Cancer Vaccines Market is anticipated to grow at a ~16.0% CAGR from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Cancer Vaccines Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global cancer vaccines market is anticipated to grow at a ~16.0% CAGR from 2019 to 2030.
Cancer has been one of the leading diseases responsible for the deaths of millions across the world every year. In 2018, according to the National cancer Institute, U.S., it was estimated that there would be a staggering 1,735,350 new cases of cancer. The growing popularity of cancer vaccines can be attributed to several factors including rising incidences & prevalence of cancer cases globally and increasing investment in the field of R&D for development of new vaccine formulations.
However, the vaccines market faces several challenges which may hinder the growth of the global cancer vaccines market. For instance, vaccine production incurs significant fixed cost which includes R&D costs, maintenance of production facilities, and other overheads, all these aspects significantly increments costs associated with development of vaccines. Similarly, government imposes stringent regulations to allow only restricted access or restricted transport of essential biological materials from one region to another. These stringent regulations further result in hampering the R&D activities and furthermore, at times, the production of the vaccines.
Pharmaceutical companies have a considerable number of products under clinical trials and strong product pipeline for cancer vaccines is a major factor contributing to the extensive growth of the market. For instance, Bavarian Nordic’s CV301 + nivolumab (Colorectal cancer) and CV301 + atezolizumab (Bladder cancer) are currently under Phase II clinical trials. Similarly, AlphaVax’s, PSMA (prostate cancer) and TRP2 (melanoma) are under phase I/II and pre-clinical respectively.
Browse key industry insights spread across 170 pages with market data tables & figures & charts from the report, Cancer Vaccines Market by Treatment (Preventive Cancer Vaccines and Therapeutic Cancer Vaccines), and Indication (Cervical Cancer, Prostate Cancer), Vaccine Type (Recombinant Cancer Vaccine, Dendritic Cells Cancer Vaccine, Whole Cell Cancer Vaccine, Viral Vector and DNA Cancer Vaccine and Antigen/Adjuvant Cancer Vaccine), End User (Adults and Pediatrics) – Market Size & Forecast, 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/cancer-vaccines-market/209
Rising incidences & prevalence of cancer globally has been another factor which has played pivotal role in contributing to the extensive demand for cancer vaccines. According to Cancer Research UK, the number of cancer cases reported worldwide in the year 2018, was approximately around 17 million. It is further projected that within the period 2018-2040, the total incidence rate of worldwide cancer will increment by 62%. Thus growing incidences of cancer are anticipated to present a lucrative growth opportunity for the global cancer vaccines market in the coming years.
North America is estimated to account for the highest market share in the global cancer vaccines market in the coming years. The large share of this region can be attributed to several factors such as extensive investments & funding for R&D projects, supportive government regulations, fast-track approval process of vaccines and presence of advanced healthcare infrastructure. Moreover, availability of systematic & favorable health insurance policies & schemes by both government & non-government agencies have further propelled the adoption of cancer vaccines in this region.
The prominent players operating in the global cancer vaccines market are AstraZeneca, Bavarian Nordics, GlaxoSmithKline, Pfizer Inc., CSL Limited, Sanofi Pasteur, Merck & Co., Inc., Bristol-Myers Squibb, Astellas Pharma Inc., Aduro BioTech, Inc., and Dendreon among others
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