The Global Cancer Vaccine Market size was valued at USD 4.6 Bn in 2020 and is expected to reach USD 9.0 Bn by 2027, growing at a CAGR of 10.0% during the forecast period. Cancer vaccines are a fundamental part to support the immune system, as they are natural reaction modifiers. Cancer vaccines prevent the development of cancer or treat existing cancer. Cancer vaccinations stimulate the immunity system of the patients to destroy the cancer cells.
Cancer Vaccine Market Dynamics
The main driving factors for the growth of the cancer vaccine market are the increasing prevalence of cancers, entry of generic vaccines, and the rising cases of cancer among the old-age population. Moreover, increasing uptake of cancer vaccines due to rising awareness among the population is the boosting factor for the growth of the global market. Furthermore, increasing research activities in the field of cancer vaccines to treat and prevent cancer is another driving factor influencing the growth of the targeted market.
However, the strict regulation for approval of cancer vaccines by the government and alternative available therapies are expected to impede the growth of the cancer vaccine market. The presence of a strong pipeline for the cancer vaccine can create lucrative opportunities for the growth of the global market. High cost of cancer vaccine is expected to be the challenging factor for the adoption of cancer vaccine in developing regions.
The Global Cancer Vaccine Market Segmentation:
Based on type, the therapeutic cancer vaccines segment is expected to dominate the global cancer vaccine market growth due to expected entry of various products
Based on the type, the targeted market has been segmented into preventive cancer vaccines, therapeutic cancer vaccines, and personalized cancer vaccines. The therapeutic cancer vaccine segment held the highest share in 2020. The increasing demand for therapeutics cancer vaccines due to rising awareness about cancer vaccines and growing incidence of cancer. Therapeutic cancer vaccines worked by activating the immune system to fight against infections. However, the preventive cancer vaccine segment is expected to grow in targeted market at the highest CAGR during the forecast period.
Based on technology, recombinant cancer vaccines are expected to dominate the global cancer vaccine market due to the increased prevalence of cancer
Based on the type, the global market has been segmented into recombinant cancer vaccines, dendritic cells (DC) cancer vaccines, viral vector & DNA cancer vaccines, and antigen/adjuvant cancer vaccines. The recombinant cancer vaccine is expected to dominate the global market in 2020. The increasing prevalence of cancer, coupled with the launch of new recombinant cancer vaccine for the treatment of cancer, is expected to drive this segment. The International Agency for Research on Cancer estimates that the global incidence of cancer is estimated to reach around 29.5 million by 2040, from 18.1 million in 2018.
Geographically, the North America region dominated in the global cancer vaccine market
In 2020, the North America region dominated the cancer vaccine market owing to the increasing prevalence of cancer patients pool in the region and high healthcare expenditure. Advanced technology in the manufacturing and development process of vaccines and high awareness about cancer vaccines that gives rise to the demand for vaccines are some other factors that are expected to drive the of the cancer vaccine market in the North America region.
Company Profiles and Competitive Intelligence
The key players operating in the cancer vaccine market are:
The report also provides an in-depth analysis of the global cancer vaccine market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Global Cancer Vaccine Market Analysis
COVID-19 has highly affected the industries in terms of growth, economy, health, and mental well-being of every individual. In this challenging situation, every industry is trying to give the best services in terms of quality and safety. The outbreak of COVID-19 has affected negatively on the healthcare industry and the cancer vaccine market growth.
During the pandemic, the focus of pharmaceutical & biopharmaceutical companies shifted towards the research & development, and production of COVID-19 vaccines therefore, the funding for the development of cancer vaccines hinder.
The report also provides an in-depth analysis of recent news developments and investments
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