Cancer vaccines are biological therapeutics aimed at stimulating protective immune responses against specific tumor antigens with the goal of curing, treating, or preventing cancer. They work in various ways including enhancing a patient's immune response to attack cancer cells and preventing cancers from developing in the first place. Cancer vaccines are anticipated to play a major role in reducing the burden of cancer globally owing to their advantages such as being safer and more target-specific compared to traditional cancer treatments like chemotherapy and radiation therapy.
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 2023 to 2030.
Key Takeaways
Key players operating in the Cancer Vaccines 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 players are mainly focused on enhancing their product portfolio through collaborations and new product launches. For instance, GSK announced its plan to develop four novel cancer vaccines in collaboration with the nonprofit research organization Precision Vaccines.
There is a huge potential for cancer vaccines in prophylactic and therapeutic applications against prevalent cancers. Development of novel antigen targets and delivery platforms hold promise to enhance the efficacy of cancer vaccines. Nanoparticle-based antigen delivery systems and checkpoint inhibitors in combination with cancer vaccines are being explored to enhance antitumor immune responses.
The growth of the global cancer vaccines market can also be attributed to the increasing focus of key players on emerging markets through collaborations. For example, Serum Institute of India signed an agreement with AstraZeneca to manufacture and supply India with a locally-produced COVID-19 vaccine alongside partnerships for other major diseases. This allows for greater accessibility to efficacious vaccines in low and middle-income countries.
Market Drivers
Rising prevalence of cancer worldwide due to increasing risk factors such as tobacco use, obesity, physical inactivity, and aging population is the major factor driving the growth of the cancer vaccines market. According to WHO, cancer is among the leading causes of death globally and around 10 million deaths occur annually due to the disease. Growing awareness about the potential of therapeutic and preventive cancer vaccines is also propelling the market.
Market Restraints
High research and development costs involved in developing novel cancer vaccines is a major challenge. Failure of some late-stage vaccine candidates in clinical trials has made companies and investors reluctant to further invest in this space which acts as a restraint. Other challenges include technical difficulties in identifying antigens specific to each type of tumor and development of suitable vaccine delivery methods.
Segment Analysis
Breast Cancer vaccine market holds the largest share in cancer vaccines market owing to increasing number of breast cancer cases worldwide. Cervical cancer vaccine segment is also growing at a significant rate due to increasing initiatives by government and non-profit organizations for promoting cervical cancer vaccination among young women population. Prostate cancer vaccine segment is expected to grow at a steady rate during the forecast period due to ongoing clinical trials of various vaccines for treatment of prostate cancer.
Global Analysis
North America dominates the cancer vaccines market currently due to high awareness levels regarding cancer vaccines, strong presence of key market players, and rapid adoption of new technologies. Asia Pacific is projected to grow at the fastest rate during the forecast period owing to increasing healthcare expenditure, large patient pool, and rising incidence of cancer. Rising geriatric population, which is more prone to develop cancer, will drive the market in Europe. The Middle East and Africa region is expected to witness steady growth due to improving healthcare infrastructure and rising medical tourism in the region.
