Shingles Vaccine Market Size, Share and Trends 2024 to 2034

Shingles Vaccine Market Size and Forecast 2024 to 2034

The global shingles vaccine market size is calculated at USD 4.94 billion in 2024 and is predicted to reach around USD 20.57 billion by 2034, expanding at a CAGR of 15.34% from 2024 to 2034. The increased risks of shingles in the elderly population are the key factors driving the growth of the market. Also, developments in healthcare policies in emerging markets coupled with the increasing shift towards innovative recombinant vaccines are expected to fuel the shingles vaccine market growth further.

Shingles Vaccine Market Key Takeaways

• North America dominated the global market with the largest market share of 63% in 2023.
• Asia Pacific is projected to grow at the fastest CAGR of 16.33% from 202 to 2034.
• By product, the Shingrix segment contributed the highest market share of 94% in 2023.
• By product, the SKYZoster segment is expected to grow at the fastest CAGR during the forecast period.
• By vaccine type, the recombinant vaccine segment captured the biggest market share of 94% in 2023.
• By vaccine type, the live attenuated vaccine segment shows notable growth during the forecast period.

Impact of Artificial Intelligence (AI) on the Shingles Vaccine Market

Artificial intelligence (AI) technology is transforming the vaccine development process exponentially by streamlining immunogen design and antigen selection in the shingles vaccine market. Machine learning algorithms can assess immunogenicity and predict antigenic epitopes. Furthermore, molecular dynamics and generative models can improve immunogen stability and coverage. AI-powered molecular interactions analysis can identify novel adjuvants. AI also improves vaccine efficiency with predictive analytics.

• In July 2024, Biotechnology company Apriori Bio was awarded USD 1.1 million from CEPI to innovate its biology-informed artificial intelligence platform Octavia™, created to protect humanity against rapidly evolving viruses by designing variant-resilient vaccines.

U.S. Shingles Vaccine Market Size and Growth 2024 to 2034

The U.S. shingles vaccine market size is exhibited at USD 2.18 billion in 2024 and is projected to be worth around USD 9.21 billion by 2034, growing at a CAGR of 15.49% from 2024 to 2034.

North America dominated the shingles vaccine market in 2023. The dominance of the region can be attributed to some major key factors such as favorable reimbursement policies, presence of major industry players, and substantial uptake of vaccines. Also, the region's high recommendation for vaccination can impact market growth positively over the forecast period. In addition, In the region, the U.S. led the market owing to the high incidence of shingles and the incorporation of shingles vaccines in the Regional Immunization Program.

Asia Pacific is projected to grow at the fastest rate in the shingles vaccine market over the studied period. The growth of the region can be credited to the increasing disposable incomes, improvements in healthcare policy, and a large amount of the population who are at high risk of shingles. However, the ongoing endorsement of Shingrix across various Asian nations further fuels market growth in the region. In Asia Pacific, Japan witnessed remarkable growth due to the rapidly increasing elderly population in the country who are more prone to shingles disease.

• In June 2022, Japan's MHLW accepted Shingrix's regulatory submission to prevent shingles in at-risk adults aged 18 years and older. This will create a lucrative opportunity for the market players in the country to grow.

Market Overview

Shingle is an infectious disease that leads to a painful rash on the back. Mainly these rashes occur on the left and right side of the torso. It is caused by the virus named varicella-zoster virus, which is also responsible for the prevalence of chickenpox or varicella. The virus stays in the body for a longer period and after many years it gets reactivated to cause shingles. Shingles are common in diseases across the globe, mainly in emerging and highly dense populations like India and China. Commonly found in individuals aged 50 or more.

Top exporters of vaccines for human medicine and their trade value 2023

Shingles Vaccine Market Growth Factors

• Incorporating shingles vaccines in national immunization programs is expected to fuel shingles vaccine market growth soon.
• The cost-effectiveness of vaccines over treatments can propel market growth shortly.
• New vaccine launches and approvals by key market players will likely boost market growth further.

Market Scope

Market Dynamics

Driver

Surge in immunization programs

The incorporation of shingles vaccines in countries' national immunization programs is expected to fuel the shingles vaccine market growth. Developed countries such as the U.S., the U.K., Australia, and Italy have included shingles vaccination programs in their national immunization policies to reduce the overall burden of this disease. In addition, rising awareness regarding vaccination against shingles among the majority of the elderly population above age 50 and 60.

• In April 2023, GlaxoSmithKline Pharmaceuticals (GSK India) announced the launch of its globally top-selling shingles vaccine Shingrix in India, at one-third of the U.S. price. In the U.S., the vaccine costs about USD 450 for two doses. The adult vaccine recommended for people aged 50 years and above, offers protection against shingles.

Restraint

Limited vaccine uptake

Despite giving recommendations, the real vaccine uptake remains very low in some parts of the world. Challenges such as vaccine hesitancy, lack of awareness, and concerns about adverse effects of these vaccines can constrain market growth. Moreover, the high cost associated with the manufacturing and distribution process of shingles vaccines can cause hurdles in the shingles vaccine market.

