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Cancer vaccines are designed to recognize cancer cells in the body and activate the immune system response to eliminate them. These vaccines may help prevent cancer or slow its progression and can be used alone or in combination with other therapies to boost immune response against cancer cells. The major advantages of cancer vaccines include individualized treatment approach, ability to target specific mutations, minimal side effects compared to other treatments, and potential long lasting immunity against cancer recurrence. With rising prevalence of different cancer types worldwide, cancer vaccines provide an effective therapeutic approach to manage the disease.
The global Cancer Vaccines Market is estimated to be valued at US$ 1.9 Bn or billion in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market key trends:
One of the key trends in the cancer vaccines market is development and greater adoption of neoantigen cancer vaccines. Neoantigen cancer vaccines aim to target new tumor antigens that develop as a result of DNA mutations in cancer cells. These mutated peptides, known as neoantigens, have potential to trigger a robust and targeted T cell response without harming normal cells. Several players in the market are conducting clinical trials for neoantigen vaccines developed using personalized medicine approach. For instance, Gritstone Oncology is evaluating a neoantigen-based immunotherapy in combination with immune checkpoint inhibitors in late-stage clinical trials. Advances in precision and personalized medicine are expected to accelerate development and uptake of neoantigen cancer vaccines going forward.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the cancer vaccines market is relatively low due to significant R&D investment and high regulatory barriers.
Bargaining power of buyers: The bargaining power of buyers in the cancer vaccines market is moderate as cancer vaccines are consumed by hospitals, cancer research institutes and pharmaceutical companies as bulk purchasers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of alternative suppliers of raw materials and other allied products used in manufacturing cancer vaccines.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment options for cancer currently and cancer vaccines represent a promising innovation.
Competitive rivalry: The competitive rivalry in the cancer vaccines market is high due to the presence of several big pharmaceutical companies focusing on R&D.
Key Takeaways:
The global cancer vaccines market size is expected to reach US$ 3.8 Bn by 2030, exhibiting a CAGR of 6.3% over the forecast period. This high growth can be attributed to rising cancer incidence across the globe and increasing focus on immunotherapies. By 2030, around 20 million new cancer cases are projected to be reported annually.
On a regional scale, North America is expected to dominate the cancer vaccines market during the forecast period. Favorable reimbursement policies for cancer treatments along with presence of leading biopharma companies engaged in vaccine development support market growth in the region. Asia Pacific shows promising growth prospects by 2030 led by initiatives like National Health Protection Scheme in India.
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. Among these, Astrazeneca, GSK and Merck together account for over 60% market share owing to their robust oncology pipelines.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
