The Global Cancer Vaccines Market generated $4.1 billion in 2016 and is projected to reach $12.8 billion by 2023, growing at a CAGR of 17.7% during the forecast period, 2017-2023.
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The newly introduced therapeutic cancer vaccines, such as NeuVax (breast cancer vaccine) and ADXS-HPV (cervical cancer vaccine) among others, are expected to propel the market growth in the near future. In addition, the ongoing vaccination programs and recommendation doses for respective cancer vaccine in the developing and the under-developed countries are expected to supplement the market growth.
The growth of the cancer vaccines market is driven by the rise in the occurrence of human papilloma virus (HPV) infections, a surge in investments and government funding towards cancer vaccine development, increasing administration of prophylactic cancer vaccines, and the launch and approval of new cancer vaccines in the market. However, the prolonged period of time to manufacture a single vaccine and the high cost associated with it due to the frequent requirement in upgrading manufacturing technology hampers market growth. Nonetheless, the trend towards transitioning from prophylactic to therapeutic cancer vaccines provide lucrative opportunities for emerging market players.
The report segments the global cancer vaccines market based on technology, type, indication, end use, and geography. Based on technology, the market is sub-segmented into dendritic cells (DC) cancer vaccines, recombinant cancer vaccines, antigen/adjuvant cancer vaccines, whole cell cancer vaccines, and viral vector & DNA cancer vaccines. The recombinant cancer vaccines segment generated the largest revenue in the global market in 2016 and is expected to maintain its dominance throughout 2023, owing to the large number of approved cancer vaccines developed using recombinant technology such as Cervarix, Gardasil, and Recombivax HB. However, the therapeutic cancer vaccines segment is expected to grow at the highest rate from 2017 to 2023, owing to the increase in the transition from prophylactic cancer vaccines to therapeutic cancer vaccines.
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The report bifurcates the market into preventive and therapeutic cancer vaccines based on type. Based on an indication, the market is categorized into cervical cancer, prostate cancer, and others. The cervical cancer segment accounted for maximum market revenue in 2016 and is projected to maintain dominance throughout 2023, owing to the increase in the number of people suffering from human papilloma virus (HPV) infections, which causes approximately 70% of cervical cancers globally. However, prostate cancer segment is poised to grow at the fastest rate, a CAGR of 18.6%, from 2017 to 2023, owing to the increase in demand for Provenge (prostate cancer vaccine) and the increase in the number of prostate cancer vaccines in the pipeline.
Based on end use, the report divides the market into pediatrics and adults. The adult cancer vaccines segment accounted about a fifth-eighths share of the global market in 2016 and is expected to maintain its dominance during the forecast period, owing to increase in incidence of human papilloma virus (HPV) infections in adults. However, the pediatric cancer vaccines segment is expected to encounter the fastest growth rate from 2017 to 2023. North America dominated the global market, accounting for the maximum share in 2016, and is expected to continue this trend throughout the forecast period. Asia-Pacific is exhibited to grow at a CAGR of 19.6% during the forecast period, owing to the high demand for vaccination in densely populated countries, such as India and China.
The report also profiles key players involved in the global cancer vaccines market, such as Astrazeneca Plc. (Medimmune, LLC.), Glaxosmithkline Plc., Merck & Co., Inc., Sanofi Pasteur, Aduro BioTech Inc., Sanpower Group, Astellas Pharma Inc., CSL Limited, Pfizer Inc., and Serum Institute of India Pvt. Ltd. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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