The cancer vaccines market was estimated to be US$ 5.68 Bn in 2021 and US$ xx Bn in 2023. It is expected to reach US$ 16.86 Bn by 2031 and record a CAGR of 11.5% until 2031. Developing personalized cancer vaccines, focusing on combination therapies, and growing investments in cancer vaccine research and development activities will likely remain key cancer vaccines market trends.
Increasing incidence of cancer worldwide is expected to drive the cancer vaccines market's growth. Cancer is one of the leading cause of deaths across the globe and is profoundly affecting the quality of life. Thus, cancer would be a burden on society if not diagnosed and treated on time. As per the World Health Organization report, there were around 19,976,499 cancer cases in 2022; the number of cancer cases is estimated to reach 32.6 Mn by 2045.
Such growing prevalence of cancer in different regions across the world is raising the global demand for the vaccines for the same.
Global cancer vaccines market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The market growth in this region is expected due to factors such as the increase in the prevalence of cancer worldwide initiatives taken by global health research organizations and key players for cancer vaccines. However, a smaller number of commercially available vaccines for cancer treatment and the high vaccine cost are expected to obstruct the market growth to a certain extent during the forecast years.
Frequent government initiatives and launches drive the market for vaccines. In February 2024, the government of India launched a new initiative wherein girls aged 9-14 years will be included in HPV Universal Immunization Programme (UIP) for girls aged 9-14 years. This is a significant step towards ensuring wider accessibility and affordability of the vaccine.
Developing countries in the Asia-Pacific are creating better business expansion opportunities for major market players. Most of these players focus on emerging markets such as India and China owing to a large number of cancer patients and growing medical tourism in these countries. According to the Malaysia Healthcare Travel Council, in 2022, more than 850,000 healthcare travelers visited Malaysia for various healthcare purposes. Low cost of surgeries and availability of advanced technologies for procedures, with less waiting time, are attracting people around the globe toward these developing countries for medical procedures, including cancer screening. Increasing incidence of cancer is creating opportunity in the market. For instance, in 2022, ~1,413,316 new cancer cases were recorded in India. Thus, escalating medical tourism and growing cancer prevalence in emerging countries are providing significant growth opportunities to the players operating in the market.
Key segments that contributed to the cancer vaccines market analysis derivation are services and applications.
The geographic scope of the cancer vaccines market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America includes US, Canada, and Mexico. The market in North America held a significant share in the global market during the year 2023. The demand for the market in the region is anticipated to witness growth at a significant rate during the forecast period owing to various factors such as, growing need for diagnosing and treating cancer, rising incidence of cancer, high R&D spending, increasing competition between the market player, and government grants for research institutes to develop new treatments are some of the prominent factors propelling the market growth.
The Asia Pacific is the fastest-growing market for cancer vaccines globally, owing to the increasing developments for cancer vaccines in countries such as Japan and China. The large cancer patient population, increasing number of research studies, growing government support, and the increasing number of startups and biotech companies in this region are factors creating growth opportunities for market growth.
The regional trends and factors influencing the Cancer Vaccines Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Cancer Vaccines Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 5.68 Billion |
| Market Size by 2031 | US$ 16.86 Billion |
| Global CAGR (2023 - 2031) | 11.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Cancer Vaccines Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Cancer Vaccines Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The cancer vaccines market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for cancer vaccines and strategies:
The “Cancer Vaccines Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: