Portland, OR, Aug. 13, 2020 (GLOBE NEWSWIRE) -- The Cancer Vaccines Market generated $4.18 billion in 2019, and is estimated to reach $7.30 billion by 2027, registering a CAGR of 12.6% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
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Surge in number of patients suffering from cancer caused by human papillomavirus (HPV) across the globe drives the growth of the global cancer vaccines market. However, high cost associated with the development of cancer vaccines restrains the market growth. Furthermore, the growing adoption of novel cancer vaccines is expected to provide new growth opportunities for the market player in the near future.
Covid-19 scenario:
- Cancer vaccines distributing and manufacturing companies have been affected to a limited extent due to disrupted supply chain amid lockdown.
- According to Diaceutics, newly diagnosed colorectal cancer, breast cancer, and lung cancer patients have been dropped by 14.0%, 8.4% and 31.0% during the Covid-19 pandemic. Due to this the demand for cancer vaccines has been declined.
- Reduction in testing rates and decrease in the number of patients diagnosed with cancer negatively affects the market.
The report offers a detailed segmentation of the global cancer vaccines market based on technology, types, indication, end-user, and region.
Based on technology, the recombinant cancer vaccines segment contributed to the largest share in 2019, accounting for more than four-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the dendritic cell cancer vaccines segment is estimated to portray the highest CAGR of 15.4% during the forecast period.
Based on types, the preventive cancer vaccines segment accounted for the largest share in 2019, holding nearly 90% of the total share, and is expected to maintain the largest share throughout the forecast period. However, the therapeutic cancer vaccines segment is expected to register the highest CAGR of 14.7% from 2020 to 2027.
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Based on region, North America contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-pacific is expected to grow at the highest CAGR of 15.0% from 2020 to 2027.
Leading market players analyzed in the research include Amgen Inc., Advaxis Inc., Generex Biotechnology Corporation, Dynavax Technologies Corporation, Immunocellular Therapeutics, Ltd, GlaxoSmithKline plc (GSK), Sanpower Group Co. Ltd. (Dendreon Corporation), Merck & Co., Inc., Vaccinogen, Inc., and UbiVac.
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