Cancer Vaccines Market to be dominated by North America Region through 2028
Rising cases of Cervical Cancer and initiatives taken by the government are the major drivers for the Global Cancer Vaccines Market.
According to TechSci Research report, “Global Cancer Vaccines Market Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, the Global Cancer Vaccines Market has valued at USD 7.55 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 8.87% through 2028. This can be ascribed to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market.
Cancer vaccines are essential for maintaining the immune system and are classified as biological response modulators. These vaccines target the pathogens that may lead to cancer through the generation of antibodies. As the incidence of cancer continues to rise, novel cancer vaccines are being developed to treat and prevent the disease. In March 2021, for example, Belgian immunotherapy company eTheRNA was awarded a USD 6.87 million European Commission grant to expedite the clinical trial development of mRNA-based vaccines for cervical cancer. Biological response modifiers (BRMs) are medicines used to treat cancer. BMRs work by activating the body’s immune system to fight cancer. Types of cancer vaccines Preventive cancer vaccines (PCVs) are used to prevent cancer in healthy people. Treatment cancer vaccines (TCVs) are used on cancer patients to improve their immune system’s ability to fight the disease. Cancer vaccines can be given through the intravenous (IV) vein in children and adults. The cancer vaccines market is experiencing a surge due to a variety of factors, including an increase in cancer patient numbers, an aging population, an increase in patient awareness of cancer treatment, the utilization of cancer vaccines in conjunction with other therapies, an increase in the prevalence of HPV infections, and an increase in investment and government funding in cancer vaccine development by manufacturers. Manufacturers and pharmaceutical companies continue to invest in research and development (R&D) to improve the formulation, adjuvant, and delivery system of vaccines, which in turn increases vaccine effectiveness, immunogenicity, and safety, thereby contributing to the growth of the market.
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The coronavirus pandemic had a detrimental impact on the global economic and healthcare landscape. Pharmaceutical products, medical equipment, and biotechnology products were all subject to global restrictions. The Global Cancer Market is expected to experience a surge in growth due to the increasing prevalence of cancer in the global population, as estimated by the Global Atlas of Cancer (GLOBOCAN) 2020. This report, which provides an estimate of the prevalence and mortality rate of 36 cancers across 185 countries, revealed that in 2020, an estimated 19.292 million new cancer cases were diagnosed worldwide, resulting in 9.958 million deaths. Of these, 10.065 million cases were reported to be diagnosed in males, and 9.227 million cases in females. It is estimated that the prevalence of cancer in males is projected to reach 15.585 million cases by 2040, and in females it is projected to be 13.302 million cases. The European Cancer Information System (ECIS) published data in 2020, showing that the non-malignant skin cancer (NSC) incidence was 2,681.958 in 2020 and is projected to increase to 3,244.076 in 2040. Cancer vaccine demand is expected to grow over the forecast period due to the increasing cancer incidence in various countries. Immune Checkpoint Inhibitors, Adoptive Cell Therapies, and Other Immunotherapeutic Strategies have led to the development of novel vaccines that utilize the immune system's ability to target and destroy oncolytical cells. Tumor antigens have been identified and characterized using advanced technologies, including next generation sequencing (NGS), high throughput sequencing (HPS), and bioinformaticia, which has enabled the development of more accurate and effective vaccines. This will result in the overall market growth of Global Cancer Vaccine Market.
However, Rising Raw Material Costs and Changing Demographics are expected to slow down the growth of the market in the coming years.
The Global Cancer Vaccines Market segmentation is based on Indication Type, Vaccine Type, Technology Type, By Company, and Region.
Some of the major
companies operating in the United Global Cancer Vaccines Market include:
- Merck & Co., Inc.
- GSK plc
- Dendreon Pharmaceuticals LLC.
- Dynavax Technologies.
- Ferring B.V.
- Amgen, Inc.
- Moderna, Inc.
- Sanofi SA
- AstraZeneca Pharmaceuticals LP
- Bristol-Myers Squibb Company
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“Certain areas, particularly in the Northeast, are projected to exert significant demand for Viral Vector globally. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhance the overall wellbeing of people each year, are expected to contribute to a remarkable growth of the Global Cancer Vaccines Market in the forecast period," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
Cancer Vaccine Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented by Indication Type (Prostate Cancer, Melanoma, Bladder Cancer, Cervical Cancer), By Vaccine Type (Preventive Cancer Vaccines, Therapeutic Cancer Vaccines), By Technology Type (Recombinant Cancer Vaccines, Whole-Cell Cancer Vaccines, Viral Vector and DNA Cancer Vaccines), By Region, Competition has evaluated the future growth potential of Global Cancer Vaccines Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Cancer Vaccines Market.
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