Portland, OR, June 12, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cancer vaccines market contributed $4.81 billion in 2017 and is estimated to garner $12.81 billion by 2023, growing at a CAGR of 17.7% from 2017 to 2023. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
Increasing administration of prophylactic cancer vaccines coupled with launch and approval of new cancer vaccines drive the global cancer vaccines market. However, high cost for development of cancer vaccines due to frequent need for upgradation in manufacturing technology and longer timelines required for manufacturing a vaccine restrict the market growth. On the contrary, increasing transition from prophylactic to therapeutic cancer vaccines and high growth prospects in the emerging markets would present opportunities in the cancer vaccines market.
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Preventive (prophylactic) vaccine segment to maintain its dominance by 2023
The preventive (prophylactic) vaccine segment accounted for more than half of the total revenue in 2017 and will maintain its dominance by 2023. However, the therapeutic vaccine segment is expected to register the highest CAGR of 20.2% from 2017 to 2023.
North America to maintain lead position by 2023
The market across the North America region accounted for two-fifths of the market in terms of revenue in 2017. However, the market across the Asia-Pacific region is expected to grow at the highest CAGR of 19.6% during the forecast period. The report also explores the other regions including Europe and LAMEA.
Recombinant segment to lead throughout the forecast period
The recombinant segment accounted for nearly one-third of the total revenue in 2017 and will maintain its dominance by 2023. However, the dendritic cells segment is projected to register the highest CAGR of 18.6% from 2017 to 2023.
Cervical cancer segment to maintain its dominance by 2023
The cervical cancer segment accounted for more than three-fifths of the market in terms of revenue in 2017. However, other indications segment is expected to grow at the highest CAGR of 18.8% during the forecast period.
Adults segment to maintain its dominance by 2023
The adults segment accounted for more than three-fifths of the market in terms of revenue in 2017. However, the pediatrics segment is expected to grow at the highest CAGR of 19.3% during the forecast period.
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Leading market players
The key market players explored in the research include Merck & Co., Inc., CSL Limited, AstraZeneca Plc. (Medimmune, LLC.), Serum Institute of India Pvt. Ltd., GlaxoSmithKline Plc., Astellas Pharma Inc., Pfizer Inc., Sanofi Pasteur, Sanpower Group, and Aduro BioTech Inc.
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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.