Shingles Vaccine Market Size (2024 - 2029)

The shingles vaccines market is anticipated to experience growth despite challenges posed by the COVID-19 pandemic, which temporarily reduced demand due to the prioritization of COVID-19 vaccination programs. The market's expansion is driven by factors such as the inclusion of shingles vaccines in national immunization programs, their cost-effectiveness compared to treatments, and the increasing prevalence of shingles. Enhanced vaccine coverage and new approvals are expected to further boost the market. However, growth may be impeded by low awareness of shingles and a limited product pipeline in certain regions.

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Market Size of Shingles Vaccine Industry

Shingles Vaccine Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 9.50 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Medium

Major Players

Shingles Vaccine Market Major Players

*Disclaimer: Major Players sorted in no particular order

Shingles Vaccine Market Analysis

The Shingles vaccines market is expected to grow with a CAGR of 9.5% over the forecast period.

The COVID-19 pandemic affected the demand and production of Shingles vaccines during the pandemic. Many companies had decreased sales in the Shingles vaccines business due to the dominance of COVID-19 vaccination programs. For instance, as per the GSK 2021 annual report, the revenue generated from the Shingrix (Shingles) vaccine in FY2021 was GBP 1,721 (USD 2072.01) million, compared to GBP 1,989 (USD 2394.67) million in the previous year. The decrease in the revenue of the Shingles vaccine is primarily driven by lower demand in the United States and internationally for routine adult vaccination due to COVID-19 vaccination program deployment and disease circulation. This shows the decreased demand for the Shingles vaccine due to COVID-19 vaccination which adversely impacted the market. However, as per the same source, the company continued to inform people about the importance of immunization through disease awareness and branded campaigns for shingles which are expected to have a significant impact on the market over the coming years.

The key market drivers for the growth of the shingles vaccines market include the inclusion of shingles vaccines in national immunization programs, the cost-effectiveness of vaccines over treatments, and the increase in the prevalence of shingles diseases. The increasing coverage of the shingles vaccine is expected to boost the market growth. For instance, according to data updated by the United Kingdom Government in November 2022, 31.2% of patients aged 70 years and 74.9% of patients aged 76 years in the United Kingdom received the shingles vaccine during 2021-2022. This shows the high coverage of shingles vaccination which is expected to have significant growth in the market over the study period.

Furthermore, the new vaccine approvals and launches by the market players increase the widespread usage of shingles vaccines in various regions. For instance, in January 2023, SK bioscience received a biologics license application approval of the 'SKYZoster' from the National Pharmaceutical Regulatory Agency (NPRA) in Malaysia. These approvals help in providing vaccination in various regions which are expected to boost the market over the forecast period.

However, low awareness regarding shingles coupled with a weak product pipeline in various regions is expected to hinder the growth of the market over the forecast period.

Shingles Vaccine Industry Segmentation

As per the scope of the report, Shingles is a viral infection that is caused by the reactivation of the chickenpox virus in the body. This disease may appear as a stripe of blisters on the torso or some other part of the body and are painful even after the rash is gone. Since treatment costs for the disease only shorten the duration and lessen symptoms, vaccinations are widely recommended by the government. The Shingles Vaccines Market is Segmented by Product (Shingrix, Zostavax, and SKYZoster), Vaccine Type (Recombinant Vaccine and Live Attenuated Vaccine), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions, globally. The report offers the value (in USD million) for the above segments.

By Product
Shingrix
Zostavax
SKYZoster
By Vaccine Type
Recombinant Vaccine
Live Attenuated Vaccine
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
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Shingles Vaccine Market Size Summary

The shingles vaccines market is poised for significant growth over the forecast period, driven by several key factors. The inclusion of shingles vaccines in national immunization programs and their cost-effectiveness compared to treatments are primary drivers of market expansion. The increasing prevalence of shingles diseases further supports this growth. Despite the initial impact of the COVID-19 pandemic, which temporarily reduced demand due to the focus on COVID-19 vaccination programs, the market is expected to recover and expand. The introduction of new vaccine approvals and launches, such as SK bioscience's SKYZoster in Malaysia, is anticipated to enhance the availability and adoption of shingles vaccines across various regions. However, challenges such as low awareness and a weak product pipeline in certain areas may impede market growth.

Shingrix, an adjuvanted subunit vaccine, is expected to maintain a dominant position in the market due to its high efficacy and regulatory approvals in multiple countries. The vaccine's adoption in developed regions, particularly North America and Europe, is bolstered by government recommendations and robust healthcare infrastructure. The high prevalence of chickenpox, which increases the risk of shingles, further underscores the need for vaccination. The availability of shingles vaccines for immunocompromised adults, supported by endorsements from health authorities like the CDC, is also contributing to market demand. The competitive landscape is characterized by strategic alliances and product innovations, with major players such as GSK plc, Merck & Co., Inc., and SK bioscience actively expanding their market presence.

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Shingles Vaccine Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Inclusion of Shingles Vaccines in National Immunization Programs

      2. 1.2.2 Cost-effectiveness of Vaccines Over Treatment

      3. 1.2.3 Increase in Prevalence of Shingles Diseases

    3. 1.3 Market Restraints

      1. 1.3.1 Low Awareness Regarding Shingles Coupled With Weak Product Pipeline

    4. 1.4 Porter's Five Force Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 2.1 By Product

      1. 2.1.1 Shingrix

      2. 2.1.2 Zostavax

      3. 2.1.3 SKYZoster

    2. 2.2 By Vaccine Type

      1. 2.2.1 Recombinant Vaccine

      2. 2.2.2 Live Attenuated Vaccine

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Middle East and Africa

        1. 2.3.4.1 GCC

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Rest of Middle East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of South America

Shingles Vaccine Market Size FAQs

The Shingles Vaccine Market is projected to register a CAGR of 9.5% during the forecast period (2024-2029)

Merck & Co., Inc. , Geneone Life Science, SK bioscience, GSK plc and Curevo Inc are the major companies operating in the Shingles Vaccine Market.

Shingles Vaccine Report Snapshots

Shingles Vaccines Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)