Global Cancer Vaccines Market Overview (2024 - 2030)

The Global Cancer Vaccines Market witnessed a valuation of $8.19 Billion in 2023 and is anticipated to attain a market size of $22.33 Billion by 2030, with a projected compound annual growth rate (CAGR) of 15.4% during the forecast period spanning from 2024 to 2030. Cancer remains a pervasive malignant ailment significantly impacting global quality of life and standing as a primary cause of mortality. Factors propelling the expansion of the Cancer Vaccine market include the escalating incidence of cancer, augmented investments, governmental funding towards cancer vaccine development, and advancements in healthcare technology.

CANCER VACCINES INDUSTRY INSIGHTS

Cancer constitutes a leading cause of mortality worldwide, profoundly impacting individuals across diverse ethnicities and socioeconomic strata. As per the World Health Organization (WHO), cancer accounted for approximately 9.6 million deaths globally in 2018. A report by the International Agency for Research on Cancer (IARC) revealed that one in five individuals will receive a cancer diagnosis at some point in their lives, with one out of every eight men and one out of every eleven women succumbing to the disease. The research further indicated a rise in cancer patients from 18 million in 2018 to approximately 19.3 million in 2020, with cancer-related deaths reaching 10 million. With this escalating trend, cancer prevention emerges as a significant challenge. However, advancements in medical and healthcare technologies have led to improvements in cancer diagnosis and treatment strategies. Numerous research entities, both public and private, are incessantly engaged in developing vaccines with potential therapeutic and preventive attributes against cancer.

Cancer vaccines demonstrate promising potential in bolstering the immune system's ability to combat cancer, serving as biological response modifiers that target cancer-causing infectious cells through antibody production. The surge in cancer cases has spurred increased focus and investment by private and governmental entities in vaccine development. This heightened investment in research and development acts as a driving force behind the growth of the Cancer Vaccine market. Nonetheless, market progression is constrained by stringent regulatory processes and the delayed approval of newly developed vaccines by regulatory agencies worldwide.

IMPACT OF COVID-19 ON THE CANCER VACCINES MARKET

The advent of the COVID-19 pandemic has exerted a notable impact on the growth trajectory of the cancer vaccine market. With the onset of the COVID-19 outbreak in early 2020, governments worldwide redirected significant resources toward containing the spread of the virus, leading to delays in the prevention, detection, and treatment of other chronic conditions such as cancer. Imposed lockdowns impeded cancer vaccine production, as well as the import and export of raw materials and finished products. Consequently, this disruption negatively influenced the growth of the cancer vaccine market. However, as restrictions ease and research and development activities, alongside clinical trials related to cancer vaccines, resume, the market is anticipated to rebound and gain momentum, fostering growth during the forecast period.

MARKET DRIVERS:

Governmental backing and investments in cancer vaccine development, coupled with technological advancements, are anticipated to propel market growth.

Factors such as increased tobacco and alcohol consumption, sedentary lifestyles, and environmental conditions contribute to the surge in cancer cases. Additionally, demographic shifts, heightened patient awareness regarding cancer therapy, increased adoption of cancer vaccines in conjunction with other treatments, and augmented investments from both public and private sectors in vaccine research and development contribute to a positive market trajectory. Furthermore, advancements in healthcare technologies have facilitated the emergence of novel cancer vaccines. Urbanization trends, accompanied by increased healthcare expenditure and the adoption of preventive and therapeutic vaccines, further fuel market expansion.

The escalating cancer incidence serves as a significant driver for the cancer vaccines market.

As per the International Agency for Research on Cancer (IARC), the prevalence of cancer is expected to rise, with one in five individuals projected to develop cancer in their lifetime by December 2020. This expanding burden underscores the importance of cancer prevention. Cancer vaccines play a crucial role in immune system maintenance by acting as biological response modifiers, generating antibodies against infectious agents implicated in cancer development.

MARKET RESTRAINTS:

During the forecast period, the high cost of cancer treatment is anticipated to impede the growth of the global cancer vaccines market.

Cancer treatment entails substantial expenses, with an average treatment cost reaching up to USD 150,000. The exorbitant cost of cancer treatment is expected to hinder market growth during the forecast period. According to the National Center for Biotechnology Information (NCBI), cervical cancer treatment costs ranged from USD 368 to USD 11,400 in 2017, depending on treatment type and facility, further exacerbating financial burdens for individuals battling malignant diseases.

Severe regulatory concerns, prolonged vaccine manufacturing timelines, and the availability of alternative therapies pose challenges to the growth of the global cancer vaccines market.

