Cancer Vaccines Market Size Expected to Reach USD 30.16 Bn by 2033

Ottawa, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The cancer vaccines market size reached USD 10.21 billion in 2023 and is predicted to hit around USD 30.16 billion by 2033, a study published by Towards Healthcare a sister firm of Precedence Statistics.

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Key Market Takeaways of the Cancer Vaccines Market

• North America dominated the market by revenue share of 38.40% in 2023.
• Asia Pacific is expected to witness the fastest growth during the forecast period of 2024-2033.
• By type, the preventive segment has held a major revenue share of 55% in 2023.
• By type, the therapeutics segment is expected to grow at the fastest rate during the forecast period.
• By indication, the cervical cancer segment has contributed more than 31% in 2023.
• By distribution channel, the hospitals segment dominated the market in 2023 and will continue to dominate during the forecast period.

Cancer Vaccines Market: Outlook, A Shot at Hope

The cancer vaccines market is growing rapidly due to advancements in biotechnology and immunotherapy. The market includes the development and distribution of both preventive and therapeutic vaccines Richard aimed for combating various forms of cancerous diseases. Rising cases of cancer, increased awareness around it and strong investments in research and development are some of the key factors driving the market's growth. The ongoing innovations, more vaccines are entering clinical trials and regulatory approval, which is offering hope for improved cancer treatment options all over the world.

Key Market Players and Companies in the Cancer Vaccines

• Generex Biotechnology Corporation
• Immunocellular Therapeutics, Ltd
• Vaccinogen, Inc.
• GlaxoSmithKline plc (GSK)
• Advaxis Inc.
• Dynavax Technologies Corporation
• Merck & Co., Inc.
• SANPOWER GROUP CO. LTD. (DENDEREON CORPORATION)
• UbiVac
• Amgen Inc.

Recent Developments and News in Cancer Vaccines Market

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Rising Cancer Incidents Driving the Cancer Vaccines Market

The incidence of cancerous diseases is at an alarming rate all over the world, which has led to a surge in demand for more effective and targeted treatment options. Cancer is one of the leading causes of death worldwide. Every year millions of new cases of cancer are diagnosed.

• According to the World Health Organization (WHO), in 2020, nearly 10 million deaths were caused by cancer, and the number of new cancer cases is expected to rise by 47% by 2040, which is a huge number.
  

This growing cancer incidence is driving the need for innovative and new treatments that can not only treat the disease but also reduce its recurrence. Personalized cancer vaccines are emerging as a promising solution to this problem. These vaccines are designed to tailor treatment to the unique genetic makeup offend individual’s tumor, which enhances the body's immune response to cancer cells. This personalized approach offers a more targeted and effective treatment compared to traditional methods.

• For instance, BioNTech and Moderna, two leading companies in 2022 initiated clinical trials for personalized mRNA-based cancer vaccines. These vaccines work by encoding patient-specific tumor antigens, which are then used to activate the immune system to attack cancer cells. This groundbreaking approach has shown great promise in early phase trials, particularly for melanoma and other solid tumors.
  
  

Complex Manufacturing to Challenge the Market’s Growth

The manufacturing of cancer vaccines or personalized cancer vaccines is inherently complex due to the need to tailor each vaccine to the unique tumor profile of each patient. Unlike regular or traditional vaccines, which are generally mass produced, personalized cancer vaccines require customized production based on the genetic makeup of the patient's tumor. This process is time consuming and expensive. This complexity is acting as a significant barrier for the cancer vaccines market.

Higher cost is one of the major challenges that personalized cancer vaccine market is currently facing. The nature of production is intricate, that's why costs associated with these vaccines are significantly higher than other treatments.

For instance, manufacturing of personalized cancer vaccine involves complex steps. These steps include, sequencing of the patient’s tumor DNA, identifying unique antigens, and formulating a vaccine that can effectively target these antigens. These steps require sophisticated equipment and expertise, reach further increases the cost. The cost associated with personalized vaccine ranges from 10s of thousands to even hundreds of thousands of dollars per patient, which depends under specific case.

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Advancing Targeted Therapies, Opportunity for the Market

Personalized cancer vaccines are helping and curing the cancer patients, proving itself gamechanger for the cancer vaccine market all over the world. The highly targeted approach towards specific DNA or specific patient has the potential to greatly improve patient outcomes by minimizing off target effects, which are a common issue with conventional cancer treatments like chemotherapy and radiation. The only focus on the tumor cells and sparing healthy tissues, which the personalized targeted vaccine has, reduced the occurrence of daily biting side effects, leading to an improved quality of life for patients undergoing treatment.

For instance, a leading vaccine company, BioNTech in May 2023, announced promising results from their phase two clinical trials for a personalized cancer vaccine designed to target non-small cell lung cancer, which underscores the growing interest in targeted therapies as a part of personalized cancer treatment. This vaccine is engineered to recognize specific mutations present in the patient's cancer cells, which enables it a more precise attack on the tumor while sparing the body’s healthy cells. This is a significant step forward in the effort to reduce the broad-spectrum toxicity typically associated with cancer therapies and cancer treatments.

