Shingles Vaccine Market Report 2020, Industry Overview, Size, Share, Global Trends Analysis, Emerging Technology Advancement, Top Companies, Strategy Profiling, Regional Revenue
Shingles, also known as herpes zoster, is a viral infection that affects the cranial nerves that originate in the brain. It is caused by the varicella-zoster virus, the same virus that also cases chickenpox. The virus can stay dormant for many years in the human body, which is why anyone who has had chickenpox in the past is at the risk of developing shingles. According to the Center for Disease Control and Prevention (CDC), 2018, there are an estimated one million cases of shingles reported every year in the U.S. Moreover, CDC states that around one in every three people in the U.S. will develop shingles in their lifetime. The risk of shingles increases with age, with most cases reported among people over 40 years old. This is mainly due to weakening of the immune system on account of increased stress and inadequate intake of essential nutrients to keep immunity strong.
Browse Global Strategic Business Report: https://www.coherentmarketinsights.com/ongoing-insight/shingles-vaccines-market-73
Its symptoms include skin rashes, nerve pain, vision loss, chills, upset stomach, muscle weakness, skin infection, and scarring. Treatment for shingles includes antiviral medication—acyclovir, valacyclovir, and famciclovir. These medicines help shorten the length and alleviate the severity of the illness. Furthermore, analgesics may help relieve the pain.
Global Shingles Vaccine Market Dynamics
The Zostavax vaccine, licensed by Merck & Co., Inc. in 2006, is an effective vaccine against shingles. The vaccine is intended for the use in population age 50 years and above. The trials of the Zostavax vaccine demonstrated that the vaccine was 64% effective in people aged 60 to 69 years. The effectiveness reduces with increasing age i.e. to 41% for the 70–79 age group, and 18% for those 80 years of age and above. The vaccine was launched in the India market in February 2016, at half the price of the U.S. market. Zostavax, is only shingles vaccine in the market that recorded sales of US$ 749 million in 2015.
Get FREE Sample PDF Including COVID-19 Impact Analysis: https://www.coherentmarketinsights.com/insight/request-sample/73
In October 2016, GlaxoSmithKline (GSK), a global leader in vaccines market, filed for U.S. FDA approval for its shingles vaccine, ‘Shingrix’. Shingrix has demonstrated better outcomes than Zostavax in its clinical trials. The vaccine was 90% effective in people over 70 years of age. The overall effectiveness of the vaccine was found to be 97%. Its higher effectiveness even among geriatric population is projected to increase its adoption across the globe. This impressive trail results would put Shingrix in a strong competitive position in the global market, currently monopolized by Zostavax. The company is reported to have filed for regulatory approvals in the Europe and Canada markets in 2016, followed by Japan in 2017. It is estimated that the sales of Shingrix would reach US$ 1 billion by 2021.
The global shingles vaccine market is witnessing rapid influx of newer and expensive products. The industry is consolidated in nature however, new entrants are expected to emerge in the near future.
Global Shingles Vaccine Market Regional Analysis
North America and Europe are expected to collectively account for a major share between 2016 and 2024. North America market growth is primarily driven by rising demand in the U.S., while the market in Europe is expected to be driven by increased therapeutic demand from European Union.
Asia Pacific shingles vaccine market is expected to witness highest growth over the forecast period. There is a wide addressable market that needs to be capitalized in the region especially in China and India. Active marketing and differential pricing would help companies to strengthen their market presence in Asia Pacific.
Access research reports that are tailored specifically for you and your organization in order to explore practical growth strategies and recommendations
Buy-Now this Research Report @ https://www.coherentmarketinsights.com/insight/buy-now/73
Global Shingles Vaccine Market Opportunity
Prevalence of shingles is increasing across the globe, fueled mainly by increasing geriatric population. However, high cost of vaccines is limiting vaccination in emerging economies, characterized by inadequate insurance coverage. The major concern among healthcare experts is reduction in postherpetic neuralgia from the shingles vaccine. Zostavax has been successful to a certain extent in reducing postherpetic neuralgia due to the effect of the vaccine on reducing risk of developing herpes zoster. Better outcomes of Shingrix would be a boon for highly lucrative global shingles vaccines market.
- Major key players in the market are focused on R&D on shingles vaccine, in order to gain competitive edge in the market. For instance, in August 2019, a team of researchers from Centre de research du Centre hospitalier de l’Université de Québec and the Université Laval, Québec, found that the Shingrix vaccine was cost-effective for adults age 60 years and above and likely more cost-effective than Zostavax.
- Increasing approval and launch of new shingles vaccines is expected to boost the market growth. For instance, in May 2019, the National Medical Products Administration (NMPA) of China approved Shingrix, developed by GlaxoSmithKline plc for the prevention of shingles in adults aged 50 years and above.
- Moreover, in March 2018, the European Commission and the Japanese Ministry of Health, Labor, and Welfare approved Shingrix for the prevention of shingles and post-herpetic neuralgia in adults aged 50 years and above.
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.
To know more about us, please visit our website – www.coherentmarketinsights.com
Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154, U.S.
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
- CDN Newswire