As per our research report, the global market size for cancer vaccines is predicted to grow at a CAGR of 17.28% during the forecast period. As a result, the market is forecasted to be worth USD 11.97 billion by 2027 from USD 5.39 billion in 2022.
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The World Health Organization (WHO) declared COVID-19 an international public health emergency on January 30, 2020. COVID-19 has affected approximately 210 nations. It’s a giant virus family that causes a variety of ailments, ranging from the common cold to more serious respiratory infections. Temporary interruptions in inputs or outputs might stress some organizations, particularly those with low money. Furthermore, organizations with high debt levels face financial challenges due to delayed shipments and manufacturing plans. The COVID-19 pandemic has hampered cancer vaccine production and the import and export of raw materials and completed products due to shutdowns in various COVID-19-affected nations. Cancer (sometimes called malignant tumor or neoplasms) is a disease in which abnormal cells form and spread uncontrollably throughout the body. Cancer tumors could spread uncontrollably throughout the body as a result of this. The global cancer vaccines market, on the other hand, is expected to rise rapidly in the coming years.
The rise in the occurrence of various malignancies worldwide is a crucial factor driving the global cancer vaccines market forward.
The introduction of new cancer vaccines to the market aids the growth of the global cancer vaccines market. The expansion of the cancer vaccines market is fuelled by a rise in demand for preventative vaccines among individuals due to greater public awareness of infectious illnesses. In addition, higher investments by governments and private organizations in the development of cancer vaccines and alternative medicines due to a steadily rising cancer incidence contribute to the growth of the worldwide cancer vaccines market.
During the forecast period, rising demand for therapeutic and preventative vaccinations is likely to provide lucrative growth prospects for leading industry participants in the worldwide cancer vaccines market. Emerging economies in developing countries, such as China and India, are driving healthcare expansion and technological advancement and are expected to provide several potential prospects for global cancer vaccine players. Doctors should prioritize alternative medicine and therapeutic research and development. This is owing to the rapidly rising prevalence of cancer, which would provide lucrative growth prospects for the market’s top competitors throughout the forecast period. One of the most severe problems, given this growing burden, is cancer prevention. Biological response modifiers, such as cancer vaccines play a crucial role in the immune system’s upkeep. These cancer vaccines work by developing antibodies against infectious organisms that might cause cancer.
Cancer vaccinations are a new therapy compared to other alternative therapeutic drugs, and they are not frequently used. On the other hand, cancer vaccinations have shown a lot of promise in both prevention and treatment. In addition, as the number of cancer cases rises, so does the development of new cancer vaccines for treatment and prevention. BioNTech received an investment from Sanofi for EUR 80 million in 2019. It’s a German biotech company focused on developing a solid tumor cancer vaccine based on messenger RNA.
The FDA’s rigid restrictions and lengthy clearance procedures, which limit or delay the entry of novel vaccines into the market, present a barrier to big companies and stakeholders, limiting the growth of the global cancer vaccines market. In addition, side effects associated with existing treatments impede the development of the worldwide cancer vaccine market.
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KEY MARKET INSIGHTS:
Due to an increase in the number of people infected with the human papillomavirus, the cervical cancer segment accounted for the most significant part of the global cancer vaccines market share in 2019. This trend is likely to continue during the forecast period (HPV). Furthermore, market growth is fueled by the high frequency of cervical cancer. On the other hand, prostate cancer is expected to grow at the quickest rate of 9.5% between 2022 to 2027, thanks to the growing demand for Provenge (prostate cancer vaccine) and an increase in the number of prostate cancer vaccines in development.
Based on the region, North America is expected to grow due to the high prevalence of cancer and the region’s excellent healthcare system. The United States’ healthcare infrastructure is superior to other developed countries. National cancer spending is expected to exceed USD 156 billion by 2020, according to the National Cancer Institute (NCI).
According to GLOBOCAN, 1,95,499 new cancer cases were diagnosed in Mexico in 2020, with 90,222 people dying from the disease. The rising number of cancer cases offers opportunities to market participants.
The major market players are focusing their R&D efforts to bring new and effective therapies to the market. For example, in December 2020, Anixa Biosciences, a biotech company affiliated with Cleveland Clinic in San Jose, California, received a USFDA investigational new drug application, paving the way for the first human clinical trials of its new breast cancer vaccine technology developed by Cleveland Clinic immunologist Dr. Vincent Tuohy and his research team.
Providence Therapeutics is a Toronto-based clinical-stage biotechnology company that develops human cancer vaccines. The company is currently developing a personalized mRNA cancer vaccine that will activate robust T cell responses to target cancer cells and eliminate tumors in the ovarian, breast, and brain.
Geographically, Asia Pacific is expected to increase at the quickest rate due to rising healthcare expenditures in developing countries. Increased cancer vaccine acceptance, an increase in the number of cancer patients in emerging economies, the growth of the R&D industry, healthcare reforms, and technological advancements in cancer vaccines are all presenting lucrative opportunities for key players in the Asia Pacific cancer vaccines market. Furthermore, the market’s expansion is aided by rising public and private sector investment in developing innovative cancer vaccines, increasing the number of hospitals and diagnostic centers with modern medical facilities, and a vast population base. Furthermore, significant manufacturers’ increased focus on expanding their geographical presence in growing Asia-Pacific countries to acquire high market share is predicted to drive the region’s cancer vaccines market expansion.
According to Glocbocan, 774,323 new lung cancer cases were diagnosed in China in 2018, accounting for almost 18% of all cancer cases. Cancer cells produce self-antigen, which harms the immune system. Cancer vaccines, considered biological response modifiers, play an essential part in the immune system’s maintenance. Through the development of antibodies, these cancer vaccines target infectious pathogens that may cause cancer. Compared to other alternative therapeutic medications, cancer vaccinations are considered a new therapy and are not widely used. However, cancer vaccines have shown a lot of promise in both prevention and treatment.
As a result of the aforementioned factors, the cancer vaccine market is likely to rise rapidly throughout the forecast period.
Dendreon, GlaxoSmithKline, Merck, Aduro Biotech, Advantagene, Advaxis, Agenus, Altor BioScience, Argos Therapeutics, OncoThyreon, Oncovir, Oxford BioMedica, Prsima BioMed, Sotio, Transgene, Ubivac, Vaccinogen, and Vaxon Biotech are some of the prominent companies operating in the global cancer vaccines market.
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SEGMENTS ANALYZED UNDER THIS REPORT:
By Cancer Type:
By Vaccine Type:
- Tumor cell
- Dendritic cell
- Genetic vaccines
By End User:
- Cancer Treatment Centres
- Research Institutes
- North America
- Latin America
- Middle East and Africa
Browse Related Reports:
- North America Cancer Vaccines Market
- Europe Cancer Vaccines Market
- APAC Cancer Vaccines Market
- Latin America Cancer Vaccines Market
- MEA Cancer Vaccines Market
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