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In December 2017, SK Chemicals launched a herpes zoster vaccine named Skyzolster for the prevention of shingles among adults. Shingles is a type of viral infection that causes the development of painful skin rashes. Shingles is caused by the varicella-zoster virus and is estimated to be more prevalent among the older population. The rashes due to shingles can occur anywhere in the body but it commonly appears either on the right or left side of the torso. The symptoms of the disease includes burning sensation, mild to severe pain, red rashes, itching, blisters and others. Shingles can be treated with the help of Herpes Zoster vaccines. Shingles vaccines are commercially available in the form of live attenuated vaccine or recombinant vaccines. The government of almost all the countries are making constant efforts to prevent shingles through awareness programs, free vaccine programs and others.
Key Market Driver -
Increasing prevalence of shingles among adults
Key Market Restraint -
Side effects of shingles vaccines
The global shingles vaccine market growth is anticipated to be driven by the increase in prevalence of shingles, ageing population, and active government efforts & recommendations for the use of shingles vaccines. This, combined with introductions and FDA approvals for new drugs are likely to drive the adoption of shingles vaccines market, which will eventually boost the growth of the shingles vaccines market by 2026. For instance, in 2017, Shingrix, a shingles vaccine developed by GlaxoSmithKline plc received approval from FDA and also approval in Canada, which is anticipated to further fuel the growth of global shingles vaccine market in the forecast period.
However, the increased risk of adverse side effects of the vaccine and presence of few manufacturers are the factor that may hinder the growth in global shingles vaccine market. Additionally, lack of awareness regarding shingles in developing countries could impact the shingles market revenue.
By drug type, the market is segmented Zostavax, Shingrix and others. On the basis of distribution channel, the global shingles vaccines market can be segmented into hospital pharmacy, retail pharmacy, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The major companies covered in the global shingles vaccine market report include Merck & Co., Inc., GlaxoSmithKline plc, SK Bioscience, and other prominent players.
The global shingles vaccine market has been bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America is expected to dominate the global shingles market and is estimated to retain its position during the forecast years owing to the rising prevalence of shingles, new product launch, and increase in demand for the shingles vaccines. According to the Centre for Disease Control and Prevention, there are approximately 1 million cases of shingles are reported every year in U.S., which is likely to expand the growth in shingles vaccines market in North America.
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In Europe, favourable government policies, improved accessibility of vaccines, and awareness regarding shingles is projected to be the driving factor in the region. The shingles vaccines market in Asia Pacific is estimated to increase in the projected years owing to the active government support for the prevention of shingles. The government of Australia has funded the National Shingles Vaccination Program to provide Herpes zoster vaccine to all the eligible candidates, favouring the shingles vaccine market sales in Asia Pacific. However, countries of Latin America and the Middle East and Africa is anticipated to register a lower shingles vaccine market share owing to limited awareness of the disease.
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