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Cancer vaccines are designed to trigger or boost immune responses against cancer cells. They work by stimulating immunity against cancer cells, which helps in inhibiting cancer development and progression. Cancer vaccines are classified as preventive vaccines, which aim to prevent cancer caused by infectious pathogens like human papillomavirus, and therapeutic cancer vaccines, which treat existing cancer by strengthening the body’s natural defenses against the disease. Cancer vaccines are used in the treatment of various cancer types including melanoma, prostate cancer, renal cell carcinoma, and others.
The global Cancer Vaccines Market is estimated to be valued at US$ 1.9 Bn or billion in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market Dynamics:
Increasing prevalence of various types of cancer is a major factor driving growth of the cancer vaccines market. According to the World Health Organization (WHO), cancer accounts for nearly 10 million deaths worldwide every year. Additionally, a rising geriatric population is also contributing to market growth, as advancing age increases the risk of developing cancer. Moreover, increasing focus of pharmaceutical companies in R&D activities related to cancer vaccines to improve efficacy and safety is expected to boost the market growth over the forecast period. For instance, in 2020, Moderna entered into a strategic collaboration with Merck to jointly develop mRNA-based personalized cancer vaccines. However, high treatment costs and uncertainty about long term effects of cancer vaccines poses a challenge to market growth.
Segment Analysis:
The global cancer vaccines market is dominated by prophylactic vaccines segment as it accounts for over 60% of the market share. Prophylactic vaccines aims to prevent cancers caused by certain viruses or pathogens. For example, vaccines against HPV (human papilloma virus), which is one of the major causes of cervical cancer in women as well as certain other cancers. The adoption of HPV vaccine has increased significantly in the recent years owing to effective prevention against HPV infections.
PEST Analysis:
Political: Government initiatives to increase awareness about cancer prevention as well as funding for research & development of advanced therapies are driving the market growth. Many countries have implemented national immunization programs for HPV vaccines.
Economic: Rising healthcare spending capabilities, growing demand for cost-effective prevention over treatment, and launch of novel vaccines with strong clinical data are supporting the market expansion.
Social: Changing lifestyle factors increasing risk of various cancers and growing acceptance of preventive healthcare approaches are favoring the adoption of cancer vaccines.
Technological: Advancements in vaccine technologies like RNA-based platform and neoepitope-based personalized vaccines hold promise to accelerate development and approval of new cancer vaccines.
Key Takeaways:
The global cancer vaccines market size was valued at US$ 1.9 Bn in 2023 and is expected to reach over US$ 3.2 Bn by 2030, expanding at a CAGR of 6.3% during the forecast period. The increasing prevalence of various cancer types worldwide due to growing elderly population and lifestyle changes is a major driver for market growth.
Regionally, North America dominated with over 40% of the global market share in 2023 due to presence of majority of the leading players and availability of advanced healthcare systems. Asia Pacific is projected to witness the fastest growth during the forecast period supported by improving healthcare infrastructure, high cancer burden, and focus of international players on emerging countries.
Key players operating in the cancer vaccines market are Astrazeneca Plc. (Medimmune, LLC.), Glaxosmithkline Plc., Merck & Co., Inc., Sanofi Pasteur, Aduro BioTech Inc., Sanpower Group, Astellas Pharma Inc., CSL Limited, Pfizer Inc., and Serum Institute of India Pvt. Ltd. Major players are focusing on strategic collaborations to develop advanced vaccines against new cancer indications as well as strengthen their presence in growing markets.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
