Cancer Vaccines market is projected to grow at a CAGR of 14% by 2033: Visiongain
Visiongain has published a new report entitled Cancer Vaccines Market Report 2023-2033: Forecasts by Type (Preventive Vaccines, Therapeutic Vaccines), by Technology (Dendritic Cells, Recombinant, Antigen/Adjuvant, Viral Vector and DNA, Whole-cell), by Indications (Cervical Cancer, Prostate Cancer, Other), by End-users (Paediatrics, Adults) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The biopharma sector in the US is expected to remain strong in the coming years. The sector is expected to benefit from the increasing demand for innovative treatments and therapies, as well as the growing development in cancer vaccine market. Most of the companies in the cancer vaccine are headquartered in the US and generating significant share of revenue from the US, such as, Merck & Co. Inc., Amgen, Dendreon, and Moderna, Inc. Additionally, the US accounted for over one-third of the global cancer vaccine market. Additionally, in the US, the competitive market for pharmaceutical items is significantly impacted by consolidation and integration among healthcare providers. Health plans and pharmacy benefit managers (PBMs) have been merging into fewer, bigger organisations, strengthening and increasing their purchasing power.
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How has COVID-19 had a Significant Impact on the Cancer Vaccines Market?
The COVID-19 pandemic had a significant impact on cancer vaccine development and research. While COVID-19 became the primary focus of healthcare systems globally, other medical fields, including cancer research, faced disruptions and challenges. Clinical trials for cancer vaccines experienced delays and interruptions, as resources were redirected to combat the pandemic and ensure the safety of trial participants.
Moreover, cancer patients, especially those with compromised immune systems, faced increased vulnerability to COVID-19, leading to the prioritization of their safety over potential vaccine trials. Additionally, the pandemic disrupted supply chains, affecting the production and distribution of cancer vaccines.
Despite these challenges, the pandemic also highlighted the importance of innovative medical solutions, leading to increased investments in technology and research. Virtual clinical trials and telemedicine became more prevalent, offering opportunities for remote patient monitoring and participation in vaccine studies.
As the pandemic eases and healthcare systems stabilize, efforts are being made to restore and advance cancer vaccine research. The lessons learned during the COVID-19 crisis are shaping future strategies to expedite vaccine development and ensure better preparedness for future medical challenges.
How will this Report Benefit you?
Visiongain’s 235-page report provides 97 tables and 157 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the cancer vaccines market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for cancer vaccines. Get financial analysis of the overall market and different segments including type, technology, indication, and end-users and capture higher market share. We believe that there are strong opportunities in this fast-growing cancer vaccines market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Number of Cancer Cases to Drive the Vaccines Demand
As the number of cancer cases continues to rise worldwide, the demand for cancer vaccines is also increasing rapidly. The prevalence of cancer is escalating due to various risk factors, such as aging populations, unhealthy lifestyles, and environmental exposures. As more people are diagnosed with cancer, the need for innovative and effective treatment options like cancer vaccines becomes evident. Cancer remains one of the leading causes of death, impacting millions of individuals across the globe. Traditional cancer treatments, such as surgery, chemotherapy, and radiation, have been the mainstay for years, but they often come with significant side effects and may not be effective for all patients.
As per, U.S. Department of Health and Human Services, the global cases are expected to stand at 1,958,310 in 2023. The rising demand for cancer vaccines can be attributed to several factors such as increasing cancer incidence, advancements in immunotherapy, and favourable safety profile. Compared to traditional treatments, cancer vaccines generally have a more favourable safety profile, with fewer severe side effects.
Rising Investments by Public-private Partnerships to Boost Industry Growth
Spending and investment on cancer vaccines by governments and companies have seen significant growth in recent years. The increasing prevalence of cancer and the rising demand for innovative and effective treatments have prompted both public and private sectors to allocate substantial resources to cancer vaccine research and development. Pharmaceutical and biotechnology companies play a crucial role in cancer vaccine development. Many of these companies have made substantial financial investments to advance research in this field. Their commitment is driven by the potential market demand for effective cancer treatments and the opportunity to make a positive impact on patients’ lives.
Governments worldwide have recognized the importance of cancer vaccines in reducing cancer burden and improving public health. As part of their healthcare and research budgets, many governments have allocated funds to support cancer vaccine research, clinical trials, and implementation programs. These investments aim to accelerate vaccine development, ensure access to vaccines for the population, and enhance cancer prevention efforts. For instance, in January 2023, Government of Wales announced investment of about US$93 million for new cancer treatment technologies, equipment, and software.
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Where are the Market Opportunities?
Increasing Organic and Inorganic Activities to Boost the Cancer Vaccines Market Growth
The cancer vaccine market is witnessing significant growth and innovation as researchers and pharmaceutical companies strive to develop effective treatments against various types of cancer. Within this dynamic landscape, both inorganic and organic growth strategies are playing crucial roles in advancing the field. Inorganic strategies, such as mergers, acquisitions, partnerships, collaborations, and licensing agreements, provide avenues for companies to expand their capabilities and accelerate the development of cancer vaccines. On the other hand, organic strategies, primarily centred around research and development efforts, are driving the innovation and scientific breakthroughs that underpin the market’s growth. For instance, in July 2022, GSK plc acquired Sierra Oncology with an investment of US$1.9 billion, Inc., a California-based, late-stage biopharmaceutical business that specializes in targeted treatments for the treatment of uncommon kinds of cancer. Momelotinib, which addresses the medical requirements of myelofibrosis patients with anaemia, is the key asset. The total transaction expenses came to US$57 million.
Emerging Economies Projected to Offer Lucrative Growth Prospects
India ranks 3rd in number of cancer incidences with 96.4 incidences per 100,000 people. In 2022, there were about 1.5 million cases. Thus, India faces a significant cancer burden with a rising number of cases reported annually which has resulted into high demand for cancer vaccines. The country is estimated to create an incremental opportunity of US$1,108 million during the projected period. The country has been making major progress in the market, for instance, in 2022, the National Institute of Immunology in India made significant strides in cancer vaccine research. Their team successfully developed a potential cancer vaccine candidate that targets specific antigens found in breast cancer cells. Preclinical studies showed promising results, laying the foundation for further research and clinical trials.
The major players operating in the cancer vaccine market are Amgen Inc., AstraZeneca, Dendreon Pharmaceuticals LLC, F. Hoffmann-La Roche Ltd, GSK plc, Merck & Co., Inc., Moderna, Inc., OSE Immunotherapeutics, Synthaverse S.A. (Biomed-Lublin), and Walvax Biotechnology Co. Ltd. among others. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- In June 2023, OSE Immunotherapeutics received US$1.6 million in funding from Bpifrance for the development of a companion diagnostic for the cancer vaccine Tedopi in Non-small cell lung cancer
- In May 2023, Amgen completed its acquisition of five prime Therapeutics. It’s a clinical-stage biotechnology business with a focus on creating tailored cancer medicines and immuno-oncology, for $38.00 per share in cash. Without taking into account associated transaction fees and costs, Amgen will be required to pay a total of about $1.9 billion to complete the tender offer and the following merger.
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To find more Visiongain research reports in the Pharma sector, click on the following links:
- Cancer Biologics Market Report 2023-2033
- Precision Cancer Diagnostic Test Market Report 2022-2032
- Checkpoint Inhibitors for Treating Cancer Market Report 2021-2031
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