Cancer vaccines are biological therapeutic products that help in boosting the body's natural defenses to fight against cancer. They target specific cancer cells or antigens that are expressed on tumor cells with antigens that stimulate the body's own immune system to attack the cancer cells. Cancer vaccines help prevent cancer recurrence and spread. They are more effective against cancers that are caused by infectious agents like human papillomavirus.
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 key trends:
Increased demand for personalized medicines is estimated to drive the cancer vaccines market growth over the forecast period. Personalized cancer vaccines are designed to match genetic mutations identified in an individual patient's tumor. This enables activation of the immune system against tumor-specific neoantigens that are unique to that patient's cancer. Growing prevalence of cancer worldwide is also expected to support the cancer vaccines market growth. According to WHO estimates, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.
Porter's Analysis
Threat of new entrants: The cancer vaccines market requires high R&D investments and clinical trial costs posing significant entry barriers for new players.
Bargaining power of buyers: The presence of many established players limits the bargaining power of buyers in the cancer vaccines market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes and differentiated nature of inputs.
Threat of new substitutes: Development of new treatment options like targeted drug therapies poses a threat of substitution to cancer vaccines.
Competitive rivalry: Intense competition exists between Astrazeneca, Glaxosmithkline, Merck and others to gain more market share.
SWOT Analysis
Strength: Cancer vaccines present minimal side effects compared to other treatments and have potential for preventive use.
Weakness: High costs associated with R&D and clinical trials limits product availability. Early stage technology with efficacy still under evaluation.
Opportunity: Increasing cancer incidence worldwide presents scope for market expansion. Growing awareness regarding preventive healthcare boosts product adoption.
Threats: Reimbursement issues in some regions and preference for conventional treatments restrict revenue generation. Side effects and latency periods concern physicians and patients.
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 prevalence of cancer worldwide. The market size for cancer vaccines is estimated to reach US$ 3.2 Bn by 2030.
Regional analysis: North America dominates the global cancer vaccines market currently owing to advanced healthcare facilities and supportive reimbursement policies in the region. Asia Pacific is expected to grow at a high rate during the forecast period with China and India emerging as lucrative markets.
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. Merck & Co., Glaxosmithkline and Astrazeneca enjoy the leading position in the market with wide geographic footprint and diverse product portfolios.
The Cancer Vaccines Market is expected to grow at a CAGR of 14% from 2020-2030, according to a new research report by Next Move Strategy ConsultingA vaccine is a biological preparation that is introduced in human body in order to acquire immunity against diseases.
Cancer is a chronic disorder that leads to uncontrolled cell growth & conquer other tissues in the body.
These antibodies then recognize the cancer cells and suppress its growth.According to the report, the high prevalence rate of cancer and growth in human papilloma virus (HPV) infections are the major factors driving the market growth.
Moreover, development in healthcare facilities supported by the government funding & high investments for the development of new cancer vaccines is also expected to amplify the market growth.
Other factors such as huge product pipeline and rising demand for cancer vaccines can change the market trends.However, high cost of cancer vaccines owing to the high R cost and stringent regulatory process for approval is likely to inhibit the market growth.
Moreover, rising demand for therapeutic vaccines and increasing approval of new vaccines are expected to provide numerous opportunities to the market players in the coming few years.On the basis of technology, the cancer vaccines market share is segmented into subunit vaccines, conjugate vaccines, inactivated vaccines, live attenuated vaccines, and recombinant vector vaccines.
