Shingles Vaccine Market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 – 2030
Shingles Vaccine Market: Overview
The shingles vaccine market has been anticipated to experience growth avenues in the upcoming years. The increasing market growth can be attributed to the growing risk of shingles, especially among people over 60 and above. Further, various improvements are taking place in the healthcare policies in developed countries. Owing to these factors, the market has been anticipated to experience significant growth avenues in the years to come.
The increasing shift towards new recombinant vaccines along with their high prices is likely to fuel growth opportunities in the forecast period. The growing count of herpes zoster across the world has been estimated to increase the uptake of the vaccines in the forthcoming years. The increased risk of the herpes zoster is likely to increase the adoption of the shingles vaccines in the years to come. Thus, based on these factors, the shingles vaccine market has been anticipated to increase the growth avenues during the forecast period.
Shingles Vaccine Market: Key Trends
There are various countries around the world that have included shingles vaccines in their national immunization programs and this factor has been predicted to fuel growth opportunities in the forthcoming years. Various countries such as Italy, the U.K., and the U.S. have included this vaccination in the national immunization program of their respective countries in order to reduce the burden of shingles disease in their areas. Australia is providing funded services to provide vaccination against shingles for people aged 70 to 70 years. Owing to these factors, the shingles vaccine market has been predicted to experience noteworthy growth avenues in the years to come.
There has been a noteworthy increase in the incidence of shingles disease around the world. This increasing rate of the disease also increases the burden of the medical cost of herpes zoster. The market available treatments can only lessen and shorten the duration of these symptoms. In order to reduce the cost of the treatment of this disease and minimize the incidence of shingles, the regulatory bodies by the government recommend vaccination against this disease. Further, the cost-effectiveness of the vaccines compared to the shingles treatment is likely to fuel growth opportunities in the market.
Shingles Vaccine Market: Competitive Dynamics and Key Developments
The key players serving in the shingles vaccine market have been incorporating different strategies to drive growth prospects during the forecast period. Strategic collaborations, geographical expansion, product enhancements, mergers, acquisitions, partnerships, regional expansion, and new product launches are used by prominent companies to generate expansion opportunities in the market.
For instance, GlaxoSmithKline plc. has received the approval of the FDA for Shingrix vaccines in July 2021. This vaccine has been approved for adults who are likely to be at an increased risk for immunodeficiency and immunosuppression.
Some key players in the global shingles vaccine market include:
Shingles Vaccine Market: Regional Assessment
The shingles vaccine market has been spread in the different geographical areas around the world including Europe, North America, the Middle East & Africa, Asia Pacific, and Latin America. Out of these, the North America region is estimated to hold a significant position in the market in the forthcoming years. This market growth is due to the presence of key players in the region. In addition to this, increasing awareness among people related to healthcare services and recommendation of the vaccination against different diseases are some of the prominent factors to drive expansion opportunities in the regional market. Canada and the U.S. recommend the use of Shingrix over Zostavax in order to prevent shingles among the geriatric population because of the increased effectiveness of Shingrix.
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