The global shingles vaccine market size is expected to be worth around US$ 10.30 billion by 2030, according to a new report by Vision Research Reports.
The global shingles vaccine market size was valued at US$ 4.9 billion in 2020 and is anticipated to grow at a CAGR of 11.9% during forecast period 2021 to 2030.
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Shingles Vaccine Market (By Product: Shingrix, Zostavax, SKYZoster; By Vaccine Type: Recombinant Vaccine, Live Attenuated Vaccine) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
|Market Size||USD 10.30 billion by 2030|
|Growth Rate||CAGR of 11.9% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Vaccine type|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||GlaxoSmithKline plc.; Merck & Co., Inc.; SK chemicals; Green Cross Corp; CanSinoBIO|
Increasing incidence of shingles and high awareness regarding shingles in developed countries are contributing to the market growth. According to the CDC, nearly one million cases of shingles are reported each year in the United States. Furthermore, one out of three individuals in the country will develop the disease in their lifetime.
The increasing adoption of vaccines and an increase in the recommendation of vaccination by different government regulatory bodies are expected to drive the market over the forecast period. For instance, in February 2019, the U.K. Joint Committee of Vaccination and Immunization (JCVI) has recommended the use of the recombinant vaccine to prevent shingles in adults aged 60 to 70 years old.
By Product Analysis
Shingrix held the highest share of more than 91.0% in 2020 owing to the high efficacy of the vaccine with no serious events associated with it. Moreover, Shingrix is expected to grow at the highest rateover the forecast period. The growth of the segment can be attributed to the increasing awareness regarding the disease and approval of Shingrix vaccines in various regions.
SKYZoster is expected to grow at a significant CAGR over the forecast period owing to the recommendation of SKYZoster in South Korea, cost-effectiveness compared to Zostavax, and inclusion in immunization programs of some provinces in South Korea.
By Vaccine Type Analysis
The recombinant vaccine segment led the largest share of over 91.0% in 2020 owing to the high adoption of Shingrix in North America and the European region and the high efficacy of the recombinant vaccine to prevent disease in the adult population.
The live attenuated vaccine segment is expected to grow over the forecast period owing to the rising awareness regarding the disease and increasing adoption of vaccination in developing countries.
By Regional Analysis
North America grabbed the highest share of over 81.0% in 2020. The presence of major players in North America, favorable reimbursement policies, and high vaccine uptake are major factors driving the regional market. Vaccine uptake in the U.S. is around 35% and is more than 20% of the eligible population in Canada.
Asia Pacific is expected to expand at the fastest growth rate over the forecast period due to the increasing disposable income in the region, improvement in the healthcare policies, and a large population base having a high risk of developing the disease.
- GlaxoSmithKline plc.
- Merck & Co., Inc.
- SK chemicals
- Green Cross Corp
- Geneone Life Science
- By Product
- By Vaccine Type
- Recombinant Vaccine
- Live Attenuated Vaccine
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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