The global cancer vaccine market has witnessed significant growth in recent years owing to the increasing demand for personalized cancer vaccines. Cancer vaccines are biological response modifiers that enhance the body’s natural defenses against cancer cells and prevent future cancers caused by existing risk factors. Various types of cancer vaccines target different tumor-associated antigens found on cancer cells that elicit both humoral and cellular immune responses.

Cancer vaccines play a critical role in cancer immunotherapy by activating the immune response against specific tumor-associated antigens expressed on cancer cells. Some commonly used tumor-associated antigens in cancer vaccines include MAGE, P53, Her2/neu, and mucin-1. The efficacy and safety of personalized cancer vaccines that are tailored to an individual’s specific tumor mutations and biomarkers continue to drive research and development activities in this market.

The global cancer vaccines market is estimated to be valued at US$ 7.42 billion in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

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Personalized cancer vaccines offer longer-lasting and more durable responses compared to conventional therapies as they stimulate a targeted immune response against patient-specific tumor mutations. The ability of these vaccines to induce immunological memory provides better protection against cancer recurrence. Moreover, cancer vaccines produce fewer adverse effects and are generally well-tolerated compared to chemotherapy, radiation therapy, or surgery. These advantages along with the introduction of immunotherapy-based combination therapies are expanding the use of cancer vaccines across various cancer types.

Market key trends:

One of the key trends witnessed in the global cancer vaccines market is the increasing research on therapeutic cancer vaccines. Therapeutic cancer vaccines are designed to treat existing cancers by stimulating immune responses against tumor-specific antigens. Significant progress has been made in developing therapeutic cancer vaccines for different types of cancers including prostate cancer, ovarian cancer, and lung cancer. Emerging technologies such as neoantigen discovery, personalized neoantigen predictions, and engineered T-cell therapies are supporting the development of more effective therapeutic cancer vaccines. The approval and commercialization of emerging therapeutic cancer vaccines targeting newly identified tumor-associated antigens will continue to drive market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low in the cancer vaccines market due to high capital requirements and stringent regulations for approval.

Bargaining power of buyers: The bargaining power of buyers is high due to presence of alternative treatment options for cancer.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated nature of vaccines and key manufacturing competencies required.

Threat of new substitutes: Threat of substitutes is moderate as new substitute vaccines and alternative treatment options can emerge.

Competitive rivalry: The competitive rivalry is high among existing players to gain higher market share through extensive R&D and new product launches.

Key Takeaways

The global cancer vaccines market is expected to witness high growth over the forecast period. The market growth can be attributed to factors such as rising demand for preventive healthcare and increasing investments in vaccine R&D. The global cancer vaccines market is estimated to be valued at US$ 7.42 billion in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.

Regional analysis: North America dominated the cancer vaccines market and is expected to continue its dominance during the forecast period. However, Asia Pacific region is expected to witness fastest growth over the forecast period owing to growing healthcare sector and increasing awareness among consumers.

Key players:

Key players operating in the cancer vaccines market are GlaxoSmithKline, Merck, AstraZeneca, Sanofi Pasteur, and Immunomic Therapeutics. Merck has a strong position in the market with its HPV vaccine gardasil sales exceeding $3 billion annually. GlaxoSmithKline is also a leading player focusing on new product launches and expansion in emerging markets.