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.
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.
The inclusion of shingles vaccines in national
immunization programs of several countries is anticipated to propel the demand
for vaccines. For instance, the shingles vaccine is a part of the national
immunization program in the U.K. since 2013. The U.K. is the first country in
the European region to introduce shingles vaccine in the national immunization
program and it costs around USD 130 to the National Health Service (NHS) for
each dose of the vaccine. Similarly, other countries such as the U.S., Italy,
Australia, and some provinces of Canada and South Korea have also included the
vaccine in their immunization program.
Besides, favorable initiatives undertaken by market
players and regulatory bodies to increase the awareness among people who are at
risk of developing the disease are expected to fuel the market growth over the
coming years. For instance, GlaxoSmithKline plc. has launched a campaign to
increase vaccination rates among older adults by educating people about the
benefits associated with vaccination.
The high efficacy of vaccines is expected to increase
the adoption over the forecast period. According to clinical trial results,
Shingrix is highly efficient to prevent shingles and postherpetic neuralgia.
Two doses of Shingrix are more than 90% effective to prevent the disease in
adults aged 50 years and above. Protection stays above 85% for at least the
first four years after getting vaccinated.
The availability of vaccines at lower prices, coupled
with a high incidence of the disease and high vaccination rate in developed
countries, is anticipated to fuel the market growth. The vaccination rate
against shingles in the U.K., the U.S., France, Canada, Germany, and South
Korea is higher compared to other countries owing to better reimbursement
policies and high awareness levels regarding the disease and vaccines. For
instance, the U.K. has the highest shingles vaccine uptake with more than 60%
vaccination of eligible adults.
Related Press Release@ Shingles Vaccine Market Report
Shingles Vaccine Market Report
Highlights
- By product, Shingrix held the largest share in 2020 owing to the
high efficacy of the vaccine as compared to others. Shingrix is also
expected to grow at a significant CAGR over the forecast period owing to
the increasing recommendations by regulatory bodies to prevent shingles
- Based on vaccine type, the recombinant vaccine segment is
anticipated to grow at a substantial rate over the forecast period due to
the low risk associated with recombinant vaccines
- Asia Pacific is projected to witness the fastest growth during the
forecast period owing to the high unmet needs and the rising adoption of
vaccination programs in the region
- North America dominated the market in 2020 due to favorable
reimbursement policies and rising initiatives to raise awareness among
healthcare professionals and patients
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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