Cancer Vaccines Market to reach US$ 15,845.59 million by 2027 Says, The Insight Partners
According to our new market research study on "Cancer Vaccines Market to 2027 – Global Analysis and Forecast by Technology, Type, Indication, and End User," the market is expected to reach US$ 15,845.59 million by 2027 from US$ 4,568.82 million in 2019; it is estimated to grow at a CAGR of 17.2% from 2020 to 2027. The report highlights trends prevailing in the global cancer vaccines market, and the drivers and restraints pertaining to the market growth.
The cancer vaccines assist in the treatment of the existing cancer or prevent the development of cancer; the former are known as therapeutic cancer vaccines. Several vaccines are "autologous," as they are prepared from the samples obtained from cancer patients, and such vaccines are unique to that patient. Cancer vaccines can be of two type, therapeutic vaccine and preventive vaccines. Cervarix, Gardasil, Gardasil-9, and Hepatitis B (HBV) vaccine (HEPLISAV-B) are preventive cancer vaccines, whereas, Sipuleucel-T (Provenge) are therapeutic cancer vaccines. The global cancer vaccines market is driven by factors such as increasing R&D expenditures by pharmaceutical companies, and rising government support for research activities and clinical trials. However, the high cost of drug development hinders the market growth. However, emerging markets are creating growth opportunities for the market players.
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Cancer Vaccines Market Competitive Landscape
CSL Limited, ADURO BIOTECH INC., Astellas Pharma Inc., Merck & Co., Inc., Sanofi, Bristol-Myers Squibb Company, Glaxosmithkline Plc., Dendreon, ASTRAZENECA PLC., and OSE Immunotherapeutics are among the leading companies operating in the cancer vaccines market.
Increase in Prevalence of Cancer Worldwide
Cancer is among the leading cause of deaths across the globe and is profoundly affecting the quality of life. Thus, cancer would be a burden on society if not diagnosed and treated on time. According to the World Health Organization (WHO), in 2018, approximately 9.6 million deaths reported across the globe were due to cancer. Furthermore, the National Cancer Institute predicted that in 2018, approximately 1,735,350 new cancer cases would be diagnosed in the US. Approximately, 1.9 million new cancer cases and 693,000 cancer deaths were recorded in 2018, in North America. Prostate cancers are the most commonly diagnosed cancers among males in North America; however, breast cancer remains the leading cancer in females. As per the estimations by the American Cancer Society, breast cancer is the most common type of cancer in the US as it caused morbidity in ~234,087 people and lead to 41,904 deaths in 2018. Further, ~276,480 new cases are expected in the country in 2020. As per the Globocan 2019 report, in Germany, the total number of breast cancer cases in 2018 was 71,888, and the disease lead to ~19,376 deaths in that year. Additionally, lung cancer remains the most common cause of death in both sexes. It is estimated that the number of new cases of cancer incidence is 439.2 per 100,000 men and women per year. According to the National Health Profile, the cases of common cancers, including cervical, oral, and breast cancers have increased by 324% in India between 2017 and 2018.
Cancer Vaccines Market Segmentation Review
Based on technology, the cancer vaccines market is segmented into dendritic cells cancer vaccines, recombinant cancer vaccines, antigen cancer vaccines, whole cell cancer vaccines, and viral vector cancer vaccines. In 2019, the recombinant cancer vaccines segment accounted for the largest share of the market, and it is further estimated to register the highest CAGR during the forecast period. Growth of the market for this segment is attributed to the escalating demand for effective vaccines and rising prevalence of cancer. In addition, strategic activities by service providers such as collaborations, mergers, acquisitions, and expansions are further accelerating the growth of the market.
The cancer vaccines market, by indication, is segmented into cervical cancer, prostate cancer, and other indications. The cervical cancer segment held the largest share of the market in 2019, and the market for this segment is anticipated to witness the highest CAGR during the forecast period.
The cancer vaccines market, by end user, is segmented into pediatrics and adults. The pediatrics segment held a larger share of the market in 2019, and the same segment is anticipated to register a higher CAGR of 17.4% during the forecast period.
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