The cancer vaccines market involves vaccines that help in enhancing the body's natural defenses to recognize and destroy cancer cells. Different types of cancer vaccines are being developed that can be classified as therapeutic cancer vaccines, preventive cancer vaccines, and microbial vaccines based on their usage. Therapeutic cancer vaccines are intended to treat existing cancers by stimulating the immune system to attack the cancer cells. They aim at boosting the immune system's natural defenses against cancers like prostate cancer, breast cancer, and pancreatic cancer. According to WHO, cancer incidences are increasing globally with around 19.3 million new cases and 10 million cancer deaths reported in 2020. This growing cancer burden along with the advantages of cancer vaccines in enhancing body's natural immunity against cancer are the major drivers propelling the market growth.

The Global Cancer Vaccines Market is estimated to be valued at US$ 1.9 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the cancer vaccines market are Astrazeneca Plc. (Medimmune, LLC.), Glaxosmithkline Plc., Merck & Co., Inc., Sanofi Pasteur, Aduro BioTech Inc., Sanpower Group, Astellas Pharma Inc., CSL Limited, Pfizer Inc., and Serum Institute of India Pvt. Ltd. These key players are actively engaged in R&D of promising cancer vaccine candidates and their clinical evaluation. For instance, clinical trials for GSK's MAGE-A3 cancer immunotherapeutic and AstraZeneca's MEDI0457 lung cancer vaccine are ongoing.

The demand for cancer vaccines is growing with the rising prevalence of different cancer types globally. According to WHO, cancer burden has risen to 19.3 million new cases and 10 million cancer deaths in 2020. This growing disease incidence is propelling the clinical research and development of various preventive and therapeutic cancer vaccines targeting high risk cancers such as lung cancer, breast cancer, etc.

Technological advancements are broadening the applications of cancer vaccines. R&D in cancer vaccine platforms like dendritic cell-based vaccines, viral vector-based vaccines, and antibody-drug conjugates has led to candidates with improved immunogenicity and therapeutic potential against cancers. Integration of other modalities like immune checkpoint inhibitors is also underway to enhance the efficacy of cancer vaccines.

Market Trends

Personalized cancer vaccines: Growing focus on precision medicine has led to emergence of personalized cancer vaccines tailored as per patient's genomic mutations and tumor biomarkers. This trend allows targeting of patient-specific neoantigens for improved therapeutic response.

Combination therapies: Integration of cancer vaccines with other treatment modalities like chemotherapy, radiotherapy and immune checkpoint inhibitors is a key trend. Combination approaches aim to achieve synergistic anti-tumor activity through targeted immunomodulation.

Market Opportunities

Preventive cancer vaccines: Prophylactic vaccines against high-risk HPV types and hepatitis B virus offer opportunities to prevent cancers like cervical cancer and liver cancer annually affecting millions worldwide.

Emerging markets: Countries in Asia Pacific and Middle East regions present lucrative opportunities for cancer vaccine manufacturers owing to improving healthcare infrastructures, rising healthcare spending on oncology and growing cancer patient pool in these regions.

Impact of COVID-19 on Cancer Vaccines Market Growth

The COVID-19 pandemic has impacted the growth of the cancer vaccines market. During the initial phase of the pandemic, cancer screenings and clinical trials were postponed or delayed as resources were diverted towards tackling the coronavirus crisis. This negatively impacted the demand for cancer vaccines in 2020 and led to slower than anticipated market growth. However, as vaccines for COVID-19 became available, healthcare systems started restoring cancer care services. Cancer centers and research facilities resumed operations and clinical trials have picked up pace again.

In the pre-COVID era, the market was growing steadily owing to increasing investments in R&D of novel cancer vaccines. However, the pandemic disrupted supply chains and production facilities witnessed closures or operated at reduced capacities. This issue has now been resolved for most manufacturers. Going forward, as the pandemic situation stabilizes across geographies, focus on cancer prevention and management is expected to regain lost momentum. Vaccine makers will need to invest in capacity expansion and ensure smooth supply to cater to pent-up demand in the post-COVID period. Collaborations between private and public entities will also be crucial to expedite vaccine development programs and commercialization efforts.

North America Dominates Global Cancer Vaccines Market in Terms of Value

North America currently dominates the global cancer vaccines market and holds the largest share in terms of value. This is attributed to rising burden of cancer, presence of advanced healthcare infrastructure, and growing adoption of premium therapies including cancer vaccines in the region. The US accounts for the major revenue share of the North American market due to high spending on cancer R&D, availability of favorable reimbursement policies, and large patient pool undergoing cancer immunotherapy.

In recent years, Asia Pacific has emerged as the fastest growing regional market for cancer vaccines globally. Rapid economic development, increasing healthcare expenditures, growing public awareness about cancer prevention and management are driving the market in Asia Pacific. In addition, low manufacturing costs and availability of a large patient pool for clinical trials in countries such as China and India are supporting industry players to focus on the Asia Pacific region. The cancer vaccines market is expected to witness highest CAGR in Asia Pacific during the forecast period.

Asia Pacific Presents Lucrative Opportunities for Cancer Vaccines Market

The Asia Pacific region is poised to offer lucrative opportunities for cancer vaccines market players over the next decade. Rapidly improving healthcare infrastructure, rising healthcare spending, and increasing focus of leading manufacturers on emerging Asian countries are some key factors fueling market growth. In addition, continued rise in cancer incidence, growing awareness about the benefits of vaccination, and expanding research activities are boosting the adoption of advanced therapies including cancer vaccines. Presence of high unmet needs, especially in lower income nations, presents attractive prospects for vaccine suppliers and researchers. Efforts to strengthen regulatory frameworks and boost generic production will further encourage global and domestic players to tap into Asia Pacific's potential. Expanding insurance coverage and gradual removal of affordability hurdles will aid sustained market expansion.