Shingles Vaccine Industry Overview
The global shingles vaccine market size is expected to reach USD 6.35 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.9% from 2021 to 2028. 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.
Shingles Vaccine Market Segmentation
Grand View Research has segmented the global shingles vaccine market on the basis of product, vaccine type, and region:
Based on the Product Insights, the market is segmented into Shingrix, Zostavax and SkyZoster.
- Shingrix held the largest share of more than 90.0% 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 rate over 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. Furthermore, ongoing clinical trials of SKYZoster for approval and commercialization overseas are anticipated to propel the market growth over the forecast years.
Based on the Type Insights, the market is segmented into Recombinant Vaccine, and Live Attenuated Vaccine.
- The recombinant vaccine segment held the largest share of over 90.0% 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. However, the limitation of live attenuated vaccines in immune-compromised adults is negatively impacting the market uptake of live attenuated vaccines. However, the approval of SK Bioscience's vaccine SKYZoster is anticipated to drive the segment over the forecast period.
Shingles Vaccine Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Companies Profile & Market Share Insights
Key players are adopting strategies such as product enhancements and regional expansion to attain a greater market share.
Some of the prominent players operating in the global shingles vaccine market include,
- GlaxoSmithKline plc.
- SK chemicals
- Green Cross Corp
- CanSinoBIO
- Geneone Life Science
- Vaccitech
Order a free sample PDF of the Shingles Vaccine Market Intelligence Study, published by Grand View Research.
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