Global Shingles Vaccine Market Size, Share, Growth Analysis, By Product(Shingrix, Zostavax), By Vaccine Type(Recombinant Vaccine, and Live Attenuated Vaccine) - Industry Forecast 2023-2030

Global Shingles Vaccine Market size was valued at USD 3.5 Billion in 2021 and is poised to grow from USD 3.99 Billion in 2022 to USD 11.29 Billion by 2030, growing at a CAGR of 7.6% in the forecast period (2023-2030).

The Global Shingles Vaccine Market is poised for robust growth in the coming years, driven by a combination of factors including an aging population, increasing awareness about the vaccine's effectiveness in preventing shingles and related complications, and expanding vaccination programs in various regions. The market is witnessing a steady rise in demand for both live attenuated and recombinant subunit shingles vaccines, with the latter gaining traction due to its safety profile. Furthermore, ongoing research and development efforts to improve vaccine efficacy and accessibility, coupled with government initiatives to promote adult vaccination, are anticipated to fuel market expansion. Key players in the pharmaceutical industry are expected to focus on innovation and strategic collaborations to capitalize on this growing market opportunity.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Shingles Vaccine Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

The shingles vaccine market is segmented based on Product, Vaccine Type, and Regional. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future. Based on Product the market is segmented as, Shingrix, Zostavax, SKYZoster. Based on Vaccine Type the market is segmented as, Recombinant Vaccine, Live Attenuated Vaccine. Based on Regional the market is segmented as, North America, Asia Pacific, Latin America, Middle East & Africa (MEA).

Driver:

The Global Shingles Vaccine Market is experiencing significant growth driven by several key factors. Firstly, an aging population worldwide has led to a higher susceptibility to shingles, creating a robust demand for preventive vaccines. Additionally, rising awareness about the importance of vaccination and the efficacy of shingles vaccines in reducing the severity and incidence of the disease is fueling market expansion. Furthermore, government initiatives and healthcare policies aimed at promoting adult immunization are bolstering market adoption. The introduction of innovative vaccines, such as recombinant subunit vaccines, is also contributing to market growth by offering improved efficacy and reduced side effects. Overall, the Global Shingles Vaccine Market is poised for continued expansion as the global healthcare community prioritizes prevention and immunization against shingles.

Restraint:

The Global Shingles Vaccine Market is currently experiencing several restraints that are impacting its growth trajectory. Firstly, the high cost of shingles vaccines has limited accessibility for a significant portion of the population, particularly in low- and middle-income countries, thus impeding market expansion. Secondly, the limited awareness about the severity of shingles and the benefits of vaccination among the general public is hindering the market's potential. Additionally, logistical challenges in vaccine distribution and storage, especially in remote areas, pose a significant barrier to market penetration. Lastly, regulatory hurdles and the lack of reimbursement policies in some regions are inhibiting market growth, making it crucial for stakeholders to address these constraints to unlock the full potential of the global shingles vaccine market.

Market Trends:

One key market trend in the Global Shingles Vaccine Market is the growing emphasis on preventive healthcare and immunization programs among aging populations. As the world's elderly population continues to expand, there is an increasing awareness of the importance of shingles vaccination in reducing the risk of this painful and debilitating condition. Governments and healthcare organizations are actively promoting shingles vaccination campaigns, leading to rising vaccine adoption rates. Additionally, advancements in vaccine technology, such as the development of more effective and longer-lasting vaccines, are anticipated to further drive market growth. Overall, the Global Shingles Vaccine Market is poised for significant expansion as a result of these demographic and technological factors.