The cancer vaccines market comprises therapeutic and preventive vaccines that aim to treat existing cancer or prevent cancer development. The therapeutic cancer vaccines target specific tumor antigens that boost the patient's immune system to fight cancer cells. The key applications of cancer vaccines include cervical cancer, prostate cancer, 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:
The cancer vaccines market is witnessing high growth owing to increasing research and development activities by market players for the development of advanced cancer vaccines. Furthermore, rising prevalence of various types of cancers worldwide is also expected to support the market growth over the forecast period. For instance, according to the World Health Organization (WHO), the global cancer burden is expected to reach 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.
Additionally, increasing approval and launch of new products is also projected to propel the cancer vaccines market growth. For example, in November 2020, GSK received approval from the US Food and Drug Administration for Blenrep (belantamab mafodotin-blmf), an immunotherapy for treating relapsed or refractory multiple myeloma.
SWOT Analysis
Strength:
- Cancer vaccines can treat certain cancers in a non-invasive way as compared to chemotherapy and radiation.
- They empower the body's own immune system to fight cancer cells directly.
- With rising cancer burden globally, cancer vaccines present a huge business opportunity in the coming years.
Weakness:
- Efficacy of cancer vaccines depends on patient's individual immune response which varies from person to person.
- Developing cancer vaccines requires lengthy clinical trials to prove their safety and efficacy against cancers.
Opportunity:
- Growing incidence of cancers like lung cancer, breast cancer, prostate cancer, etc. widen the target market for cancer vaccines.
- Increased RD activities by biotech and pharmaceutical companies to develop novel cancer vaccines.
Threats:
- High development costs coupled with regulatory hurdles increase pricing pressure on cancer vaccines.
- Safety concerns over new therapies act as a deterrent for consumer acceptance of cancer vaccines.
Key Takeaways
The global cancer vaccines market is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing cancer burden worldwide. As per estimates, the market was valued at US$ 1.9 Bn in 2023 and is projected to reach US$ 3.2 Bn by 2030.
Regional analysis:
North America dominates the global cancer vaccines market currently. This is attributed to factors such as presence of major market players, rising healthcare expenditure, growing cancer incidence and supportive government initiatives for cancer prevention in the US and Canada. Europe holds the second largest share in the cancer vaccines market supported by increasing demand for advanced treatment options in the UK, Germany, France and Italy.
Key players:
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 focused on developing novel vaccines through strategic collaborations as well as acquisitions.
