Allied Market Research published a report, titled, "Cancer Vaccines Market by Technology (Dendritic Cells (DC) Cancer Vaccines, Recombinant Cancer Vaccines, Antigen/Adjuvant Cancer Vaccines, and Viral Vector & DNA Cancer Vaccines), Type (Preventive Cancer Vaccines and Therapeutic Cancer Vaccines), Indication (Cervical Cancer, Prostate Cancer, and Others), and End User (Pediatrics and Adults): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report published by Allied Market Research, the global cancer vaccines market industry was pegged at $ 4.18 billion in 2019 and is expected to reach $7.30 billion by 2027, registering a CAGR of 12.6% from 2020 to 2027.
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Key determinants of the market-
Rise in prevalence of human papilloma virus (HPV) cancer, increase in administration of prophylactic cancer vaccines, surge in development of new cancer vaccines, and launch and approval of new cancer vaccines propel the global cancer vaccines market. However, high cost and longer timelines required for development of cancer vaccines impede the market growth. On the other hand, high growth prospects in emerging markets are expected to offer innumerable opportunities to the market.
COVID-19 Scenario-
The COVID-19 outbreak has affected the manufacturing of cancer vaccines owing to global shutdown.
The rise in number of healthcare workers falling ill in the wake of the COVID-19 pandemic, resulted in shortage of supply.
Furthermore, the supply chain disruptions have equally disturbed the production cycle, causing shortage of raw materials.
Moreover, productions facilities have increased in the past few months, with the relaxations issued by several government bodies.
The recombinant cancer segment to dominate the market-
Based on technology, the recombinant cancer vaccines segment held the largest share in 2019, contributing to more than four-fifths of the global cancer vaccines market. This is due to increase in utilization of recombinant vaccines, and recombinant cancer vaccine as most efficient alternative to traditional vaccines in the prevention of various human diseases. Furthermore, rise in adoption of these medicines due to rapid elimination of risk of active infection fuels the growth. However, the dendritic cells cancer vaccines segment is projected to register the fastest CAGR of 15.4% during the forecast period. This is owing to easy availability of DC cells for the development of cancer vaccines, as human DCs easily can be produced from monocytes isolated from peripheral blood.
The preventative cancer vaccines segment to lead the trail throughout 2027-
Based on type, the preventative cancer vaccines segment dominated the global cancer vaccines market in 2019, contributing to 89% of the market. This is due to increase in research activities on the potential of preventive cancer vaccines and rise in awareness among people regarding the benefits of the preventive cancer vaccinations. However, the therapeutic cancer vaccines segment is anticipated to portray the fastest CAGR of 14.7% during the forecast period. The therapeutic cancer vaccines represent a viable option for active immunotherapy of cancers that aim to cure late stage disease by strengthening the patient's immune system, which drives the segment growth.
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North America to held lion's share-
Based on region, North America held the largest share in 2019, contributing to more than two-fifths of the global cancer vaccines market. This is owing to increase in prevalence of cancer patients, technological advancements in cancer vaccines products, and surge in conduction of clinical trials of new cancer vaccines to eradicate various types of cancers, in this province. On the other hand, the market across Asia-Pacific is projected to register a CAGR of 15.0 during the study period. This is owing to rise in adoption of cancer vaccines treatment medication, increase in number of cancer patients, and rise in demand for cancer vaccines in Asia-Pacific region.
The key players:
Advaxis Inc.
Amgen Inc.
Dynavax Technologies Corporation
Generex Biotechnology Corporation
GlaxoSmithKline plc (GSK)
Immunocellular Therapeutics, Ltd
Merck & Co., Inc.
Sanpower Group Co. Ltd. (Dendereon Corporation)
UbiVac
Vaccinogen, Inc.
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