Projected Revenue Growth:
The Shingles Vaccine Market was valued at USD 3.06 Billion in 2022, and it is expected to reach USD 6.02 Billion by 2029, exhibiting a CAGR of 10.1 % during the forecast period (2023-2029)
What is Shingles Vaccine Market scope?
The Shingles Vaccine Market encompasses a comprehensive range of elements including product classification, application, technological advancements, competitive landscape, and industry chain structure. It evaluates market dynamics, including drivers, opportunities, and constraints, and provides a detailed analysis of trends affecting demand. The report covers various aspects such as the impact of regulatory policies, technological innovations, and economic factors on market growth. Additionally, it examines the production processes, technological sources, and cost structures of major industry players, providing a holistic view of the market’s development and potential.
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Shingles Vaccine Market Trends:
The Shingles Vaccine Market is witnessing a significant shift towards higher adoption of vaccines with proven efficacy. The introduction and increased acceptance of Shingrix, a recombinant vaccine, are driving market growth due to its high effectiveness and extended protection period. Enhanced awareness about shingles and its consequences, coupled with supportive government policies and vaccination programs, is fueling demand. There is also a growing focus on addressing unmet medical needs in developing regions, which is contributing to market expansion. The continuous advancements in vaccine technology and the rising incidence of shingles globally further underscore the market’s dynamic evolution.
What are Shingles Vaccine Market Dynamics?
For the purpose of preventing shingles and its aftereffects, Shingrix is preferred over Zostavax because statistics showed that the vaccine was successful in preventing shingles in over 90% of age groups. In contrast to Zostavax, Shingrix is given intramuscularly in two to six-month intervals. The majority of trials showed that the vaccine was effective for at least four years following immunization, while it’s more likely to provide protection for much longer. A large randomised clinical trial found that using Shingrix reduced the incidence of shingles by 91.3% in people over 70 and 96.6% in people between the ages of 50 and 59.
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How is the North Americac Shingles Vaccine Market Expected to grow?
In North America, the Shingles Vaccine Market is poised for substantial growth, driven by high vaccine uptake rates and supportive reimbursement policies. The presence of leading pharmaceutical companies, combined with strong public health campaigns and high awareness levels, has led to significant market penetration. In the United States, vaccine coverage is approximately 35%, with Canada also showing robust vaccination rates. The preference for Shingrix over older vaccines like Zostavax, due to its superior effectiveness, further supports the market’s expansion in the region. Ongoing efforts to improve public awareness and accessibility are expected to continue driving growth.
what is the expected growth of Shingles Vaccine by Type segmentation?
The Shingles Vaccine Market is expected to see notable growth in the recombinant vaccine segment, particularly due to the dominance of Shingrix. This segment is anticipated to expand rapidly, reflecting the vaccine’s high efficacy and favorable safety profile. Shingrix’s widespread adoption, especially in North America and Europe, contributes to its leading market share. On the other hand, while the live attenuated vaccine segment is anticipated to grow, its expansion may be tempered by limitations in use among immunocompromised individuals. The approval and increasing adoption of alternative vaccines, such as SKYZoster, are expected to influence market dynamics in the coming years.
What is Shingles Vaccine Market Segmentation?
by Drug Type
Zostavax
Shingrix
Others
by Distribution Channel
Hospital Pharmacy
Retail Pharmacy
Others
by Vaccine Type
Recombinant Vaccine
Live Attenuated Vaccine
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What are the key trends for Shingles Vaccine Market
1. GlaxoSmithKline plc.
2. Merck & Co., Inc.
3. SK chemicals
4. Green Cross Corp
5. CanSinoBIO
6. Geneone Life Science
7. Vaccitech
8. Pfizer
9. Sanofi
10. CSL Behring
11. Curevo Inc.
12. GeneOne Life Science Inc.
Key Offerings:
- Past Market Size and Competitive Landscape
- Shingles Vaccine Market Size, Share, Size & Forecast by different segment
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Shingles Vaccine Market Segmentation – A detailed analysis by Product
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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