Cancer vaccines, considered a relatively newer therapeutic modality compared to alternative treatments, face challenges such as stringent regulatory approval processes by governmental agencies worldwide, protracted vaccine manufacturing timelines, and increasing consumer demand for cost-effective alternatives. These factors collectively restrain market growth, posing obstacles to the widespread adoption of cancer vaccines.

CANCER VACCINES MARKET - TECHNOLOGY SEGMENTATION

• Dendritic Cells Cancer Vaccines
• Recombinant Cancer Vaccines
• Antigen Cancer Vaccines
• Whole-Cell Cancer Vaccines
• Viral Vector Cancer Vaccines

The Cancer Vaccines market, categorized by technology, encompasses various types including Dendritic Cells Cancer Vaccines, Recombinant Cancer Vaccines, Antigen Cancer Vaccines, Whole-Cell Cancer Vaccines, and Viral Vector Cancer Vaccines. Among these, Recombinant Cancer Vaccines stood out as the primary contributor to revenue and are anticipated to witness significant growth in the forecast period. Recombinant vaccines, manufactured through recombinant DNA technology, are expected to drive market expansion owing to heightened acceptance and consumption of this technology, along with an increase in the number of licensed cancer vaccines utilizing recombinant technology.

CANCER VACCINES MARKET - TYPE SEGMENTATION

• Preventive Cancer Vaccines
• Therapeutic Cancer Vaccine

The Cancer Vaccine market, classified by vaccine type, is segmented into Preventive Cancer Vaccines and Therapeutic Cancer Vaccines. Among these, the preventive cancer vaccine segment dominated the market share in 2020 and is projected to maintain this trend over the forecast period.

CANCER VACCINES MARKET - INDICATION SEGMENTATION

• Cervical Cancer
• Prostate Cancer
• Liver Cancer
• Others

In terms of indications, the cancer vaccine market encompasses segments such as Cervical Cancer, Prostate Cancer, Liver Cancer, Lung Cancer, Breast Cancer, and others. Cervical cancer, in particular, exhibited high prevalence among patients and contributed significantly to the segmental share, driven by an increase in human papillomavirus infection cases. Additionally, prostate cancer in males and breast cancer in females were prominently diagnosed types of cancer. Moreover, lung cancer emerged as a leading cause of mortality in both genders. The rising incidence of cancer across genders is propelling market expansion.

CANCER VACCINES MARKET - END-USER SEGMENTATION

• Adults
• Pediatrics

The Cancer Vaccine market, segmented by end-users, comprises Adults and Pediatrics. The pediatrics segment notably contributed to market growth and is anticipated to grow at a CAGR of 17.4% during the forecast period.

CANCER VACCINES MARKET - REGIONAL ANALYSIS

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East
• Africa

Regionally, the Cancer Vaccines market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America emerged as the largest regional market in 2020 and is poised to maintain this position owing to factors such as a growing elderly population, advanced healthcare infrastructure, specialized medical professionals, and high adoption rates of gene therapy. The Asia Pacific region is expected to witness the highest growth rate, projected at 15% CAGR over the forecast period, driven by increased urbanization, economic development, and rising healthcare expenditure in developing countries. Europe exhibited positive growth, with Germany leading in market share, propelled by factors such as growing demand for cancer detection and treatment, intensified market competition, and increased R&D funding.

CANCER VACCINES MARKET - MAJOR PLAYERS

The global cancer vaccine market is consolidated because of the presence of a few major players capturing a major market share. The cancer vaccine market experiencing tremendous growth due to the high rate of investments from both public and private sectors for the development of facilities equipped with advanced manufacturing to facilitate the development of novel vaccines.The major market players are undergoing strategies like Product launches, clinical trials, innovative research and seeking approvals from government agencies to expand their global footprints and product ranges. These strategies help them cater for the increased consumer demand. Major Companies are getting into partnerships for research and development purposes for the development of new vaccines and also to have a wider customer base globally.  The major players operating in the Cancer Vaccine Market are

1. Generex Biotechnology Corporation
2. GlaxoSmithKline plc (GSK)
3. Immunocellular Therapeutics Ltd
4. AstraZeneca PLC
5. Bristol-Myers Squibb
6. Roche
7. OSE Immunotherapeutics
8. Merck & Co. Inc.
9. Sanofi
10. Moderna

 NOTABLE DEVELOPMENTS IN THE CANCER VACCINES MARKET

• Investments: In March 2021, Eterna, a Belgian-based immunotherapy company, secured a EUR 6.9 million grant from the European Commission to expedite clinical development of mRNA-based vaccines for cervical cancers.

Product Development: Recent announcements from EPFL's R&D team revealed their endeavor to develop an alternative personalized cancer vaccine utilizing the polycondensation technique. This technique aims to deliver the vaccine automatically and activate immune cells at desired locations with enhanced precision.