Rising incidence of cancers and a large number of vaccines in the pipeline is expected to drive the global cancer vaccine market. The Global Cancer Vaccine Market was valued at USD 4.6 Bn in 2020 and is expected to reach USD 9.0 Bn by 2027, growing at a CAGR of 10% during the forecast period.
The increasing prevalence of cancer patients is the major driving factor for the growth of the cancer vaccine market. For instance, according to the International Agency for Research on Cancer (IARC), in December 2020, all around the world, 1 of every 5 individuals are suffering from short-term malignancy during their lifetime, and 1 out of 8 men, and 1 out of 11 ladies witness death due to increased infection. The IARC assessed that in 2020, the predominance of disease raised to 19.3 million cases and 10 million cancer patients expired in 2020, which was around18 million cancer cases across the globe in 2018.
The increasing geriatric population is the propelling factor for the growth of the cancer vaccine market. With the growing burden, the anticipation of cancer patient growth is the major challenging factor for the global market. Moreover, the cancer vaccine has shown tremendous growth in both preventive and remedial ways. Additionally, as the number of cancer patients is increasing, the advancement of new vaccines for the treatment and anticipation of infection are considerably the boosting factors for the growth of the targeted market.
However, the strict regulatory issues, along with the availability of alternative therapies and longer timelines in manufacturing vaccines, may act as major restraining factors for the growth of the global cancer vaccines market. Moreover, key players have huge opportunities as many of the cancer vaccines are in pipeline for increasing the overall global market growth.
By Region
In 2020, the North America region dominated the cancer vaccine market due to the increased cancer patients pool and created medical services framework in the local. The National Cancer Institute (NCI) expressed that the public spending on disease care has increased to USD 156 billion by 2020. The rising number of cancers patient and growth cases in this region are the propelling factors for the growth of global market players in the North America region. The significant market players are investing in R&D to carry new and dependable therapies to the market.
The Global Cancer Vaccine Market Segmentation:
Global Cancer Vaccine Market, by Type Outlook (Revenue, USD Billion, 2021-2027)
Global Cancer Vaccine Market, by Technology Outlook (Revenue, USD Billion, 2021-2027)
Global Cancer Vaccine Market, by Indication Outlook (Revenue, USD Billion, 2021-2027)
Global Cancer Vaccine Market, by End-Users Outlook (Revenue, USD Billion, 2021-2027)
Key Findings:
Recent News:
Company Profiles and Competitive Intelligence
The key players operating in the cancer vaccine market are:
Log in / Register