Zoster Vaccine Market 2024 Analysis, Future Industry, Growth Rate, Key Players and Forecast to 2033
The global zoster vaccine market, also known as the shingles vaccine market, is experiencing significant growth due to the increasing prevalence of herpes zoster among the aging population and advancements in healthcare policies. Below is an overview of the market, including recent developments, drivers, restraints, opportunities, and regional segmentation analysis.
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Market Introduction:
The zoster vaccine is designed to prevent shingles, a painful skin rash caused by the reactivation of the varicella-zoster virus. The global zoster vaccine market was valued at USD 4.2 billion in 2023, growing at a CAGR of 8.1% from 2024 to 2033 and expected to reach USD 9.1 billion by 2033.
Recent Developments:
- In October 2024, GSK revised its vaccine sales forecast for the year, anticipating a low-single-digit percentage decline due to weaker demand for its shingles vaccine, Shingrix, and its respiratory syncytial virus (RSV) vaccine, Arexvy.
Drivers:
Increasing Incidence of Herpes Zoster: The rising prevalence of herpes zoster, particularly among individuals aged 60 and above, is a significant driver of the zoster vaccine market. According to the Centers for Disease Control and Prevention (CDC), approximately one out of three people in the U.S. are likely to develop shingles during their lifetime.
Advancements in Healthcare Policies: Developed countries are implementing improved healthcare policies that promote vaccination against shingles, contributing to market growth.
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Restraints:
- Limited Vaccine Uptake: Despite the availability of effective vaccines, uptake rates can be limited due to factors such as lack of awareness, accessibility issues, and vaccine hesitancy.
Opportunities:
- Expansion into Emerging Markets: There is significant potential for market growth in emerging economies where vaccination rates are currently low. Increasing awareness and improving healthcare infrastructure in these regions present opportunities for market expansion.
Regional Segmentation Analysis:
North America: North America holds a significant share of the zoster vaccine market, driven by the presence of major market players, favorable reimbursement policies, and high vaccination rates. In the United States, about 35% of eligible individuals have received vaccinations, whereas in Canada, over 20% do so.
Europe: Europe is expected to experience substantial growth in the zoster vaccine market due to increasing awareness and the implementation of vaccination programs targeting the aging population.
Asia-Pacific: The Asia-Pacific region is anticipated to witness significant growth, attributed to the rising incidence of herpes zoster and improving healthcare policies in countries such as China and Japan.
Key Market Players:
Prominent companies operating in the global zoster vaccine market include:
GSK plc
Merck & Co., Inc.
SK Chemicals
Geneone Life Science
Curevo Inc.
These companies are focusing on product development, strategic partnerships, and expanding their market presence to cater to the growing demand for zoster vaccines worldwide.
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