The shingles vaccine is a prophylactic vaccination intended to guard against shingles, a painful rash brought on by the varicella-zoster virus (VZV), which is also the virus that triggers chickenpox. Postherpetic neuralgia (PHN) and other shingles consequences are less likely to occur when it strengthens the immune system's reaction. Due to an increased risk of shingles with age, the vaccine is mostly advised for older persons. The more modern recombinant vaccination (Shingrix), which is very effective, and the older live attenuated vaccine (Zostavax), which is less widely used, are the two primary varieties. In order to maintain long-term health and quality of life, shingles vaccine is an important proactive measure.
According to SPER market research, ‘Global Shingles Vaccine Market Size- By Product, By Vaccine Type - Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global Shingles Vaccine Market is predicted to reach 20.9 billion by 2034 with a CAGR of 15.58%.
Drivers:
Growing healthcare spending, particularly for preventative healthcare measures, may lead to an expansion of the shingles vaccine market. As the need for vaccination as a preventive measure grows, so does our understanding of the risk factors associated with shingles, such as stress and immunosuppression. Improved insurance coverage and more advantageous vaccination reimbursement programs can reduce the cost and make shingles vaccines more widely available, which will encourage market growth. There is a significant market need for shingles vaccinations due to the high prevalence of herpes zoster infections, especially in the elderly and those with compromised immune systems. With increased efficacy and longer protection periods are instances of how developments in vaccination technology can spur market growth.
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Restraints:
The high cost of the shingles vaccine restricts accessibility, particularly in low-income areas, and is one of the market's many obstacles. Adoption is further hampered by misunderstandings and a lack of knowledge on shingles and vaccination. Issues with the supply chain, such as complicated distribution and storage, impact availability. There is still worry about vaccination reluctance brought on by mistrust of immunization programs and fear of adverse consequences. The launch of novel vaccines is delayed by regulatory obstacles and drawn-out approval procedures. Compliance rates may also decline if many doses are necessary for maximum effectiveness. Additional market restraints include competition from alternative therapies and the requirement for ongoing research to increase the lifetime and efficacy of vaccines.
The global shingles vaccine market was dominated by North America. Major industry participants, advantageous reimbursement policies, and a notable uptake of vaccines are some of the main causes.
The global shingles vaccine market was dominated by North America. Major industry participants, advantageous reimbursement policies, and a notable uptake of vaccines are some of the main causes. Some significant market players are GlaxoSmithKline plc, Pfizer Inc., Merck & Co., Inc and CanSinoBIO, Vaccitech, Green Cross Corp.
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Shingles Vaccine Market Growth
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