Global Cervical Cancer Vaccines Market
Of late, cervical cancer has been discovered to be the leading cause of cancer mortality among women worldwide. In 2018, the World Health Organization reported around 90% of deaths caused due to cervical cancer in low- and middle-income countries. However, among efficient cervical cancer vaccines, the Human papillomavirus (HPV) vaccination has the potential to substantially decrease this burden. The U.S. Food and Drug Administration (FDA) has reportedly approved three vaccines, including Cervarix, Gardasil, and Gardasil 9, which are known to prevent HPV infections –the leading cause of cervical cancer.
The global cervical cancer vaccines market was valued at US$ 2,595.4 million in 2018, and is expected to record a CAGR of 12.1% over the forecast period (2018-2026).
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Global Cervical Cancer Vaccines Market (%) Analysis, By Product Type, 2018
Source: Coherent Market Insights Analysis (2019)
Increasing Government Initiatives & Programs to Augment the Growth of the Global Cervical Cancer Vaccines Market
Major governments worldwide are deeply focused on taking initiatives to increase awareness about cervical cancer and its available treatments among the global populace. Some favorable initiatives, such as free vaccination, are driving the growth of the global cervical cancer vaccines market. According to the American Society of Clinical Oncology (ASCO), the government of Rwanda aims to eradicate cervical cancer by 2020, with the immunization of all adolescent girls, between 11 years and 15 years of age.
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However, high costs associated with cervical cancer treatments is a major constraining factor for the growth of the global cervical cancer vaccines market. In 2017, the National Center for Biotechnology Information (NCBI) reported that the costs of cervical cancer treatments ranged from US$ 368 to US$ 11,400, depending on the type of hospital and treatment involved.
Global Cervical Cancer Vaccines Market – Regional Insights
North America is expected to hold the most dominant position in the global cervical cancer vaccines market over the projected period, owing to the surging prevalence of cervical cancer in the U.S. According to the National Cancer Institute, in 2016, around 289,696 women were identified with cervical cancer in the U.S. Moreover, the American Cancer Society estimated around 13,170 new cases of invasive cervical cancer, along with 4,250 deaths in the U.S. caused by the same, in 2019.
Asia Pacific is foreseen to gain a rapid momentum in the cervical cancer vaccines market growth in the near future. Factors contributing to market growth in the region include the increasing approvals of cervical cancer vaccines by various regulatory bodies. For instance, in 2016, the China Food and Drug Administration (CFDA) approved Cervarix as the first HPV vaccine licensed for use in the country against cervical cancer, in order to protect the populace against cervical cancer. According to the NCBI, China exhibits the highest incidence rate of cervical cancer, with approximately 130,000 new cases each year.
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Global Cervical Cancer Vaccines Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2026
Source: Coherent Market Insights Analysis (2019)
Global Cervical Cancer Vaccines Market – Key Players
The key players operating in the global cervical cancer vaccines market are GlaxoSmithKline PLC and Merck & Co. Inc.
Detailed Segmentation:
- Global Cervical Cancer Vaccines Market , By Product Type:
- Gardasil
- Gardasil 9
- Cervarix
- Global Cervical Cancer Vaccines Market, By Distribution Channel:
- Hospitals
- Clinics
- Government Entities
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