Shingles Vaccines Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

Shingles Vaccines Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

The Shingles Vaccines market studied is expected to grow with an estimated CAGR of 9.5%, over the forecast period.

The Covid-19 pandemic had affected the demand and production of Shingles vaccines in 2020. The high prevalence rate of Covid-19 in 2020 in many countries had affected the use of Shingles vaccines. Moreover, the restrictions implemented by the government in many countries had affected the supply chain and production of Shingles vaccines by the majority of manufacturers. Many companies had experienced losses in their Shingles vaccines business due to the pandemic. For instance, GlaxoSmithKline observed a decline of 25% in the sales of Shingrix in the third quarter of 2020. The need for an increase in production capacity for inoculation of Covid-19 vaccines among the global pharmaceutical players also played a major role in a slight decrease in the use and production of Shingles vaccines. For instance, Sanofi and GlaxoSmithKline had announced to provide around 200 million coronavirus vaccines to COVAX in October 2020.

The re-occurrence of varicella-zoster virus among the adult population, especially observed among people over 60 and above, is a major factor contributing towards the growth of the market. For instance, according to the Centre for Disease Control and Prevention 2020, annually almost 1 million Americans suffer from shingles. Furthermore, the increased government recommendations of shingles vaccination and cost-effectiveness of vaccination are some of the other factors driving the market growth. This vaccine is recommended in many developed countries such as US, Canada, Germany, and UK. For instance, the Centre for Disease Control and Prevention has provided license for Shingrix in the US and has been recommended by the Advisory Committee on Immunization Practices (ACIP) for adults aged 50 years and above. In Australia, the shingles vaccines is free under the National Immunisation Program (NIP) for adults aged 70 years and above. Additionally, shingles vaccines are included in national immunization programs of several countries. For instance, since adults aged 70 to 79 years are at higher risk to develop herpes zoster, these vaccines are funded under the National Immunization Program in Australia. However, factors such as limited awareness regarding shingles in developing countries and availability of less number of products in the market can thwart the market growth.

Key Market TrendsShingrix is Expected to dominate the market over the forecast period

The Shingrix is anticipated to hold the major share of revenue in the product over the forecast period. This is attributable to the high efficacy of these vaccines with fewer consequences associated with it. Furthermore, the increase in awareness regarding the consequences of the disease and increasing number of regulatory approval for Shingrix in various countries are contributing to increase in demand of these vaccines during the forecast period. These are recombinant vaccines that have shown high efficacy to prevent disease among the adult population. In a 4-year follow-up clinical study, Shingrix showed greater than 90% efficacy across all age groups against shingles.

Moreover, the high adoption of Shingrix among the developed countries in the North American and the European region also helps to boost the demand of these vaccines. After being licensed in United Kingdom in September 2021, this vaccine was included in the national shingles immunisation programme. The key players had conducted campaigns to boost the demand and awareness of shingles vaccines. For instance, GlaxoSmithKline had launched its first DTC campaign in August 2020 for its shingles vaccines. These factors contribute towards the high demand of Shingrix during the forecast period.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America holds the major market share in the Shingles Vaccines market and is expected to dominate the overall market throughout the forecast period. The government recommendation of the use of shingles vaccines, the presence of sophisticated healthcare infrastructure, and high awareness among patients regarding the importance of these vaccines are some prominent drivers for the growth of the Shingles vaccines market during the forecast period. As per the statistics by the Centre for Disease Control and Prevention 2020, one in three people in the US will develop shingles during their lifetime. Currently, two Herpes zoster vaccines have been authorized for use in the US and Canada: Zostavax II by Merck and Shingrix by GlaxoSmithKline.

Since shingles are caused due to the reactivation of the chickenpox virus, the high prevalence of chickenpox among Americans is expected to boost the requirement of shingles vaccines. As per the Centre for Disease Control and Prevention, over 99% of Americans aged 40 years and above have had chickenpox. The high incidence rate of chickenpox increases the risk of occurrence of shingles in people aged 40 years and above. The availability of shingles vaccines for immunocompromised adults and high incidence rate of shingles are some of the major factors boosting the market growth. In October 2021, the CDC panel had voted to recommend Shingrix as vaccine against shingles for immunodeficient or immunosuppressed adults. These factor contribute towards the high demand of shingles vaccines in the North American region.

Competitive Landscape

The shingles vaccines market is moderately competitive and consists of small number of major players. In terms of market share, small number of major players are currently dominating the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new vaccines with fewer side-effects. Companies, like GlaxoSmithKline plc., Merck & Co., Inc., and SK Chemicals hold a substantial market share in the shingles vaccines market. Additionally, the key players are involved in strategic alliances, such as product approvals, acquisitions, and collaborations, with companies that complement their product portfolio.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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

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