The global cancer vaccine market is anticipated to grow at a CAGR of 13.8% during the forecast period (2021-2027). The market growth is mainly attributed to the increase in the prevalence rate of cancer across the globe. The importance of treatment of cancer is increasing gradually over the years as cancers of Lung, prostate, colorectal, cervical, and breast are the most common types of cancers which have resulted in a high mortality rate. Such type of results has led to the formation of innovative cancer vaccines. For instance, according to the International Agency for Research on Cancer, World Health Organization, in 2020, the number of breast cancer was 253,465 in the US which is expected to reach around 307,479. Besides, the trachea, bronchus, and lung cancer cases in 2020 were around 227,875 in the US and expected to reach 307,479 in 2040. As cancer cases are rising day by day due to that the demand for cancer vaccines is also rising.
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Moreover, increasing healthcare expenditures and a rise in the cancer patient population have led to the growth of the market in emerging economies. According to the World Bank, the healthcare expenditure in North America in 2018 was 16.4%. According to the World Economic Forum, North America is one of the strongest regions that comprises around 28% of the world economy which is one of the factors affecting the healthcare market. The US spends almost 17.2% of GDP on healthcare expenditure, whereas Canada spends 10.6% of GDP on healthcare. In addition to this, the rise in the development of the R&D sector and technological advancement is also prominent factors that are expected to fuel the market growth in the forecast period. According to Research America.Org, from 2017 to 2018, medical and health research & development (R&D) spending in the US grew by 6.4%, reaching $194.2 billion.
FDA approvals and government initiatives and policies in this sector play a very important role as vaccines are quite sensitive to human health when related to the treatment of certain types of cancers. For instance, In October 2018, FDA approved a supplemental application for Gardasil 9 which prevents certain cancers by the nine HPV types covered by the vaccine. The vaccine was manufactured by Merck Sharp & Dohme.
Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
Segment Covered-
- By Type
- By Technology
- By End-User
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Bristol-Myers Squibb, Merck & Co. Inc., GlaxoSmithKline plc, Eli Lilly and Company, Pfizer Inc.,
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
Ø Deviation from the pre-COVID-19 forecast
Ø Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Cancer Vaccine Market Report Segment
By Type
- Preventive Vaccines
- Therapeutic Vaccines
By Technology
- Dendritic Cell Vaccines
- Conjugate Vaccines
- Inactivated Vaccines
- Live Attenuated Vaccines
- Recombinant Vector Vaccines
- Others
By End-User
- Hospitals and Clinics
- Research Institutes
- Pharmaceuticals & Biotechnology Companies
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
