The global Cancer Vaccines Market is expected to garner a market value of USD 9 Billion in 2023 and is expected to accumulate a market value of USD 24.22 Billion by registering a CAGR of 12% in the forecast period 2023 to 2033. The market for Cancer Vaccines registered a CAGR of 9% in the historical period 2018 to 2022.
The Cancer Vaccines market is a segment of the healthcare industry that deals with the effective management of the condition. The Cancer Vaccines market offers a range of vaccines that uses the body's own immune system to recognize and attack cancer cells. There are two main types of cancer vaccines: preventive vaccines and therapeutic vaccines. Preventive vaccines are designed to prevent certain types of cancer, such as the HPV vaccine that helps prevent cervical cancer. Therapeutic vaccines, on the other hand, are designed to treat cancer by stimulating the immune system to recognize and attack cancer cells.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 9 Billion |
| Anticipated Forecast Value (2033) | USD 24.22 Billion |
| Projected Growth Rate (2023 to 2033) | 12% CAGR |
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According to market research and competitive intelligence provider, Future Market Insights- the market for Cancer Vaccines reflected a value of 9% during the historical period, 2018 to 2022. During this period, the demand for treatment for Cancer increased, driven by factors such as increasing incidence of cancer, growing awareness about cancer prevention and treatment, and technological advancements in vaccine development.
Looking ahead to the period from 2023 to 2033, the cancer vaccines market is expected to continue growing, although at a slightly slower pace than in the previous period. Cancer is expected to remain a major health concern globally, which will drive demand for cancer vaccines. In recent years, several new cancer vaccine options have emerged for Cancer, pushing the market for Cancer Vaccines is expected to register a CAGR of 12% in the forecast period 2023 to 2033.
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.
Expensive Cost of Treatment to restrict Market Growth
Cancer is a complex disease, and its nature differs from person to person. As a result, developing a vaccine that can effectively treat all forms of cancer is a major challenge. The current cancer vaccines on the market have limited success rates, and there is a need to develop more effective vaccines to meet the growing demand for cancer treatment.
Many people are not aware of the benefits of cancer vaccines, and this can limit their adoption and use. Furthermore, regulatory challenges can limit the development and approval of new vaccines for Cancer, which can slow down progress in the field. Some people may be resistant to vaccines, and this can limit the effectiveness of cancer vaccines.
Increasing Advancements in the Diagnostic Techniques Shaping Landscape for Cancer Vaccines in South & East Asia
The Cancer Vaccines Market in the South and East Asia region is growing, driven by several factors such as increasing cancer incidence, growing awareness about cancer prevention, and the rising demand for personalized medicine are driving the growth of the cancer vaccine market in the region. Additionally, the increasing adoption of advanced technologies such as Next-generation sequencing (NGS) data analysis and bioinformatics in cancer research is expected to further fuel market growth.
In South and East Asia, the Cancer Vaccines Market is expected to witness significant growth in the coming years, driven by factors such as increasing cancer incidence, growing demand for innovative treatment options, and rising investments in cancer research and development.
In addition, there is a growing awareness about the disease in the region, which is leading to more frequent diagnoses and better access to vaccines. Governments and healthcare organizations are also taking steps to improve the diagnosis and treatment of Cancer, which is helping to drive growth in the market.
Increasing Focus on Technological advancements Shaping Landscape for Cancer Vaccines in North America
North America is anticipated to acquire a market share of about 40% in the forecast period. As awareness about cancer vaccines increases among the general population, more people are opting for these vaccines as a preventive measure against cancer. North America has some of the world's leading research institutions, which are dedicated to developing new and effective cancer vaccines. This has led to the development of several innovative cancer vaccines in recent years.
Additionally, The regulatory environment for cancer vaccines in North America is favorable, with regulatory agencies such as the FDA in the USA providing fast-track approval for promising cancer vaccines. Healthcare expenditure in the region is increasing, which has led to increased investment in cancer treatment and prevention, including cancer vaccines.
Recombinant cancer vaccines segment to hold a significant share and push market growth
Currently, the recombinant cancer vaccines segment is expected to account for a significant share of the market. Recombinant cancer vaccines are developed using genetic engineering technology, which enables the production of specific proteins that can stimulate the immune system to attack cancer cells. This technology has shown promising results in clinical trials and has been approved for use in the treatment of certain types of cancer, such as prostate cancer and melanoma.
Therapeutic cancer vaccines to take the lead and drive market growth
Currently, the therapeutic cancer vaccines segment is expected to account for a significant share of the market. Therapeutic cancer vaccines are designed to stimulate the immune system to attack existing cancer cells in patients who have already been diagnosed with cancer. These vaccines are being developed for a variety of cancer types and have shown promising results in clinical trials.
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.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 9 Billion |
| Market Value in 2033 | USD 24.22 Billion |
| Growth Rate | CAGR of 12% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Technology, Treatment Method, Application, Region |
| Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East & Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Rest of Latin America, Germany, United Kingdom, France, Spain, Italy, Rest of Europe, Malaysia, Singapore, China, India, Thailand, Rest of South Asia, Gulf Cooperation Council, Japan, South Korea, Australia, New Zealand, GCC countries, South Africa, Israel, Rest of MEA |
| 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 |
| Customization | Available Upon Request |
From 2018 to 2022, the Cancer Vaccines Market grew at a CAGR of 9%.
The global Cancer Vaccines Market is expected to grow with a 12% CAGR during 2023 to 2033.
As of 2033, the Cancer Vaccines Market is expected to reach USD 24.22 Billion
According to the FMI analysis, the recombinant cancer vaccines segment accounts for the largest market share.
North America is expected to possess 40% market share for the Cancer Vaccines Market.
The Asia Pacific market is projected to increase significantly throughout the forecast period, with a share of 20% during the forecast period.
The market is expected to record a 12% CAGR throughout 2033.
Innovations in diagnostics and treatment options are likely to grow the market.
Recombinant cancer vaccines to dominate the market.
North America to acquire a 40% share during the forecast period.
The market is expected to accumulate a value of USD 24.22 billion by 2033.
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Cancer Vaccines Market
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