Shingles Vaccine Market: Global Insights into Business Demand and Competitive Landscape, Forecast to 2033
Straits Research: Shingles Vaccine Market to Surpass USD 12.53 Billion by 2032
Market Overview The global shingles vaccine market was valued at USD 4.28 billion in 2023 and is expected to grow at a robust compound annual growth rate (CAGR) of 12.68% during the forecast period from 2024 to 2032. By 2032, the market is projected to reach USD 12.53 billion, driven by increasing awareness of shingles prevention, advancements in vaccine technology, and the rising prevalence of shingles in aging populations.
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Market Definition The shingles vaccine market encompasses products and technologies designed to prevent herpes zoster, commonly known as shingles, a painful condition caused by the reactivation of the varicella-zoster virus. Vaccines in this market are tailored to enhance immunity against the virus, reducing the risk of shingles and its associated complications.
Market Dynamics
Key Trends
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Adoption of Recombinant Vaccines: Recombinant vaccines, such as Shingrix, are gaining significant traction due to their higher efficacy compared to live attenuated vaccines. These vaccines are particularly preferred for immunocompromised and elderly populations.
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Increasing Government Vaccination Programs: Public health initiatives worldwide are promoting vaccination against shingles, boosting market demand and ensuring wider accessibility of vaccines.
Market Drivers
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Growing Aging Population: The rising global population aged 50 and above, who are more susceptible to shingles, is a primary driver of market growth.
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Technological Advancements in Vaccine Development: Continuous research and development efforts have led to more effective vaccines, reducing side effects and improving patient outcomes.
Market Opportunities
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Emerging Markets: Rapid healthcare infrastructure development in Asia Pacific and Latin America presents untapped opportunities for shingles vaccine manufacturers.
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Strategic Collaborations: Partnerships among pharmaceutical companies, research institutions, and government bodies can accelerate vaccine accessibility and innovation.
Market Segmentation
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By Product
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Shingrix
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Zostavax
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SKYZoster
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By Vaccine Type
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Recombinant Vaccine
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Live Attenuated Vaccine
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Regional Insights North America currently dominates the shingles vaccine market, attributed to advanced healthcare infrastructure, high awareness, and strong government support for vaccination programs. Asia Pacific is expected to grow at the fastest rate due to increasing healthcare expenditure, rising awareness campaigns, and a growing aging population in countries such as China and India.
List of Key Players
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Merck & Co., Inc.
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GlaxoSmithKline plc
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SK Bioscience
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Green Cross Corp
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Geneone Life Science
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Vaccitech
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CanSinoBIO
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Cipla Inc.
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Pfizer Inc.
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Curevo Inc.
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SK chemicals
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GSK plc
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CanSino Biologics Inc.
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GeneOne Life Science Inc.
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Green Cross Corp
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Conclusion The shingles vaccine market is poised for substantial growth, supported by advancements in vaccine technology, increasing awareness campaigns, and government-led vaccination programs. Market leaders are focusing on innovation, strategic partnerships, and geographic expansion to meet the rising demand and improve global healthcare outcomes.
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