How is the Cancer Vaccines Market Poised for Growth: Trends and Opportunities Through 2034
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How has the cancer vaccines market grown over the years?
In recent times, the market size for cancer vaccines has seen a substantial growth. It’s projected to increase from $7.22 billion in 2024, reaching $8.25 billion by the year 2025, maintaining a compound annual growth rate (CAGR) of 14.3%. The growth observed in the historical period is due to factors such as a surge in cancer cases, an increase in awareness about cancer vaccines, the expansion of the array of approved cancer vaccines, mounting proof of the effectiveness of such vaccines, and governmental backing for research and development activities.
What Is the forecasted market size and growth rate for the cancer vaccines market?
Over the coming years, the market size for cancer vaccines is predicted to witness swift expansion. It is slated to reach $13.89 billion by 2029, growing at a compound annual growth rate (CAGR) of 13.9%. The progression during the forecast period is largely due to the adoption of combination therapies involving cancer vaccines, greater funding by pharmaceutical firms, the emergence of biomarkers, personalized vaccines, and the spread of vaccination programs. Key trends expected in the forecast period encompass progress in immunology, application of adjuvant therapies, diversification of indications, patient accessibility, cooperative research, neoantigen-focused vaccines, and treatment-oriented cancer vaccines.
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What are the major factors driving growth in the cancer vaccines market?
Rising cancer incidents worldwide are predicted to bolster the growth of the global cancer vaccines market in the future. Specifically, the American Cancer Society stated in January 2022 that an estimated 1.9 million new cancer cases and 609,360 cancer-related deaths are expected in the US, equating to about 1,670 deaths each day. Globally, the four most prevalent cancers are lung, prostate, bowel, and female breast cancer, which together account for 43% of all fresh cancer cases. Thus, the increasing global incidence of cancer is expected to stimulate higher demand in the cancer vaccine market in the approaching years.
What key areas define the segmentation of the global cancer vaccines Market?
The cancer vaccines market covered in this report is segmented –
1) By Type: Preventive Cancer Vaccines, Therapeutic Cancer Vaccines
2) By Technology: Dendritic Cells (DC) Cancer Vaccines, Recombinant Cancer Vaccines, Antigen/Adjuvant Cancer Vaccines, Whole Cell Cancer Vaccines, Viral Vector & DNA Cancer Vaccines
3) By Cancer Type: Prostate, Cervical, Colorectal, Throat, Other Cancer Types
4) By End-User: Cancer Treatment Centers, Research Institutes
Subsegments:
1) By Preventive Cancer Vaccines: HPV Vaccines, Hepatitis B Vaccines
2) By Therapeutic Cancer Vaccines: Sipuleucel-T (Provenge), Talimogene Laherparepvec (T-VEC), Other Therapeutic Vaccines
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What are the top market players propelling the growth of the cancer vaccines industry?
Major companies operating in the cancer vaccines market include GlaxoSmithKline plc, Merck & Co. Inc., Aduro Biotech Inc., AstraZeneca PLC, Dendreon Corporation, Astellas Pharma Inc., Sanofi SA, Sanpower Group, CSL Limited, Pfizer Inc., Serum Institute of India Pvt. Ltd., Advantagene Inc., Advaxis Inc., Agenus Inc., Altor BioScience Corporation, Argos Therapeutics Inc., Oncothyreon Inc., Oncovir Inc., Oxford BioMedica plc., Prima BioMed Ltd., Sotio LLC, Transgene SA, Ubivac LLC, Vaccinogen and Vaxon Biotech, Bavarian Nordic A/S, Bharat Biotech International Limited, Bristol-Myers Squibb Company, Dynavax Technologies Corporation, Emergent BioSolutions Inc., Galena Biopharma Inc., Moderna Inc., Biothera Pharmaceuticals Inc., Celldex Therapeutics Inc., Genexine Inc., Gritstone Oncology Inc., Heat Biologics Inc., ISA Pharmaceuticals B.V., Northwest Biotherapeutics Inc., OncBioMune Pharmaceuticals Inc., TapImmune Inc., Vaxil Bio Ltd., VBI Vaccines Inc., Ziopharm Oncology Inc.
What are the key trends shaping the future of the cancer vaccines market?
The growing popularity of alternative therapies and natural remedies worldwide is predicted to negatively impact the profit margins of businesses that manufacture cancer vaccines. Various treatment modalities including homeopathy, Ayurveda, yoga, acupuncture, and sujok therapy seem to be progressively substituting some conventional hospital systems. For example, Ayurveda, a time-honored Indian medicinal system, incorporates a variety of methods and treatments to deal with cancer. As per the World Health Organization (WHO), several countries continue to rely on plant-derived treatments as their primary source of medication, and developing countries harness the advantages of natural compounds for healing purposes, resulting in reduced cancer vaccine sales. Moreover, the worldwide market for homeopathic products is expected to hit $18.6 billion by late 2027. This tendency is anticipated to persist throughout the projection period, thereby curtailing the demand for cancer vaccines.
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What regions are dominating the cancer vaccines market growth?
North America was the largest region in the cancer vaccines market in 2024. The regions covered in the cancer vaccines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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