Shingles Vaccine Market

Market Overview

The global shingles vaccine market size was valued at USD 4.28 billion in 2023. It is estimated to reach USD 12.53 billion by 2032, growing at a CAGR of 12.68% during the forecast period (2024–2032). The increasing risk of contracting shingles, particularly in persons aged 60 and older, and healthcare policy improvements in developed nations are projected to foster the shingles vaccine market growth. Furthermore, the surge in governments from several nations worldwide is taking initiatives to create awareness and organizing numerous public health campaigns to increase vaccine coverage amongst their citizens, thereby creating opportunities for global market expansion.

Highlights

• Shingrix dominates the product segment.
• Recombinant Vaccine dominates the vaccine type segment.
• North America is the highest shareholder in the global market.

Market Overview

Shingles, a viral infection caused by the varicella-zoster virus, causes painful skin rashes and can progress to postherpetic neuralgia (PHN), which is severe nerve pain that persists after the rash has healed. The shingles vaccine stimulates the immune system with a weakened version of the chickenpox virus to combat the disease. This vaccination reduces the risk of developing shingles by roughly 50% and long-term nerve damage by about 65%. There are two main shingles vaccines available: Zostavax and Shingrix.

Zostavax is a live attenuated vaccine, and Shingrix is a recombinant vaccine. Shingrix has been particularly effective, leading to its preference over Zostavax in various countries due to its superior vaccine efficacy, as recommended by health authorities such as the CDC, particularly for adults aged 60 and up, to mitigate the impact of this debilitating condition.

Market Dynamics

Global Shingles Vaccine Market Drivers

Rising Incidence of Shingles in the Aging Population

The global increase in the aging population is a prominent driver for the shingles vaccine market. Shingles is caused by the reactivation of the varicella-zoster virus, which remains dormant in individuals who have had chickenpox. The risk of developing shingles increases with age, particularly in individuals over 50 years. According to the World Health Organization (WHO), the global population aged 60 years and older is expected to reach 2.1 billion by 2050, up from 1 billion in 2020.

This demographic shift is expected to lead to a higher incidence of shingles, driving the demand for preventive measures such as vaccines. Additionally, the Centers for Disease Control and Prevention (CDC) reports that about one in three people in the U.S. will develop shingles in their lifetime. The increased awareness and education about the availability and benefits of shingles vaccines among this demographic are also contributing to the market growth. Healthcare providers are emphasizing vaccination as a critical preventive strategy, further boosting the market.

Global Shingles Vaccine Market Restraint

High Cost and Limited Accessibility

Despite the benefits, the high cost of shingles vaccines remains a significant restraint to market growth. Vaccines like Shingrix are expensive, with a single dose costing approximately $150-$190 in the United States and the complete vaccination regimen requiring two doses. This high cost can be prohibitive for many individuals, particularly in low- and middle-income countries where healthcare budgets are limited, and out-of-pocket expenses for vaccines can be burdensome. Moreover, the availability of shingles vaccines is often limited in rural and underserved areas, exacerbating disparities in healthcare access.

In regions without robust healthcare infrastructure, logistical challenges in vaccine storage and distribution can further hinder accessibility. Insurance coverage for shingles vaccines is not universal, and in many cases, individuals must bear the full cost, which can deter them from getting vaccinated. These economic and logistical barriers highlight the need for policies that promote affordable and widespread access to vaccines to ensure broader immunization coverage and better public health outcomes.

Global Shingles Vaccine Market Opportunities

Government Initiatives and Public Health Campaigns

Government initiatives and public health campaigns present a significant opportunity for the growth of the shingles vaccine market. Many countries are recognizing the importance of preventive healthcare and are implementing policies to increase vaccine coverage among their populations. For instance, the U.S. Advisory Committee on Immunization Practices (ACIP) recommends the shingles vaccine for adults aged 50 years and older, and many insurance plans are mandated to cover this vaccine under the Affordable Care Act.

Similar initiatives are being adopted in Europe and other regions to promote vaccination. Public health campaigns aimed at raising awareness about shingles and the benefits of vaccination are also playing a crucial role. These campaigns, often supported by government health departments and non-governmental organizations, utilize various media channels to educate the public. For example, the UK National Health Service (NHS) runs extensive awareness programs to encourage vaccination among older adults. Such initiatives not only drive demand but also enhance the perceived value and acceptance of vaccines, creating a favorable environment for market expansion.

