Cancer Vaccines Market
Number of pages: 100 | Report Format: PDF | Published date: May 04, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 6.59 billion |
|
Revenue Forecast in 2031 |
US$ 20.94 billion |
|
CAGR |
13.7% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Technology, Indication, Distribution Channel, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global cancer vaccines market was valued at US$ 6.59 billion in 2022 and is expected to register a revenue CAGR of 13.7% to reach US$ 20.94 billion by 2031.
Cancer Vaccines Market Fundamentals
Cancer vaccines are intended to stimulate the immune system to identify and combat cancer cells to prevent or treat cancer. Cancer vaccines target cancer-specific antigens, which are proteins or other molecules located on the surface of cancer cells, as opposed to conventional vaccines intended to prevent infectious diseases. From the perspective of recent development, researchers are looking into the possibility of creating vaccines specifically adapted to each individual's particular tumor antigens owing to the improvements in genomics and personalized medicine. These vaccinations trigger an immune response particular to the patient's malignancy, which may increase the vaccine's effectiveness. Also, neoantigens are proteins present exclusively in cancer cells, not healthy ones. These neoantigens are the subject of research on vaccines that may aid the immune system in specifically identifying and combating cancer cells. Additionally, cancer vaccines combined with other cancer therapies like chemotherapy, checkpoint inhibitors, and RNA-based vaccines are being explored for their potential to target various cancer types and to be developed quickly for emerging cancer types.
The global cancer vaccines industry analysis report comprehensively analyzes the market, with the factors that either aid or impede the market growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in the cancer vaccines market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments that contribute to the cancer vaccines market growth. The research also analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other important information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
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Cancer Vaccines Market Dynamics
The global cancer vaccines market can be ascribed to the growing prevalence of cancer and increasing advanced therapeutics for cancer treatment, thus causing a hike in vaccine production is considered the most important cancer vaccines market opportunity. Additionally, surging patient awareness of various cancer therapies leads to increased adoption of preventive and therapeutic vaccines and improves the market dynamics of cancer vaccines. Furthermore, growing R&D activities and increasing clinical trials resulting in the launch of novel vaccines are responsible for shaping the global cancer vaccines market size in revenue generation. Moreover, growing government funding for the production of advanced vaccines and significant growth in healthcare services and spending further drives the market growth.
However, the complexity of cancer, its poor efficacy, and its high development costs are among the most prominent cancer vaccine market challenges inhibiting overall growth on a global scale. A few cancer vaccines have also shown promise in clinical trials. Although their efficacy can be variable, they might not work for all individuals. Gaining regulatory permission and achieving mass adoption may be challenging as a result. In addition, the high cost of designing and producing cancer vaccines can be a major hurdle, particularly for smaller businesses or individuals with limited financial resources. Despite these obstacles, researchers and pharmaceutical companies continue to fund the creation of cancer vaccines because of the potential advantages they may provide for the treatment and prevention of cancer.
Cancer Vaccines Market Ecosystem
This report provides the global cancer vaccines market analysis in terms of revenue, market growth, market dynamics, regional landscape, and overall competitive positioning of the major market players. The global cancer vaccines market overview is analyzed from the following perspectives,
Cancer Vaccines Market, by Type
Cancer Vaccines Market, by Technology
Cancer Vaccines Market, by Indication
Cancer Vaccines Market, by Distribution Channel
Cancer Vaccines Market by Technology
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Based on the technology, the cancer vaccines market is segmented into recombinant, whole-cell, viral vector, and DNA cancer vaccines, among others.
The recombinant cancer vaccines segment accounted for the largest revenue share of the global cancer vaccines market in terms of the cancer vaccines market forecast. Compared to conventional cancer therapies, these vaccinations have fewer side effects because they specifically target and stimulate the immune system's attack on particular cancer cells. Recombinant cancer vaccines are also a promising option for individualized cancer treatment. Their capacity to trigger highly focused and targeted immune reactions against cancer cells is a key advantage driving the recombinant cancer vaccines market growth. It is possible to create recombinant cancer vaccines that express certain tumor antigens exclusive to cancer cells and teach the immune system to identify and combat these antigens. Recombinant cancer vaccines are also more affordable than other cancer vaccines since they are simple to make and scale up for large-scale manufacture.
The market segmentation sections provide the cancer vaccines market outlook regarding the demarcation of different consumer groups. Market segmentation is the splitting of an industry into subgroups depending on characteristics such as type, technology, indication, distribution channel, and other factors. Market segmentation data helps organizations understand the preferences and distinctive demands of different customer groups and implement targeted marketing strategies. This data additionally helps in identifying potential cancer vaccines market demand opportunities.
Cancer Vaccines Market by Region
Geographically, the cancer vaccines market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
In light of analyzing the cancer vaccines market dynamics, North America accounted for the largest portion of the cancer vaccines market size considering various driving factors such as the growth in the cases of cancer, an upsurge in the demand of rapid cancer therapeutics, and a large base for the elderly population. Rapid growth in R&D activities, rise in clinical trials, increased technological advancement, and growth in approved drugs further contribute to the growth of the cancer vaccines market in North America.
Based on the regions, the global cancer vaccines market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of cancer vaccines industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level cancer vaccines market overview.
Key Components of the Report
Cancer Vaccines Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
Cancer Vaccines Market Strategic Developments
Reasons To Buy This Report
Key Strengths of Our Report
Target Audience to Benefit from this Report.
A cancer vaccine is an immunotherapy that stimulates the body's immune system to recognize and attack cancer cells.
The worldwide total cancer vaccines market size was US$ 6.59 billion in 2022.
North America will have the largest cancer vaccine market size during the forecast period from 2023 to 2031.
The global cancer vaccines market is expected to grow at a revenue CAGR of 13.7% during the forecast period from 2023 to 2031.
The resultant market size of the cancer vaccines market will be US$ 20.94 billion in 2031.
Lower efficacy and high cost are the major challenges hampering the growth of the global cancer vaccines market.
The major strategies key market players adopt involve strategic partnerships and collaborations to expand their market reach and capabilities.
Increased research and development to invent new cancer vaccine is the most important driver of the global cancer vaccines market.
Merck & Co., Inc., GSK plc, Dendreon Pharmaceuticals LLC., Walvax Biotechnology Co., Ltd., and Biomed Lublin S.A. are some of the key players in the global cancer vaccines market.
Recombinant cancer vaccines have the highest share in the global cancer vaccines market.
*Insights on financial performance are subject to the availability of information in the public domain