The global Cancer Vaccines Market is anticipated to achieve a valuation of approximately US$ 9 billion in 2023, with forecasts indicating robust growth over the next decade. The market is expected to accumulate a value of US$ 24.22 billion by 2033, registering a compound annual growth rate (CAGR) of 12% during the forecast period from 2023 to 2033. The market recorded a CAGR of 9% during the historical period from 2018 to 2022.
The growth of the Cancer Vaccines Market can be attributed to the increasing global incidence of cancer, driving the demand for effective prevention and treatment strategies. As the understanding of cancer immunotherapy advances, the development of innovative cancer vaccines is gaining momentum, further fueling market expansion.
Key factors contributing to market growth include rising investments in research and development, the emergence of personalized cancer vaccines, and growing awareness among healthcare providers and patients regarding the benefits of vaccination in cancer prevention and treatment. Additionally, supportive government initiatives and funding for cancer research are enhancing the landscape for cancer vaccine development.
Which are Some Prominent Drivers of the Cancer Vaccines Market?
Growing advancements in diagnostic and treatment options to push the market growth
The Cancer Vaccines Market is expected to experience significant growth in the coming years, driven by several factors. According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide, responsible for an estimated 9.6 million deaths in 2018. The most common types of cancer worldwide include lung, breast, colorectal, prostate, stomach, and liver cancer.
The increasing prevalence of cancer has led to the development of new technologies such as gene editing and personalized medicine is enabling the development of more effective cancer vaccines. The prevalence of cancer varies by region and demographic group. Low- and middle-income countries are disproportionately affected by cancer, with over 60% of new cancer cases and 70% of cancer deaths occurring in these countries. This is due to a combination of factors including lack of access to prevention and early detection services, limited resources for cancer vaccine, and higher rates of risk factors such as tobacco use and infectious diseases.
Cancer is a major public health concern globally, with millions of new cases diagnosed each year. Overall, the prevalence of cancer is expected to continue to increase globally, with an estimated 29.5 million new cancer cases and 16.5 million cancer deaths expected by 2040, according to the International Agency for Research on Cancer (IARC). The combination of these factors is expected to drive significant growth in the Cancer vaccines market in the coming years.
Market Competition
Key players in the market include companies such as Advaxis Inc., Amgen Inc., Dynavax Technologies Corporation, Generex Biotechnology 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 United kingdom 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 United kingdom, 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 USA pharmaceutical firm Pfizer. The collaboration will cover various cancer types and infectious diseases affecting collectively hundreds of millions of people worldwide.
Key Companies Profiled
Advaxis Inc., Amgen Inc., Dynavax Technologies Corporation, Generex Biotechnology Corporation, GlaxoSmithKline plc, Immunocellular Therapeutics, Ltd, Merck & Co., Inc., Vaccinogen, Inc., F Hoffmann-La Roche AG, and OSE Immunotherapeutics
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
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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