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The cancer vaccines market plays a vital role in cancer treatment as vaccines help activate the body’s immune system to fight against cancer cells. Cancer vaccines are designed to either prevent cancer or treat existing cancer by developing an immune response of T cells and B cells to destroy cancer cells. The market is highly driven by the increased adoption of advanced immunotherapy approaches such as cancer vaccines and checkpoint inhibitors over traditional cancer therapies owing to improved safety profiles and better clinical outcomes.
The global cancer vaccines market is estimated to be valued at US$ 1.9 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period from 2023 to 2030.
Key Takeaways
Key players operating in the cancer vaccines market are Astrazeneca Plc. (Medimmune, LLC.), Glaxosmithkline Plc., Merck & Co., Inc., Sanofi Pasteur, Aduro BioTech Inc., Sanpower Group, Astellas Pharma Inc., CSL Limited, Pfizer Inc., and Serum Institute of India Pvt. Ltd. These key players are investing significantly in R&D to develop novel cancer vaccines with better therapeutic outcomes.
The demand for cancer vaccines is growing rapidly owing to the increasing global cancer burden. According to WHO, cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. The high cancer incidence rate is driving increased adoption of innovative therapeutics such as cancer vaccines that are more effective with less toxic side effects.
The cancer vaccines market is also witnessing robust expansion in emerging regions owing to improving access to advanced cancer treatment options. Various initiatives are being undertaken by governments and pharma players to make life-saving vaccines accessible in low and middle-income countries. This is expected to provide attractive opportunities for cancer vaccine manufacturers to strengthen their geographic footprint.
Market key trends
One of the major trends in the cancer vaccines market is the significant research focus on RNA and DNA based cancer vaccines. Many biotechs are developing novel RNA and DNA vaccines that can induce both antibody and T-cell mediated immune responses against cancer with the potential for better clinical outcomes. For instance, Moderna and BioNTech are evaluating mRNA based personalized cancer vaccines in clinical trials. Increased investments in cancer vaccine R&D and emergence of novel technologies are expected to boost the market opportunities during the forecast period.
Porter’s Analysis
Threat of new entrants: Low barrier to entry as R&D and clinical trials require significant funding.
Bargaining power of buyers: Limited bargaining power due to lack of substitutes and life threatening disease.
Bargaining power of suppliers: Pharmaceutical companies have high bargaining power being major suppliers and researchers in the market.
Threat of new substitutes: Low threat as vaccines are specifically designed for different cancer types and stages.
Competitive rivalry: Intense competition between major players to gain market share and be the first to launch new and improved cancer vaccines.
Geographical Regions
North America dominates the cancer vaccines market currently with a value share of over 40% attributed to high healthcare expenditure, availability of advanced treatment options and presence of major market players in the US. Asia Pacific is expected to be the fastest growing regional market during the forecast period owing to rising cancer incidence, increasing healthcare spending and growing awareness about cancer vaccines in China, India and other developing Asian countries.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