Opportunity

Increasing demand for Shingrix 

Due to the incredible efficiency of Shingrix vaccines and their fewer side effects, these vaccines covered a major portion of the shingles vaccine market. Also, there is a surge in demand for shingrix vaccines in developed countries such as the U.S. and Canada propelling the market growth soon. Furthermore, the wide adoption of Shingrix has grown because of ongoing launches and approvals of this vaccine in many regions.

• In September 2024, GlaxoSmithKline Pharmaceutical Sdn Bhd (GSK) announced the launch of its Herpes Zoster vaccine, Shingrix, also called Recombinant Zoster Vaccine, Adjuvanted (RZV) in Malaysia for the prevention of shingles and post-herpetic neuralgia (PHN) in adults aged 50 years and over. RZV is a non-live, recombinant subunit adjuvanted vaccine given intramuscularly in two doses.
• In May 2024, GSK Egypt announced the launch of the "Shingrix" vaccine to prevent shingles. This announcement was made at a big scientific event attended by a large number of doctors and healthcare professionals from various medical sectors in Egypt and worldwide.

Product Insights

The Shingrix segment dominated the shingles vaccine market in 2023. The dominance of the segment can be attributed to the lack of side effects and the exceptional effectiveness of these vaccines over traditional vaccines. Also, rising awareness of the shingles disease along with the growing approvals of Shingrix vaccines globally can influence segment growth further. Additionally, the production, and distribution process of this vaccine are much cost effective than conventional vaccines.

• In July 2024, a study published in Nature Medicine recommended that people who received a late version of the shingles vaccine, called "Shingrix", appear to have a lower risk of dementia than people who were given an older shingles vaccine. Experts have called for more research to better understand the findings.

The shingles vaccine market over the forecast period. The growth of the segment can be the SKYZoster segment is expected to grow at the fastest rate in the linked to the cost-effective solution provided by these vaccines as compared to other vaccines. The high adoption of SkyZoster vaccines in emerging economies such as China and India can drive this demand soon. Moreover, the vaccines incorporation into South Korea's immunization programs has led to the growth of the segment in this region. Clinical trials regarding these vaccines are currently underway to commercialize the vaccine.

• In January 2023, SK Bioscience, a world innovative vaccine and biotech company committed to promoting human health announced that the company has received a biologics license application approval of the 'SKYZoster™' from the National Pharmaceutical Regulatory Agency (NPRA) in Malaysia.

Vaccine Type Insights

The recombinant vaccine segment led the global shingles vaccine market in 2023. The dominance of the segment can be linked to the higher disease protection efficiency of recombinant vaccines, especially in the elderly population. These vaccines are manufactured using recombinant DNA technology, enabling the insertion of potential antigen-possessing genes into essential vectors. Furthermore, the extensive adoption of Shingrix in Europe and North America can fuel segment growth shortly.

• In April 2022, Pharmaceutical giant Cadila Pharmaceuticals announced that it has developed the world's first novel three-dose vaccine against rabies. The three-dose vaccine, named 'ThRabis', is a recombinant nano-particle-based G protein vaccine that is made using Virus-like Particle technology.

The live attenuated vaccine segment is anticipated to grow at the fastest rate in the shingles vaccine market over the projected period. The growth of the segment can be driven by increasing concern regarding transmissible diseases coupled with the growing adoption of vaccination programs, especially in emerging economies like South Korea. The vaccine's potential to offer long-lasting immunity has made it an important component of global preventive healthcare initiatives.

Shingles Vaccine Market Companies

• GlaxoSmithKline plc.
• Pfizer Inc.
• Merck & Co., Inc.
• CanSinoBIO
• Vaccitech
• Green Cross Corp
• Genuine Life Science
• SK Bioscience

Latest Announcement by Market Leaders

• In October 2024, SK Bioscience announced a provisional disclosure on Oct. 24, revealing a consolidated revenue of 61.6 billion won and an operating loss of 39.6 billion won for the third quarter of this year. This marks a substantial turn to a deficit compared to the same period last year, primarily driven by substantial investments aimed at future growth.
• In October 2024, Pfizer Inc. announced a further reduction of its stake in Haleon Plc, offering to sell about a 5.9% stake in the UK consumer health giant. The U.S. company intends to sell 540 million Haleon shares. The stake would be worth about £ 2.1 billion (USD 2.8 billion) based on the current closing price, according to Bloomberg calculations.

Recent Developments

• In April 2024, GSK unveiled results from the ZOSTER-049 trial, which showed that Shingrix effectively protected adults aged 50 and over against shingles for a period of over 10 years.
• In February 2023, Pfizer Inc and BioNTech SE initiated a phase 1/2 trial exploring the safety, tolerability, and immunogenicity of the companies' mRNA vaccine candidates against shingles, a debilitating disease caused by the varicella-zoster virus (VZV).
• In January 2022, BioNTech and Pfizer entered into their third partnership Pfizer providing a sum of USD 225 million. This joint effort aims to utilize RNA technology in the development of a vaccine for shingles.

Segments Covered in the Report

By Product

• Shingrix
• Zostavax
• SkyZoster

By Vaccine Type

• Recombinant Vaccine
• Live attenuated Vaccine

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa