The global cancer vaccines market is poised for robust growth, with an estimated market value of US$ 9 billion in 2023. The market is expected to accumulate a value of US$ 24.22 billion by 2033, registering an impressive compound annual growth rate (CAGR) of 12% during the forecast period from 2023 to 2033. This follows a 9% CAGR recorded in the historical period from 2018 to 2022.
The rapid expansion of the cancer vaccines market is driven by the growing prevalence of cancer worldwide and the increasing adoption of immunotherapy as a promising cancer treatment. Cancer vaccines, which boost the immune system’s ability to fight cancer cells, are becoming a key component in modern oncology.
The accelerating growth of the cancer vaccines market is driven by increasing investments in research and development, advancements in vaccine technology, and a growing emphasis on preventive and therapeutic cancer care. The rise in cancer incidence and the urgent need for effective treatment options are also contributing to the market’s expansion.
The cancer vaccine market is driven by factors such as increasing incidence of cancer, growing awareness about cancer vaccines, and government initiatives to promote cancer research and development. One of the key factors driving the growth of the cancer vaccine market is the increasing incidence of cancer worldwide. This is due to a variety of factors, such as aging populations, changing lifestyle patterns, and environmental factors. As the incidence of cancer continues to rise, there is a greater need for effective cancer treatments, including cancer vaccines.
Government initiatives are also playing a significant role in driving the growth of the cancer vaccine market. Governments around the world are investing heavily in cancer research and development, which has led to increased funding for cancer vaccine development and clinical trials. For example, the US government has launched the Cancer Moonshot initiative, which aims to accelerate cancer research and improve cancer treatment and prevention.
Key Takeaways from the Market Study
•The market for cancer vaccines expanded at a 9% CAGR from 2018 to 2022.
•The market for cancer vaccines is anticipated to expand at a 12% CAGR from 2023 to 2033.
•The market for cancer vaccines is anticipated to reach US$ 24.22 billion by 2033.
•Recombinant cancer vaccines have the biggest market share, according to the Future Market Insights research.
•For the market for cancer vaccines, North America is anticipated to hold a 40% market share.
•With a share of 20% throughout the projection period, it is expected that the East & South Asia market would grow considerably.
“A series of international level collaborations involving healthcare stakeholders across various institutional settings are fueling further clinical trials and research studies dedicated to discovering Cancer Vaccines.” says an FMI analyst
Market Competition
Key players in the market include companies such as Advaxis Inc., Amgen Inc., Dynavax Technologies Corporation, GlaxoSmithKline plc, Immunocellular Therapeutics, Ltd, Merck & Co., Inc., Vaccinogen, Inc., F Hoffmann-La Roche AG, and OSE Immunotherapeutics, along with healthcare providers and technology companies among other global players.
•In January 2023, the U.K. government announced a collaboration with BioNTech, a German company, to trial potential vaccines for cancer and other illnesses, while campaigners cautioned that any breakthrough must remain affordable and accessible. Personalized mRNA therapies, including cancer vaccines that aim to activate the immune system against harmful cells, will be tested on cancer patients in England at both early and late stages. The therapies target active cancer cells and work to prevent their return. BioNTech will establish new research and development centers in the U.K., including a laboratory in Cambridge and a headquarters in London, and aim to supply 10,000 therapies to patients from September 2023 until the end of the decade.
The firm developed one of the most widely-distributed Covid-19 vaccines in collaboration with U.S. pharmaceutical firm Pfizer. The collaboration will cover various cancer types and infectious diseases affecting collectively hundreds of millions of people worldwide.
More Insights Available
FMI, in its new offering, presents an unbiased analysis of the global Cancer Vaccines market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights on the basis of Technology, Treatment Method, Application & Region.
Key Segments Profiled in the Cancer Vaccines Industry Survey
Technology:
•Recombinant Cancer Vaccines
•Whole-cell Cancer Vaccines
•Viral Vector & DNA Cancer Vaccines
•Antigen/Adjuvant Cancer Vaccines
Treatment Method:
•Preventive Vaccine
•Therapeutic Vaccine
Application:
•Prostate Cancer
•Cervical Cancer
•Other Applications
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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