Cancer Vaccines Market, Dominating Segments 2023:

In Type Segment, Preventive Cancer Vaccines Dominated

By type, the preventive cancer vaccines dominated the cancer vaccines market by market share of 55% in 2023. To prevent cancer form developing in healthy individuals, these vaccines are designed. Prevent cancer by targeting viruses that cause cancerous tumors, such as the human papillomavirus (HPV) Responsible for cervical cancer. Vaccines like Gardasil and Cervarix are used in cancer prevention and have become essential and reducing the incidence of virus-induced cancers, contributing to their dominance in the market.

By Indication Segment, Cervical Cancer Dominated

In 2023, by indication segment of the cancer vaccines market, cervical cancer dominated. Cervical cancer vaccines have been the key focus this year contributing over 31% of the market share. This growth is driven by effectiveness of HPV vaccines in preventing cervical cancer. Cervical cancer is a disease with strong viral links. Globally the vaccination campaign has driven down cervical cancer cases, which makes this segment a critical part of the overall cancer vaccine market.

North America held the largest revenue share of 38.40%

In 2023, North American countries, particularly the United States consistently dominated the cancer vaccines market and held its dominant position. North America has well established and highly developed healthcare infrastructure and institutions, Strong government support, high levels of research-development and huge investments in R&D. Driven by the increasing number of cancer cases and ongoing advancements in immunotherapy North America accounted for a significant share of cancer vaccines market.

For example, Scientists from Yale University of Georgia and Emory University Collaborated in September of 2023, which secured USD 25,000,000 federal funding to develop personalized mRNA cancer vaccine. This collaboration was aimed to leverage mRNA technology to create vaccines that can offer individualized protection against cancer.

Asia-Pacific on to Grow at Fastest Growth Rate

The region Asia Pacific is expected to grow at the fastest growth rate in cancer vaccines market during the upcoming period. Increasing cancer cases and cancer burdens in countries like China Japan and India is the reason for this fast market growth. These are densely populated countries, as cancel incidence rates rises, the demand for cancer vaccines grows rapidly. At current time the demand for both prevents you and therapeutic cancer vaccines is growing rapidly day by day.

The World Health Organization (WHO) estimated that by 2045, Asia Pacific will experience 64.5% increase in cancer patients, which makes it critical and crucial region for cancer vaccine development and deployment.

India has also made its effort combating cervical cancer. Cervical cancer is one of the most common causes of cancer related deaths among the women in India. In 24th of January 2023, the serum institute of India launched the country's first domestically produced quadrivalent human papillomavirus (qHPV) vaccine, “CERVACAC”, Which is a notable development in the cancer vaccine market for India. This vaccine was launched in collaboration with Bill and Melinda Gates Foundation, The department of biotechnology (DBT), and the Biotechnology Industry Research Assistance Council (BIRAC). This was the major milestone in India’s fight against cervical cancer.

Browse More Insights of Towards Healthcare:

• The global cancer biologics market size was estimated at US$ 103.02 billion in 2023 and is projected to grow to US$ 215.60 billion by 2033, rising at a compound annual growth rate (CAGR) of 7.66% from 2024 to 2033. 
  
• The liver cancer drugs market size was valued at USD 2.67 billion in 2023 and is projected to reach USD 9.94 billion by 2032, registering a CAGR of 14.2% from 2024 to 2032.
  
• The AI in cancer diagnostics market size is estimated to grow from USD 892.23 million in 2022 at 9.35% CAGR (2023-2032) to reach an estimated USD 2,084.34 million by 2032.
  
• The global animal vaccine market is estimated to grow from USD 14.27 billion in 2022 at 10% CAGR (2023-2032) to reach an estimated USD 36.91 billion by 2032.
  
• The global biobanking market size was estimated at US$ 80.11 billion in 2023 and is projected to grow to US$ 208.81 billion by 2034, rising at a compound annual growth rate (CAGR) of 9.1% from 2024 to 2033. 
  
• The global oligonucleotide synthesis market size is estimated at US$ 5.59 billion in 2024 and is projected to grow to US$ 20.31 billion by 2034, rising at a compound annual growth rate (CAGR) of 13.78% from 2024 to 2034.
  
• The global automated liquid handling technologies market size was estimated at US$ 2.50 billion in 2023 and is projected to grow to US$ 7.80 billion by 2034, rising at a compound annual growth rate (CAGR) of 10.90% from 2024 to 2034.
  
• The global multiplex assay market size was estimated at USD 1.50 billion in 2023 and is projected to reach USD 6.75 billion by 2034, registering a CAGR of 14.79% from 2024 to 2034.
  
• The global 3D cell culture market was estimated at US$ 2.10 billion in 2023 and is projected to grow to US$ 7.02 billion by 2034, rising at a compound annual growth rate (CAGR) of 11.6% from 2024 to 2033.
  
• The global nucleic acid isolation and purification market size was estimated at USD 6.1 billion in 2023 and is projected to grow to USD 16.65 billion by 2034, rising at a compound annual growth rate (CAGR) of 9.56% from 2024 to 2034.

Segments Covered in the Report

By Type

• Preventive Cancer Vaccines
• Therapeutic Cancer Vaccines
• Others
  

By Indication

• Cervical Cancer
• Prostate Cancer
• Other Indications
  

By Technology

• Recombinant Cancer Vaccines
• Viral Vector and DNA Cancer Vaccines
• Whole-cell Cancer Vaccines
• Others

By Distribution Channel

• Hospitals
• Government Suppliers

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
  

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Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.

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