PUBLISHER: The Insight Partners | PRODUCT CODE: 1874000
PUBLISHER: The Insight Partners | PRODUCT CODE: 1874000
The cancer vaccines market was valued at approximately US$ 7.87 billion in 2024 and is anticipated to grow to US$ 16.86 billion, with a compound annual growth rate (CAGR) of 11.5% throughout the forecast period. Key trends in the cancer vaccines market are expected to include the development of personalized cancer vaccines, an emphasis on combination therapies, and increased investments in research and development for cancer vaccines.
Analysis of the Cancer Vaccines Market
The rising global incidence of cancer is likely to propel the growth of the cancer vaccines market. Cancer remains one of the leading causes of death worldwide and significantly impacts quality of life. If not diagnosed and treated promptly, cancer poses a substantial burden on society. According to a report from the World Health Organization, there were approximately 19,976,499 cancer cases reported in 2022, with projections estimating that this number will rise to 32.6 million by 2045.
This increasing prevalence of cancer across various regions is driving the global demand for vaccines.
Overview of the Cancer Vaccines Market
The global cancer vaccines market is categorized by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Growth in these regions is anticipated due to factors such as the rising prevalence of cancer globally and initiatives by health research organizations and key industry players focused on cancer vaccines. However, the limited availability of commercially viable cancer treatment vaccines and their high costs may hinder market growth to some extent during the forecast period.
Strategic Insights
Drivers and Opportunities in the Cancer Vaccines Market
Global Health Initiatives Supporting Cancer Vaccines
Emerging Markets: Opportunities in the Cancer Vaccines Sector
Developing nations in the Asia-Pacific region are presenting substantial business expansion opportunities for major market players. Many companies are focusing on emerging markets like India and China due to the high number of cancer patients and the growth of medical tourism in these areas. According to the Malaysia Healthcare Travel Council, over 850,000 healthcare travelers visited Malaysia in 2022 for various medical needs. The lower costs of surgeries and the availability of advanced technologies with minimal waiting times are attracting global patients to these developing countries for medical procedures, including cancer screenings. The rising incidence of cancer is creating further opportunities in the market; for example, India recorded approximately 1,413,316 new cancer cases in 2022. Thus, the surge in medical tourism and the increasing prevalence of cancer in emerging markets are providing significant growth prospects for industry players.
Key segments contributing to the analysis of the cancer vaccines market include services and applications.
Geographical Analysis of the Cancer Vaccines Market
The geographical scope of the cancer vaccines market report is divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South America/South & Central America.
North America, which includes the US, Canada, and Mexico, held a significant share of the global market in 2023. The demand in this region is expected to grow at a notable rate during the forecast period due to factors such as the increasing need for cancer diagnosis and treatment, rising cancer incidence, substantial R&D investments, heightened competition among market players, and government funding for research institutions to develop new therapies.
The Asia Pacific region is the fastest-growing market for cancer vaccines globally, driven by advancements in cancer vaccine development in countries like Japan and China. The large population of cancer patients, an increasing number of research initiatives, growing government support, and a rise in startups and biotech firms in this region are contributing to market growth opportunities.
Scope of the Cancer Vaccines Market Report
Recent Developments in the Cancer Vaccines Market
The cancer vaccines market is assessed through qualitative and quantitative data collected from primary and secondary research, including significant corporate publications, association data, and databases. Below are some recent developments and strategies in the cancer vaccines market:
Coverage and Deliverables of the Cancer Vaccines Market Report
The report titled "Cancer Vaccines Market Size and Forecast (2021-2031)" provides a comprehensive analysis of the market, covering the following areas: