The global cancer vaccines market, valued at US$ 10.21 billion in 2023, is set to experience remarkable growth, with a projected compound annual growth rate (CAGR) of 11.44% from 2024 to 2033. By the end of 2033, the market is expected to reach US$ 30.16 billion, driven by the increasing prevalence of cancer, significant advancements in research and development, and the growing support from governments and key stakeholders.
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Type Insights
Based on type insights, the preventive segment dominated the cancer vaccines market in 2023. Preventive vaccines, developed to avoid disease occurrence, play a crucial role in cancer prevention. These vaccines include inactivated vaccines, live-attenuated vaccines, mRNA vaccines, and viral vector vaccines, among others. By boosting the immune system before the disease develops, preventive vaccines can significantly reduce the number of cancer cases. In addition to improving health outcomes, they help reduce the financial burden on healthcare systems.
Governments and organizations are taking initiatives to raise awareness about cancer prevention. For example, in December 2023, the Family Planning Association of India (FPAI) launched a nationwide HPV vaccination campaign, “Race to Erase Cervical Cancer.” This initiative educates individuals about cervical cancer and provides vaccines, developed by the Serum Institute of India.
On the other hand, the therapeutic segment is expected to experience the fastest growth during the forecast period. Therapeutic vaccines, given after the occurrence of cancer, focus on treating the disease rather than preventing it. With an increasing number of cancer patients, particularly among the aging population, therapeutic vaccines are seeing heightened demand. The growing development of personalized vaccines, tailored to an individual’s genetic and lifestyle factors, further drives the demand for therapeutic vaccines, as they can generate stronger immune responses.
A notable development occurred in May 2024 when WestGene, a biotech firm based in China, achieved a significant milestone with the FDA’s approval of its mRNA therapeutic cancer vaccine, WGc-043. This groundbreaking achievement marks the first-ever approval of an mRNA therapeutic cancer vaccine linked to the Epstein-Barr virus. The vaccine offers new hope for patients with advanced Epstein-Barr virus-related tumors.
Indication Insights
In terms of indication type, cervical cancer was the dominant segment of the cancer vaccines market in 2023. Cervical cancer remains one of the leading causes of death, especially in low- and middle-income countries where awareness and access to vaccines, screenings, and treatment are limited.
According to the World Health Organization (WHO), cervical cancer is the fourth most common cancer in women worldwide. In 2022 alone, there were 660,000 new cases and 350,000 deaths due to cervical cancer. The availability of six HPV vaccines globally has the potential to reduce the incidence of cervical cancer significantly.
Distribution Channel Insights
The hospitals segment led the cancer vaccines market in 2023 and is expected to continue its dominance through the forecast period. Hospitals serve as the primary setting for vaccine administration, cancer diagnosis, screening, treatment, and ongoing monitoring. With specialized healthcare professionals, state-of-the-art facilities, and rigorous safety standards, hospitals offer an ideal environment for cancer vaccines to be delivered effectively and safely.
Regional Insights and Market Growth
In 2023, North America dominated the cancer vaccines market, thanks to the region’s advanced research, development capabilities, and technological innovations. The U.S. and Canada are key contributors to the growth, with the U.S. holding the highest number of cancer cases. According to the National Cancer Institute, cancer is responsible for nearly 50% of all deaths, and the country is projected to witness around 2.0 million new cancer cases annually. U.S. government funding and initiatives focused on developing and promoting cancer vaccines further accelerate the market’s growth.
For instance, in September 2023, a $25 million federal grant was awarded to a collaborative group of scientists from Yale, the University of Georgia, and Emory University. This grant aims to develop an mRNA cancer vaccine that offers tailored protection against cancer.
Asia Pacific is anticipated to grow at the fastest rate during the forecast period. The region has the largest number of cancer patients, with the WHO estimating that the number of cancer cases in Asia will grow by 64.5% by 2045. Countries such as China, India, Japan, and South Korea are major contributors to the cancer vaccines market in Asia. The region has also seen continuous clinical trials aimed at developing new vaccines.
In India, cervical cancer is a leading cause of death among women, prompting government efforts to address this issue. The Union Budget 2024–25 allocates Rs 87,656.90 crore for the Department of Health and Family Welfare, emphasizing the promotion of cervical cancer vaccination. Additionally, the Serum Institute of India introduced the first-ever made-in-India quadrivalent HPV vaccine, CERVAVAC, on January 24, 2023, as part of the government’s efforts to combat cervical cancer.
Recent Developments
Significant progress in cancer vaccine research has been made globally. In February 2024, Vladimir Putin, the president of Russia, announced that Russian researchers were nearing completion of cancer vaccinations, which could revolutionize cancer treatment. This development has generated excitement in the medical community, with hopes for its successful use in personalized therapy.
In January 2024, a collaboration between doctors from Surrey, Hampshire, and Australia resulted in research on a groundbreaking vaccine to treat early-stage bowel cancer. If successful, this vaccine could be authorized for use within two years.
In October 2023, Nigeria took significant steps in public health by incorporating the HPV vaccine into its national immunization program, aiming to vaccinate 7.7 million girls. This initiative marks the largest-ever HPV vaccination campaign in Africa.
Our Table of Content (TOC) covers key healthcare market segments, materials, technologies and trends—helping you navigate market shifts and make informed decisions: https://www.towardshealthcare.com/table-of-content/cancer-vaccines-market-sizing
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