Pune, India, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The global cancer vaccines market size was valued at USD 6.43 billion in 2021 and is expected to grow from USD 7.32 billion in 2022 to USD 19.12 billion by 2029, exhibiting a CAGR of 14.7% during the forecast period. The market is expected to exhibit a CAGR of 14.7% during the forecast period. Increasing cancer cases and strong investments in prophylactic and preventive vaccines may propel market progress.
Fortune Business Insights™ cites this information in its research report, titled “Cancer Vaccines Market, 2022-2029”.
Key Industry Development
- Dendreon Pharmaceuticals LLC. entered into a partnership with Grant Hill to launch its novel initiative to empower individuals to make effective decisions to tackle prostate cancer.
- Merck & Co., Inc. declared to build a new manufacturing facility to increase its production of TICE Bacillus Calmette–Guérin, tripling its current manufacturing capacity.
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Key Takeaways
- About 30.0% of cancer cases in low- and middle-income countries are caused by the human papillomavirus (HPV) and hepatitis.
- PDC line Pharma, a clinical-stage biotech company, has finished its series B2 round of funding, collecting a total of USD 20.3 million with Belgian and Korean investors for cancer vaccines research.
- In May 2020, UKRI announced an investment of USD 181.9 million, bringing its overall investment in VMIC to USD 233.3 million.
- In the United States, 54.5% of adolescents aged 13 to 15 years got two or three doses of the Human Papillomavirus (HPV) vaccine, according to the National Cancer Institute's (NCI) 2020 cancer trends progress report.
Discover the Leading Players Featured in the Report:
Major players in the cancer vaccines market are Merck & Co., Inc. (U.S.), GSK plc (U.K.), and Dendreon Pharmaceuticals LLC. (U.S.), Walvax Biotechnology Co., Ltd. (China), Biomed Lublin S.A. (Poland), Serum Institute of India Pvt. Ltd. (India), Center of Molecular Immunology (Cuba), Organon Teknika Corp., LLC (U.S.), Xiamen Innovax Biotech Co., Ltd. (China)
Report Scope
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 14.7% |
| 2029 Value Projection | USD 19.12 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 7.32 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 136 |
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Drivers and Restraints
Rising Collaborations Among Major Players to Foster Market Progress
Cancer vaccines cure several cancers and are likely to gain significant demand due to the increasing prevalence of cancer cases. Increasing collaborations among key players may substantially boost vaccine adoption during the forecast period. For example, UbiVac, Inc. declared a collaboration alongside Bristol Myers Squibb in June 2020 to evaluate preliminary efficacy, tolerability, and safety among patients. Furthermore, increasing pollution, sedentary lifestyles, and alcohol consumption may enhance cancer vaccine demand. Moreover, the rising prevalence of cervical cancer cases among women may drive the cancer vaccines market growth.
However, personalized medicine advances will likely limit the industry’s growth.
Segments
Preventive Segment to Dominate Backed by Increasing Initiatives of Mass Immunization by Government Agencies
By type, the market is segmented into preventive and therapeutic. The preventive segment is expected to dominate due to rising initiatives of mass immunization by government agencies.
Cervical Cancer Segment to Lead Attributable to Increasing Number of Cervical Cancer Cases in Women
As per indication, the market is segregated into cervical cancer, bladder cancer, prostate cancer, and lung cancer. The cervical cancer segment is expected to dominate due to the rising number of cervical cases among women.
Hospitals Segment to Lead Due to Rising Outpatient Visits and Easy Availability of Vaccines in Hospitals
Based on the distributional channel, the market is classified into hospitals, government suppliers, and others. The hospital segment is expected to lead due to rising outpatient visits and easy availability of vaccines in hospitals.
Regionally, the market is grouped into North America, Europe, Asia Pacific, and the Rest of the World.
By Type
- Preventive
- Therapeutic
By Indication
- Cervical Cancer
- Bladder Cancer
- Prostate Cancer
- Lung Cancer
By Distribution Channel
- Hospitals
- Government Suppliers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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Regional Insights
Presence of Technologically Developed Healthcare Infrastructure to Foster Market Growth in North America
The market in North America stood at USD 2.45 billion in 2021 and is expected to gain a huge portion of the global cancer vaccines market share in the coming years. The presence of several technologically developed healthcare facilities is likely to facilitate industry growth. Furthermore, rising cancer cases globally are expected to enhance the product demand.
In Europe, rising cancer vaccines’ research and development investments are expected to foster the industry’s progress. Furthermore, rapidly increasing cancer disorders are expected to enhance the adoption of cancer vaccines.
In Asia Pacific, increasing government activities to prevent cancer disorders is expected to enhance the demand for the product. Moreover, the increasing adoption of cancer therapeutics is expected to enhance the region's cancer vaccine industry’s progress.
Competitive Landscape
Key Players Announce Novel Products to Boost their Brand Image
The prominent companies operating in the market announce new products to boost their brand image. For example, Dendreon Pharmaceuticals LLC. announced its manufacturing and CMC alliance to transform iSPC cellular technology in November 2021. This strategy may enable the company to improve its brand image and increase sales. Further, companies deploy research and development, mergers, partnerships, acquisitions, and innovations to boost their market position.
FAQs
How big is the Cancer Vaccines Market?
The Cancer Vaccines market is projected to grow from USD 2.49 billion in 2021 to USD 3.34 Billion by 2028, exhibiting a CAGR of 4.3% during the forecast period.
How fast is the Cancer Vaccines Market growing?
The Cancer Vaccines Market will exhibit a CAGR of 14.7 % during the forecast period, 2022-2029
Related Links:
Vaccines Market Size, Share | Global Industry Trends and Industry Analysis
Human Papillomavirus (HPV) Vaccine Market Global Industry Trends and Industry Analysis
Cervical Cancer Screening Market Share | Global Industry Trends and Industry Analysis
Recombinant Vaccines Market Size and Industry Analysis
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