Yahoo Finance Shingles Vaccine Market Size, Share, Industry Analysis 2022: Grew at a CAGR of 11.5% and Projected Valuation of US$ 14.1 Bn by 2032 – Persistence Market Research
Market Study on Shingles Vaccine: Underdeveloped Countries to become Hotspot for Shingles Vaccine Demand
New York, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Global Shingles Vaccine Market was valued at US$ 3.5 Bn in 2021 and is expected to reach US$ 14.1 Bn by 2032 finds Persistence Market Research in a recent market survey. As per the findings, revenue through Shingles grew at a CAGR of 11.5% during 2017 - 2021.
Based on clinical trials, Shingles is safer to use and has high efficacy with over 97% effectiveness in older adults aged between 50 to 69 years. Shingles also shows high efficacy results in postherpetic neuralgia with over 91% of effectiveness.
“Early government efforts and recommendation for the inclusion of Shingles vaccine in immunization programs and further push for pharmaceutical companies in the R&D of shingles vaccine will help in eliminating herpes zoster and its further complications” comments an analyst at Persistence Market Research.
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South Korea to emerge as a significant leader in Shingles Vaccine Market
In South Korea, revenue through shingles vaccine grew at 11.7% CAGR during 2017-2021 and is projected to reach at 12.8% CAGR over the forecasted period. Shingles vaccine market in South Korea is valued at US$ 244.8 Mn by 2032.
South Korean companies are expanding their efforts in vaccine market to emerge as a robust producer of shingles vaccine. SK bioscience, developer of Sky Zoster, maintained an upper hand for the shingles treatment. Absolute dollar opportunity growth of South Korea in shingles vaccine market is US$ 171 Mn by 2032.
Shingles Vaccine Market: Competition Insights
At present, Shingles Vaccine manufacturers are largely aiming at setting up manufacturing facilities, winning orders, and showcasing technology at exhibitions. The key companies operating in the Shingles Vaccine market include GlaxoSmithKline plc., Merck & Co., Inc., SK chemicals, Green Cross Corp, Geneone Life Science, Vaccitech, CanSinoBIO, Cipla Inc.,and Pfizer Inc
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Some of the recent developments by key providers of Shingles Vaccine are as follows:
In Jan 2022, Pfizer paid BioNtech US$ 225 Mn to team up for the third time and develop a shingles vaccine based on RNA technology. The alliance between the two companies is aimed towards developing mRNA shingles vaccine which will exhibit efficacy and tolerability. Vaccine development costs will be shared by both the companies and clinical trial is expected to start from the 2nd quarter of 2022.
In July 2021, GlaxoSmithKline plc’s Shingles vaccine was approved by FDA in adults aged 18 or above or who are prone to immunodeficiency or immunosuppression resulting from any therapy or disease. GSK is committed to addressing the important patient population exposed to the risk for shingles disease and its associated risk by bringing them vaccine options.
In June 2021, GlaxoSmithKilne announced to relaunch its shingles vaccine amidst the drop of its Shingles vaccine sales due to disruption in covid-19 vaccine rollouts. They further aimed to dominate the position in the world as leading vaccine market where in Shingles vaccine will come out as a buoyant outlook.
In June 2021, GlaxoSmithKline aimed to double down the revenue in U.S. and launch the shingle vaccine in 35 counties in the coming years.
Similarly, recent developments related to companies manufacturing Shingles Vaccine have been tracked by the team at Persistence Market Research, which is available in the full report.
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