Cancer Vaccines Market Trends

Growth Drivers

• 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. 
• 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.

Challenges

• 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.