Global Cancer Vaccines Market Size (2023 - 2030)

In 2022, the Global Cancer Vaccines Market was valued at $7.1 Billion and is projected to reach a market size of $22.33 Billion by 2030, growing at a CAGR of 15.4% over the forecast period of 2023 - 2030. Cancer is a malignant disease that is intensely affecting the quality of life and is a leading cause of death around the world. The increasing number of cancer cases, rising investments and government funding in developing cancer vaccines and technological developments in the health care sector are a few factors driving the growth of the Cancer Vaccine market.

INDUSTRY OVERVIEW

Cancer is one of the leading causes of death across the world, it has profoundly impacted the quality of life of people of all ethnicities and economic backgrounds. As per a report by World Health Organization (WHO), around 9.6 million deaths reported across the globe were due to cancer, in 2018.According to a study done by the International Agency for Research on Cancer (IARC) in December 2020, one out of every five individuals will be diagnosed with cancer at some point in their lives, with one out of every eight men and one out of every eleven women dying from it.The research also stated that the number of cancer patients rose from 18 million in 2018 to around 19.3 million in 2020 and cancer-related death was recorded at 10 million. With this rate of growing cases, the prevention of cancer is one of the most significant challenges. The cancer diagnosis and treatment strategies have improved over the years due to advancements in medical and healthcare technology. Many private and public-funded research organizations are constantly working on the development of vaccines that may cure cancer.

Cancer vaccines have shown great potential in both preventive and therapeutic ways as it plays a vital role in strengthening the immune system to fight against cancer. It acts as a biological response modifier and targets the infectious cells that cause cancer through the production of antibodies. The increasing number of cancer cases has resulted in private and government agencies focusing more on the development of vaccines. It has led to a rise in investment related to the research and development of cancer vaccines which is driving the growth of the Cancer Vaccine market. The market's development is limited, however, by strict regulatory procedures and the delayed approval rate of newly produced vaccines by various agencies throughout the world.

COVID-19 IMPACT ON THE CANCER VACCINES MARKET

The pandemic has significantly affected the cancer vaccine market in terms of growth. In early 2020, the COVID-19 disease started to spread worldwide, millions of people worldwide have been infected with the COVID-19 infection, and major countries across the world shifted their focus in curbing the widespread of the disease, which resulted in the delay of prevention, detection, and treatment of other chronic conditions, like cancer. The lockdown imposed by the government of several countries has slowed the cancer vaccine production and the import and export of raw materials and finished products. This has resulted in a negative impact on the growth of the cancer vaccine market. However, in the upcoming years, the market is expected to bounce back and gain momentum due to the relaxation of restrictions and restarting of the R&D activities and clinical trials related to cancer vaccines. All these factors are working as proponents for the growth of the cancer vaccine market rise during the forecast period.

MARKET DRIVERS: 

Increased government support and investment in the development of cancer vaccines, as well as technological advancements in cancer vaccines, will propel the market growth

An increase in consumption of tobacco and alcohol, a rise in unhealthy and sedentary lifestyles and environmental conditions are contributing to the rise of cancer cases. Other factors like rising in the elderly population, increased awareness in patients regarding cancer therapy, the surge in cancer vaccine usage coupled with other therapies and an increase in investments from private and government funding in the research and development of cancer vaccines have also created a positive trend in the market. Furthermore, technological advancements in healthcare sectors have led to the development of new cancer vaccines. The rapid urbanization resulting in rising in health care services and expenditure, and increased adoption of preventive and therapeutic vaccines are the major factors that drive the growth of the market.

The rising number of cancer cases is a major element driving the market for cancer vaccines

According to the International Agency for Research on Cancer (IARC), one out of every five people will develop cancer throughout their lifetime, with one out of every eight men and one out of every eleven women dying from it by December 2020. According to the International Agency for Research on Cancer, the global cancer prevalence will increase to 19.3 million cases and 10 million deaths bythe year 2020 and ahead, up from roughly 18 million cases in 2018. One of the most crucial challenges, given this expanding burden, is cancer prevention. Cancer vaccines are vital in the immune system's maintenance because they act as biological response modifiers.Cancer vaccines work by producing antibodies against infectious pathogens that can cause cancer.

MARKET RESTRAINTS:

During the forecast period, the high cost of cancer treatment is likely to stymie the growth of the worldwide cervical cancer vaccines market

Treatment of cancer is quite expensive. The average cost of treatment can be as high as USD 150000.During the projected period, the global cancer vaccines market is expected to be hampered by the high cost of treatment for cancer. According to the National Center for Biotechnology Information (NCBI), the cost of the most common cervical cancer therapy in 2017 ranged from USD 368 to USD 11,400, depending on the type of facility and treatment, as a result, creates more financial burden on the individual suffering from malignant disease.

The global cancer vaccines market's growth is hampered by severe regulatory concerns, longer vaccine manufacturing timelines, and the availability of alternative therapies

When compared to other alternative therapeutic medications, cancer vaccinations are considered a newer therapy and are not widely used.factors including strict regulations regarding product approval by various government agencies across the world, long time in manufacturing of vaccines and rising consumer demand for inexpensive products act as a major restraint to the market growth.

CANCER VACCINES MARKET REPORT COVERAGE:

This research report on the Cancer Vaccine Market has been segmented and sub-segmented based on Technology, Type, Indication, End User and Region.

CANCER VACCINES MARKET- BY TECHNOLOGY

• Dendritic Cells Cancer Vaccines
• Recombinant Cancer Vaccines
• Antigen Cancer Vaccines
• Whole-Cell Cancer Vaccines
• Viral Vector Cancer Vaccines

Based on Technology, the Cancer Vaccine market can be further segmented into Dendritic Cells Cancer Vaccines, Recombinant Cancer Vaccines, Antigen Cancer Vaccines, Whole-Cell Cancer Vaccines and Viral Vector Cancer Vaccines. Amongst these, the Recombinant Cancer Vaccines contributed the maximum to the revenue and are expected to grow substantially during the forecast period. A recombinant vaccine is a vaccine manufactured by recombinant DNA technology. The market is projected to grow due to increased acceptance of recombinant technology, increased consumption of recombinant vaccines, and an increase in the number of licenced cancer vaccines produced utilising recombinant technology.

CANCER VACCINES MARKET- BY TYPE

• Preventive Cancer Vaccines
• Therapeutic Cancer Vaccine

Based on the type of vaccine, the Cancer Vaccine market can be bifurcated into Preventive Cancer Vaccines and Therapeutic Cancer Vaccines. Among these two the preventive cancer vaccine segment dominated the market share in 2020 and is expected to continue with this trend overthe forecast period.

CANCER VACCINES MARKET -BY INDICATION

• Cervical Cancer
• Prostate Cancer
• Liver Cancer
• Others

Based on Indications, the cancer vaccine market can be further segmented into Cervical Cancer, Prostate cancer, Liver cancer, Lung cancer and breast cancer among others. All these cervical cancers were more prevalent among the patients and contributed the maximum to the segmental share attributing to the increase in the number of people suffering from human papillomavirus infection. Prostate cancer in males and breast cancer were more diagnosed types of cancer in men and women respectively. Moreover, lung cancer was the most common cause of death in men and women. The rising incidence of cancer in both men and women is propelling the market expansion.

CANCER VACCINES MARKET -BY END-USER

• Adults
• Pediatrics

Based on end-users the cancer vaccine market can be divided into Adults and Pediatrics. Among these two segments, the paediatrics segment contributed the maximum to the market growth and is projected to grow at a CAGR of 17.4% over the forecast period.

CANCER VACCINES MARKET- BY REGION

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East
• Africa

By region, the Cancer vaccines market is grouped into North America, Europe, Asia Pacific, Latin America, The Middle East and Africa. North America emerged as the largest regional market for Cancer Vaccines in 2020 and is expected to continue the trend during the forecast period owing to the growing elderly population, presence of advanced healthcare facilities and infrastructure, specialized medical professionals and high adoption of gene therapy in this region. The Asia Pacific is also expected to show the highest growth and is expected to grow at a CAGR of 15% over the forecast period. The rise in urbanization and economic development in the region has led to an increase in healthcare expenditure in developing countries in this region. Additionally, because of the harmful effects of existing medicines and the substantial rise in cancer patients have led to an expansion in the cancer vaccine market. The European market has also shown positive growth in the market. The European vaccine market is expected to grow at a CAGR of 7% over the forecast period. Germany had the major proportion of the vaccine market share. Some of the main drivers driving market growth in Germany include the growing demand to detect and cure cancer, increased competition among market players, and increased R&D funding by government and private entities to research institutes to develop new vaccines. Whereas, the UK is most likely to swiftly capture share in the market and propel the regional market growth in Europe.

CANCER VACCINES MARKET- BY COMPANIES

The global cancer vaccine market is consolidated because of the presence of a few major players capturing a major market share. The cancer vaccine market experiencing tremendous growth due to the high rate of investments from both public and private sectors for the development of facilities equipped with advanced manufacturing to facilitate the development of novel vaccines.The major market players are undergoing strategies like Product launches, clinical trials, innovative research and seeking approvals from government agencies to expand their global footprints and product ranges. These strategies help them cater for the increased consumer demand. Major Companies are getting into partnerships for research and development purposes for the development of new vaccines and also to have a wider customer base globally.  The major players operating in the Cancer Vaccine Market are

1. Generex Biotechnology Corporation
2. GlaxoSmithKline plc (GSK)
3. Immunocellular Therapeutics Ltd
4. AstraZeneca PLC
5. Bristol-Myers Squibb
6. Roche
7. OSE Immunotherapeutics
8. Merck & Co. Inc.
9. Sanofi
10. Moderna

NOTABLE HAPPENING IN THE CANCER VACCINES MARKET

• INVESTMENT- In March 2021, Eterna, a Belgian-based immunotherapy company, received a EUR 6.9 million grant from the European Commission to accelerate the clinical development of mRNA-based vaccines for cervical cancers.
• PRODUCT DEVELOPMENT- Latest announcement from the R &D team of EPFL has confirmed that they are working on developing an alternate personalized cancer vaccine that would use the polycondensation technique. This technique will automatically deliver the vaccine and activate the immune cells at desired location with improved accuracy.