Shingles Vaccine Market Size, Share & Trends Analysis Report By Product (Shingrix, Zostavax, SkyZoster), By Vaccine Type (Recombinant Vaccine, Live Attenuated Vaccine), By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Shingles Vaccine market size was estimated at USD 3.49 billion in 2021 and is expected to surpass around USD 10.2 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 15.4% during the forecast period 2022 to 2030.

Key Takeaways:

• By Product, the Asia Pacific Shingles Vaccine market was valued at USD 200.1 million in 2021 and expected to witness growth at a CAGR of 15.30% from 2022 to 2030.
• By product, Shingrix held the largest share in 2021 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 2021 due to favorable reimbursement policies and rising initiatives to raise awareness among healthcare professionals and patients

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.

Report Scope of the Shingles Vaccine Market

Product Insights

Shingrix held the largest share of more than 91.0% in 2021 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. For instance, China's National Medical Products Administration has approved Shingrix in May 2019 to prevent shingles.

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.

Vaccine Type Insights

The recombinant vaccine segment held the largest share of over 91.0% in 2021 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. According to the CDC, two doses of Shingrix are more than 90% effective at preventing shingles in adults of age 50 and older.

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.

Regional Insights

North America grabbed the largest share of over 81.0% in 2021. The presence of major players in North America, favorable reimbursement policies, and high vaccine uptake are major factors driving the regional market. Vaccine uptake in the U.S. is around 35% and is more than 20% of the eligible population in Canada. Moreover, high awareness level among people and recommendation of vaccination against the disease in the region are some factors responsible for the market growth over the forecast period. The U.S. and Canada recommend Shingrix over Zostavax to prevent shingles in the aged population due to the high efficacy of Shingrix.

Asia Pacific is expected to expand at the fastest growth rate over the forecast period due to the increasing disposable income in the region, improvement in the healthcare policies, and a large population base having a high risk of developing the disease. Moreover, the highly unmet medical needs in low- and middle-income countries in the Asia Pacific are expected to propel the market growth during the forecast period. Moreover, approval of Shingrix in several Asian countries is anticipated to fuel the market growth.

Some of the prominent players in the Shingles Vaccine Market include:

• GlaxoSmithKline plc.
• Merck & Co., Inc.
• SK chemicals
• Green Cross Corp
• Geneone Life Science
• Vaccitech
• CanSinoBIO

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Shingles Vaccine market

• Product
• Shingrix
• Zostavax
• SKYZoster
• Vaccine Type
• Recombinant Vaccine
• Live Attenuated Vaccine

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Points Covered in Shingles Vaccine Market Study:

• Growth of Shingles Vaccine in 2022
• Market Estimates and Forecasts (2017-2030)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for Shingles Vaccine and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  Shingles Vaccine Consumption Analysis
•  Shingles Vaccine Production Analysis
•  Shingles Vaccine and Management