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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.