Cancer Vaccines Market Share: 2021 to 2031 Key Findings
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.
Cancer Vaccines Market Analysis
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.
Cancer Vaccines Market Overview
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.
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Cancer Vaccines Market: Strategic Insights
Market Size Value in US$ 4,568.82 Million in 2019 Market Size Value by US$ 15,845.59 Million by 2027 Growth rate CAGR of 17.2% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Cancer Vaccines Market: Strategic Insights
| Market Size Value in | US$ 4,568.82 Million in 2019 |
| Market Size Value by | US$ 15,845.59 Million by 2027 |
| Growth rate | CAGR of 17.2% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Cancer Vaccines Market Drivers and Opportunities
Initiatives Taken by Global Health Research Organizations and Key Players for Cancer Vaccines to Favor the Market.
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.
Emerging Markets – An Opportunity in Cancer Vaccines Market
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.
Cancer Vaccines Market Report Segmentation Analysis
Key segments that contributed to the cancer vaccines market analysis derivation are services and applications.
- Based on technology, the cancer vaccines market is segmented into dendritic cells cancer vaccines, recombinant cancer vaccines, antigen cancer vaccines, whole cell cancer vaccines, viral vector cancer vaccines. The recombinant cancer vaccines segment held the largest share of the market in 2023, and the same segment is anticipated to register the highest CAGR in the market during the forecast period.
- By type, cancer vaccines market is segmented into preventive cancer vaccines and therapeutic cancer vaccines. The preventive cancer vaccines segment held the largest share of the market in 2023, and the same segment is anticipated to register the highest CAGR in the market during the forecast period.
- By indication, cancer vaccines market is segmented into cervical cancer, prostate cancer, other indications. The cervical cancer segment held the largest share of the market in 2023, and the same segment is anticipated to register the highest CAGR in the market during the forecast period.
- The cancer vaccines market has been segmented by end-user into pediatrics and adults. The pediatrics segment held the largest share of the market in 2023, and same segment is estimated to register the highest CAGR in the market during the forecast period.
Cancer Vaccines Market Share Analysis by Geography
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.
Cancer Vaccines Market Report Scope
Cancer Vaccines Market News and Recent Developments
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:
- In December 2023, Oxford University Hospitals launched new mRNA cancer vaccine trial for patients with head and neck cancers. (Source: Company Press Release)
- In February 2024, Moderna’s cancer vaccine named mRNA-4359 trial begins at Imperial College Healthcare NHS Trust. The trial seeks to assess the safety and potential efficacy of the therapy in treating melanoma, lung cancer, and other solid tumor cancers
(Source: Company Press Release)
Cancer Vaccines Market Report Coverage and Deliverables
The “Cancer Vaccines Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology , Type , Indication , End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, RoAPAC, RoE, RoMEA, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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