Introduction to Cancer Vaccines
Cancer can be caused by various factors, viruses being one of them. Viruses such as the human papillomavirus (HPV) and hepatitis B virus (HBV) have been associated with several kinds of cancers in the body. Cancer vaccines are used to kill these infectious agents and thereby treat or prevent cancers that are caused as a result of infections. Cancer vaccines can be either therapeutic or preventive, based on whether it is used for the treatment of an existing cancer or as a preventive measure.
Market Size and Forecast
The cancer vaccines market is anticipated to record a CAGR of around 17.5% over the forecast period, i.e., 2020-2028. The market is segmented by vaccine, by indication, by technology and by region, out of which, the vaccine segment is segmented into therapeutic cancer vaccines and preventive cancer vaccines. The segment for preventive cancer vaccines is anticipated to hold the largest share in the cancer vaccines market on account of growing demand for these vaccines by people for prevention of cancer. Preventive cancer vaccines reduce the risk of infection by cancer causing organisms and help the body to build up immunity against them by creating antibodies. The therapeutic cancer vaccines segment is predicted to grow at the highest rate over the forecast period as a result of high demand for vaccines for the treatment of cancer. Based on technology, the cancer vaccines market is segmented into recombinant vaccine, dendritic cells vaccine, whole cell vaccine, adjuvant vaccine and viral vector & DNA vaccine. According to the National Cancer Institute, the vaccines for prevention of disease causing HPV that are approved for use in the United States include Cervarix®, Gardasil® and Gardasil®. These prevent infection from HPV type 16 and 18, which are estimated to cause around 70% of all cervical cancers.
Rising Cases of Cancer to Increase the Demand for Cancer Vaccines
The World Health Organization reported that cancer is the second leading cause of death globally, with around 9.6 million deaths in 2018. Around 1 in 6 deaths are as a result of cancer and about 70% of deaths from cancer take place in middle and low income countries. Moreover, it states that infections which cause cancer, such as hepatitis virus and human papilloma virus (HPV), are responsible for around 25% of cancer cases in low and middle income regions. The growing cases of cancer around the world, especially those resulting from cancer causing infections, are predicted to significantly raise the demand for cancer vaccines in the market. CLICK TO DOWNLOAD SAMPLE REPORT
Side Effects of Alternate Cancer Treatment Methods to Boost the Market Growth
Existing treatments for cancer such as chemotherapy and radiotherapy are linked with certain severe side effects, including hair loss, weight loss and others. In order to avoid these, the demand for alternate treatment methods such as cancer vaccines, which are safer and highly effective, is anticipated to increase over the forecast period.
High Cost of Cancer Vaccines to Hamper the Market Growth
As a result of continuous developments and entrance of improved vaccines in the market regularly, the cost of cancer vaccines is high. The increase in manufacturing expenses is high as well, which is predicted to restrict the entry of small drug manufacturers in the market. On account of high costs, people are less likely to opt for cancer vaccines as a prevention method, which is estimated to hamper the market growth in coming years.
Our in-depth analysis of the cancer vaccines market includes the following segments:
On the basis of regional analysis, the cancer vaccines market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Cancer vaccines market in North America is anticipated to hold the leading share in the market as a result of highly developed healthcare infrastructure as well as presence of leading key players in the market in the region, especially in the United States. The market in Europe is anticipated to hold the second largest share on account of highly advanced technology being used in the region. On the other hand, the market in Asia Pacific is projected to grow at the highest rate over the forecast period as a result of rising cases of cancer in the region and growing presence of leading pharmaceutical and biotechnology companies in the region, especially in China, India and Japan.
The cancer vaccines market is further classified on the basis of region as follows:
Top Featured Companies Dominating the Market
Rising cases of cancer and increased demand for cancer vaccines as an alternate treatment method with lesser side effects are the major growth driving factors for the market.
The market is anticipated to attain a CAGR of 17.5% over the forecast period, i.e. 2020-2028.
North America is anticipated to hold the dominating share in the market.
The market in Asia Pacific is projected to provide more business opportunities as a result of rising cases of cancer in the region and growing presence of leading pharmaceutical and biotechnology companies.
The major players in the market are AstraZeneca, Bristol-Myers Squibb Company, GlaxoSmithKline plc., Sanofi, Merck & Co Inc, Astellas Pharma Inc., VBI Vaccines Inc., Moderna, Inc., Advaxis Immunotherapies and Galena Biopharma.
Company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
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