  1. Live Attenuated Vaccines: Live attenuated vaccines have been traditionally used for shingles vaccination. They contain a weakened form of the varicella-zoster virus, which stimulates the immune system to develop a protective response.
  2. Recombinant Vaccines: Recombinant vaccines are a newer approach to shingles vaccination. They utilize specific proteins from the varicella-zoster virus to induce an immune response, eliminating the risk of viral replication.
  3. Hospitals and Clinics: Hospitals and clinics play a crucial role in administering shingles vaccines, as they provide vaccination services to individuals seeking preventive care.
  4. Retail and Online Pharmacies: Retail and online pharmacies offer convenience and accessibility, allowing individuals to purchase shingles vaccines and receive professional guidance on vaccination.

Key Benefits for Industry Participants and Stakeholders

  1. Revenue Generation: The growing demand for shingles vaccines presents revenue generation opportunities for vaccine manufacturers, healthcare providers, and distributors.
  2. Market Expansion: Expanding into untapped markets and developing innovative vaccines can help industry participants expand their market presence and reach a broader consumer base.
  3. Improved Public Health: Shingles vaccines contribute to improving public health by reducing the incidence and severity of shingles outbreaks, thereby preventing complications and reducing healthcare costs.
  4. Collaborative Partnerships: Collaborations among industry participants, healthcare organizations, and government agencies can drive advancements in shingles vaccination and improve access to vaccines, benefiting both the industry and public health.

SWOT Analysis

Strengths:

  • Increasing awareness about shingles and the importance of vaccination
  • Technological advancements in vaccine development
  • Established market players with strong distribution networks

Weaknesses:

  • High vaccine costs
  • Limited vaccine coverage in some regions
  • Cold chain requirements for vaccine storage and transportation

Opportunities:

  • Untapped markets in developing regions
  • Development of novel vaccines with improved efficacy and simplified administration
  • Collaborative partnerships to improve access to vaccines

Threats:

  • Competition among market players
  • Stringent regulatory requirements for vaccine approval
  • Vaccine hesitancy and misinformation

Market Key Trends

  1. Development of Adjuvanted Vaccines: Adjuvanted vaccines, which contain substances that enhance the immune response, are being explored to improve the effectiveness of shingles vaccines and potentially provide longer-lasting protection.
  2. Focus on Combination Vaccines: Research is underway to develop combination vaccines that provide protection against multiple diseases, including shingles. This approach aims to simplify vaccination schedules and improve vaccine uptake.
  3. Targeting High-Risk Populations: Efforts are being made to target high-risk populations, such as immunocompromised individuals and those with chronic conditions, who are at an increased risk of developing shingles and its complications.

Covid-19 Impact

The COVID-19 pandemic has had a significant impact on the global healthcare sector, including the shingles vaccine market. The focus on COVID-19 vaccination efforts and the diversion of healthcare resources have temporarily affected routine immunization programs, including shingles vaccination. However, as the pandemic subsides and healthcare systems recover, the market is expected to regain momentum. The growing recognition of the importance of vaccination in preventing infectious diseases is likely to support the recovery and future growth of the shingles vaccine market.

Key Industry Developments

  1. Shingrix® Vaccine Approval: In 2017, the U.S. Food and Drug Administration (FDA) approved Shingrix®, a recombinant shingles vaccine developed by GlaxoSmithKline plc. The vaccine has shown high efficacy and has become a preferred choice for shingles vaccination.
  2. Vaccine Distribution Partnerships: Vaccine manufacturers have entered into distribution partnerships with healthcare providers and pharmacies to enhance vaccine accessibility and distribution networks, ensuring wider availability of shingles vaccines.

Analyst Suggestions

  1. Continued Research and Development: Vaccine manufacturers should focus on ongoing research and development activities to improve the efficacy, safety, and administration of shingles vaccines.
  2. Addressing Cost Concerns: To overcome the cost-related challenges, industry participants should explore strategies such as pricing adjustments, partnerships with governments or insurance providers, and cost-effective manufacturing processes.
  3. Awareness Campaigns: Increasing public awareness about shingles, its complications, and the benefits of vaccination is crucial to drive vaccine uptake and market growth. Collaborations with healthcare organizations and government agencies can help in designing and implementing effective awareness campaigns.

Future Outlook

The global shingles vaccine market is poised for significant growth in the coming years. Factors such as the increasing prevalence of shingles, growing elderly population, and rising awareness about vaccination are expected to drive market expansion. Ongoing research and development efforts to develop next-generation vaccines, strategic collaborations, and market penetration in untapped regions will shape the future outlook of the shingles vaccine market.

Conclusion

The global shingles vaccine market is witnessing steady growth, driven by the increasing burden of shingles and the growing elderly population. Despite challenges such as high vaccine costs and limited access, the market offers lucrative opportunities for vaccine manufacturers and healthcare providers. Ongoing research, collaborations, and awareness campaigns are crucial for future market growth. With the potential for improved vaccines and expanded market presence, the shingles vaccine market is expected to thrive in the coming years, contributing to better public health outcomes globally.

Global Shingles Vaccine Market

Segmentation Details
Vaccine Type Live Attenuated, Recombinant, Subunit
Distribution Channel Hospitals & Clinics, Pharmacies, Others
Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Leading Companies in the Global Shingles Vaccine Market:

  1. Merck & Co., Inc.
  2. GlaxoSmithKline plc
  3. Sanofi S.A.
  4. Pfizer Inc.
  5. CSL Limited
  6. Takeda Pharmaceutical Company Limited
  7. Johnson & Johnson
  8. Novartis AG
  9. Astellas Pharma Inc.
  10. AstraZeneca plc

North America
o US
o Canada
o Mexico

Europe
o Germany
o Italy
o France
o UK
o Spain
o Denmark
o Sweden
o Austria
o Belgium
o Finland
o Turkey
o Poland
o Russia
o Greece
o Switzerland
o Netherlands
o Norway
o Portugal
o Rest of Europe

Asia Pacific
o China
o Japan
o India
o South Korea
o Indonesia
o Malaysia
o Kazakhstan
o Taiwan
o Vietnam
o Thailand
o Philippines
o Singapore
o Australia
o New Zealand
o Rest of Asia Pacific

South America
o Brazil
o Argentina
o Colombia
o Chile
o Peru
o Rest of South America

The Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Israel
o Kuwait
o Oman
o North Africa
o West Africa
o Rest of MEA

Important Questions Covered in this Study

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