Regional Analysis

Based on region, the global market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

North America Dominates the Global Market

North America is the most significant global shingles vaccine market shareholder over the forecast period. The North American region, particularly the United States and Canada, plays a pivotal role in the global shingles vaccine market. This region's dominance can be attributed to several factors, including high awareness levels, robust healthcare infrastructure, and proactive government policies. In the United States, the Centers for Disease Control and Prevention (CDC) strongly recommends the shingles vaccine for adults aged 50 years and older. The introduction of Shingrix by GlaxoSmithKline in 2017, which boasts over 90% efficacy, significantly boosted market growth. The vaccine's approval and subsequent recommendations by the Advisory Committee on Immunization Practices (ACIP) have led to widespread adoption. Additionally, insurance coverage under the Affordable Care Act ensures that many individuals have access to the vaccine, reducing financial barriers and promoting higher vaccination rates.

Canada mirrors the U.S. in terms of high vaccination rates, supported by public health campaigns and government-funded immunization programs. The National Advisory Committee on Immunization (NACI) in Canada recommends the shingles vaccine for individuals aged 50 and above, which is also covered by provincial health plans in many regions. These policies contribute to higher vaccination uptake and enhanced public health outcomes. Furthermore, the North American market benefits from a strong emphasis on preventive healthcare, with healthcare providers actively promoting shingles vaccination. Public health campaigns and educational programs further drive awareness, emphasizing the importance of vaccination in preventing shingles and its complications, like postherpetic neuralgia. This comprehensive approach ensures a well-informed public and supports the robust market presence of shingles vaccines in the region.

The Asia-Pacific region is experiencing rapid growth in the shingles vaccine market, driven by rising disposable incomes, improved healthcare policies, and a substantial population at high risk for shingles. This growth is particularly notable in lower- and middle-income countries where unmet medical needs are prevalent. The acceptance and availability of Shingrix across various Asian nations significantly contribute to the market's expansion. Notably, Japan's Ministry of Health, Labour, and Welfare (MHLW) approved Shingrix's regulatory proposal in June 2022 to prevent shingles in at-risk individuals aged 18 and older. Similarly, GSK launched Shingrix in Singapore in January 2022, making the vaccine widely accessible for shingles prevention.

These strategic moves by market participants, including new approvals and product launches, enhance vaccine dissemination across the region. Additionally, the Asia-Pacific region's expanding healthcare infrastructure and increasing public awareness about shingles vaccination further support market growth. The continuous efforts to improve vaccine availability and the region's proactive healthcare initiatives are projected to drive substantial growth in the shingles vaccine market over the forecast period.

Segmental Analysis

The global shingles vaccine market is segmented based on product and vaccine type.

The market is further segmented by product into Shingrix, Zostavax, and SKYZoster.

Shingrix dominates the product segment. Shingrix, developed by GlaxoSmithKline plc., has gained popularity for its superior efficacy and safety profile. Its strong performance in preventing shingles and related complications has solidified its market position. Shingrix's market presence has been strengthened by GlaxoSmithKline plc's strategic focus on research and development, as well as investments in manufacturing facilities and order wins. Shingrix's commitment to innovation and quality has resonated well with healthcare providers and consumers, resulting in widespread global adoption. Shingrix's approval by regulatory bodies such as the FDA, as well as its inclusion in immunization programs in various countries, have all helped to establish and grow its market. With an aging population, rising shingles prevalence, and active government support for vaccination programs, Shingrix is well-positioned to maintain its lead in the shingles vaccine market, providing a dependable and effective solution for shingles prevention and improving public health outcomes.

The market can be bifurcated by vaccine type into recombinant vaccine and live attenuated vaccine.

Recombinant Vaccine dominates the vaccine type segment. Recombinant shingles vaccines, such as Shingrix, are designed to prevent herpes zoster (shingles). Unlike older vaccines that use a weakened form of the virus, recombinant vaccines use a key viral protein produced through genetic engineering to trigger an immune response. This protein, glycoprotein E, is combined with an adjuvant to enhance the body's immune response. Shingrix, for example, has shown over 90% effectiveness in preventing shingles and postherpetic neuralgia in adults over 50. It requires two doses administered 2 to 6 months apart. Recombinant vaccines are particularly beneficial for older adults and those with weakened immune systems, as they do not contain live virus and thus pose no risk of causing the disease. Their high efficacy and safety profile make them a significant advancement in shingles prevention.

Recent Developments

•  June 2024- Dynavax Technologies Corporation (Nasdaq: DVAX), a commercial-stage biopharmaceutical company that is dedicated to the development and commercialization of innovative vaccines, has announced that the first participant has been dosed in a Phase 1/2 clinical trial. The trial is assessing the safety, tolerability, and immunogenicity of Z-1018, the company's investigational vaccine candidate that is being developed for the prevention of shingles.
• May 2024 A recent study has demonstrated that Shingrix, GSK's vaccination for shingles, maintains its efficacy in preventing shingles for more than ten years in those aged 50 and above. The results, reported at a recent medical conference, are derived from a prolonged follow-up study that monitored patients for a maximum of 11 years following vaccination.