Shingles is known as Herpes Zoster which causes a blistering painful rash on the skin which lasts from 2 to 4 weeks. But, for some people, the pain may last for months or years. This pain is called as (PHN) Post Herpetic Neuralgia, which is common complication of shingles and it’s occurrence increases with age.
Shingles Vaccine Market Outlook
Increase in the prevalence and incidence of shingles disease around the world and increase in the global ageing population is expected to enhance the growth of shingles vaccine market across the globe. But, lack of awareness, high cost of the vaccination, unfavourable insurance coverage is major restraints of the global shingles vaccine market.
Market Scope: Shingles Vaccine Market
The Global Shingles Vaccine Market is classified on the basis of application, product type, end user, and geographical regions.
Based on the product type, global shingles vaccine market is segmented into
- Live Vaccines
- Attenuated Vaccines
Based on the application, This market is segmented into
- Herpes Zoster
Based on the End User, This market is segmented into
Region Overview: Shingles Vaccine Market
There are safe and effective vaccines are available for prevention of shingles. In 2006, Merck & Co., Inc. licenced Zostavax for prevention of shingles which is intended for people above 50years of age. In 2016, GSK received FDA approval for its Shingrix, vaccine to prevent shingles which has 90% efficiency in people than zostavax. GSK filed regulatory approvals in Europe, Canada and Japan for Shingrix. Shingles vaccine market is a very high consolidated market with very few market players. It is experiencing a rapid growth due to the new products and it may gain swift in market growth due to the new entrants into the market during the forecast period.
Global Shingles Vaccine Market is segmented into Latin America, North America, Asia Pacific, The Middle East and Africa and Europe. North America is expected to dominate the market followed by Europe, owing to increase in population and rise in prevalence of shingles among population. While in Europe the market is expected to gain demand due to rise in the therapeutic demand from EU. Asia Pacific shingles vaccine market is expected to exhibit a rapid growth in shingles market due to presence of large untapped market areas and unmet needs especially in emerging economies, rise in health concerns, and increase in per capita income. Due to the limited awareness is the main restraint of the shingles vaccine market.
Competition Assessment: Shingles Vaccine Market
Some of the players in global shingles vaccine market
- Merck& Co., Inc. (U.S.)
- GlaxoSmithKline plc (UK)
- Cipla Inc. (India)
- Pfizer Inc. (U.S.)
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2013 to 2016) and forecast (2017 to 2024)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market