Cancer vaccines are biological preparations that stimulate or strengthen a person’s immune system against cancer. Cancer vaccines are usually administered intravenously. They can be used for both adults and children. The vaccines can be broadly classified into prophylactic and therapeutic vaccines. Prophylactic vaccines are used for the prevention of cancer, whereas therapeutic vaccines are used for treatment of the disease. Mordor Intelligence analysis forecasts the global cancer vaccines market to grow at a CAGR of 12-18% over the period 2015-2020. It is currently estimated to be valued at USD 2.1 billion for the year 2015.
The market for cancer vaccines is much smaller than other cancer therapeutic categories. The size of the market can be attributed to the nascent stages of industry life cycle and the late introduction of the vaccines in the market. To tap this market, many global companies are actively investing in cancer vaccine development. The market penetration is expected to increase with the increase in competition among the various pharmaceutical companies to obtain a larger portion of this market.
The Global Cancer Vaccines Market is segmented based on:
Live Attenuated Vaccines
Recombinant Vector Vaccines
Dendritic Cell Vaccines
Middle East and Africa
According to the World Health Organization, 14-million incidences of cancer and 8.2-million cancer deaths were recorded in 2012. Lung, prostate, colorectal, cervical, and breast cancers remain the most common forms of cancer. Thus, there is a rise in demand for vaccines to prevent and treat cancers.
North America dominates the market, with the U.S. accounting for a major market share. However, Asia is poised to grow at the highest CAGR during the forecast period owing to the governmental initiatives, rising focus of major players on the Indian vaccine technology market, and increasing immunization initiatives by organizations such as World Health Organization and GAVI in these regions.
Some of the key participants in the industry include Prima BioMed, GlaxoSmithKline, Sanofi S.A, Merck, Aduro BioTech, AstraZeneca plc, OXFORD BIOMEDICA etc.
Increasing cancer cases
Drug innovations with regard to the cancer
Rise in aging populace
Advanced health care services
Upsurge in awareness about cancer and their available therapies in the market
Increasing health care expenditure
Cold chain, or temperature-controlled supply chain, management
Low accessibility to vaccines in remote areas
Stringent regulatory procedures