Ottawa, Sept. 18, 2023 (GLOBE NEWSWIRE) -- According to Precedence Research, the global cancer vaccine market size was valued at USD 9.12 billion in 2022. A vaccine developed for vaccine is type of immunotherapy designed to stimulate the body’s immune system to recognize and attack cancer cells. Cancer vaccines aim to treat or prevent cancer by targeting specific cancer-associated antigens. These vaccines typically contain fragments of cancer cells, proteins or genetic material that mimic the cancer cell characteristics. When administered, they trigger an immune response, prompting the body to produce antibodies and immune cells that specifically target the cancer cells.
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Regional Snapshot
Europe is expected to be another lucrative region for the cancer vaccine market. Europe’s combination of research prowess, regulatory support, healthcare infrastructure and international collaboration positions is as a growing force in the cancer vaccine market, offering hope for more effective cancer treatments in the future.
Additionally, Europe’s commitment towards personalized medicine in the oncology sector will led to the development of vaccines tailored to specific cancer types and patients profiles. Moreover, international business activities enable European countries to share knowledge and resources with other regions, enhancing its global influence in the cancer vaccine market. Europe’s established healthcare system offer a wide patient base for clinical trials and vaccine programs.
Report Description
- By type, the preventive segment dominated the market with the highest market share in 2022. The emphasis on early detection of diseases with substantial initiatives created by governments mostly fuel the segment’s growth.
- By indication, the cervical cancer segment is expected to hold the dominating share of the market during the forecast period owing to the rising investments in research and development activities for the innovation of novel vaccine for cervical cancer in female patients.
- By distribution channel, the hospital segment will continue to sustain its position throughout the forecast period, the presence of wide patient data offered by hospitals for clinical trials promotes the segment’s dominance.
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Market Dynamics
Driver:
Supportive initiatives by governments
Multiple governments across the globe are establishing clear regulatory frameworks for cancer vaccine approvals ensuring safety and efficacy. Streamlined processes reduce development timelines, making it attractive for pharmaceutical companies to invest in vaccine research. Government campaigns raise public awareness about cancer prevention and vaccination, encouraging widespread adoption. This not only reduces cancer incidence but also creates a substantial market for cancer vaccines. Thus, such supportive initiatives by governments act as a driver for the market.
Restraint:
Slower adoption in underdeveloped areas
The slower adoption of cancer vaccines in underdeveloped areas or regions acts as a major restraint for the market. healthcare education and awareness in such areas often lack. Patients and healthcare providers ay not fully understand the benefits of cancer vaccines or may have misconceptions about their safety. This leads to skepticism and reluctance to embrace these vaccines. Thus, the element of slower adoption hampers the overall expansion of the market.
Opportunity:
Rising investments in R&D activities
Rising investments in R&D activities are observed to present a significant opportunity for the market. R&D investments accelerate the identification of cancer-specific antigens, which are vital for designing precise vaccines. These antigens ensure that the immune response is tailored to the individual patient’s cancer. The rising investment in such activities hold the promise of revolutionizing cancer treatment and prevention. R&D investments also foster innovation in immunotherapy, a groundbreaking approach in cancer treatment. Cancer vaccines are a crucial component of immunotherapy, stimulating the patient’s immune system to recognize and target cancer cells.
Challenge:
Lack of awareness about vaccines
The lack of awareness about cancer vaccines poses a major challenge for the market to grow. Cancer vaccines have the potential to revolutionize cancer treatment by harnessing the body’s immune system to target and destroy cancer cells. A lack of understanding about cancer vaccines among the general population means that many individuals are not aware of their potential benefits. This results in low demand for these vaccines, which in turn discourages pharmaceutical companies from investing the development and production.
Market Statistics and Data Cancer Vaccine Market
- The Department of Health and Social Care, UK, stated in 2023 that scientists and clinicians in the area will receive 47.5 million Euros in the next five years for generating research and development of novel cancer therapeutics.
- The National Cancer Institute in 2023, received $7.3 billion from the US Congress as a federal budget for collective research management, intramural research and other activities related to cancer. Intramural research acquired almost 18% of the funds in 2022.
The following pie chart shows how funds offered for NCI were spent in the fiscal year 2022-
- Between August 2022 to 31st July 2023, the United States Food and Drug Administration (FDA) approved 14 new anticancer therapeutics. It is estimated that approximately 1,958,310 new cancer cases will be diagnosed in the United States in 2023.
- The government of the United Kingdom has signed an agreement with BioNTech SE, the agreement aims to offer cancer (precision) immunotherapies for up to 10,000 patients by 2030.
- Almost 1,25000 women are diagnosed with cervical cancer in India each year. On the basis of this, Serum Insitute India launched Cervavac, Indigenous HPV vaccine. The company aims to develop 2-3 million vaccine doses each year.
- Breast Cancer Now, a support charity and research organization has invested over $225 million to drive its progress for breast cancer research.
- Moderna in 2023 stated that it is willing to pay $120 million in order to utilize Immatics’ drug discovery platform to boost cancer vaccine development.
- According to the Department of Health and Social Care, United Kingdom, there is estimated number of 5,000 lives saved by HPV vaccination program combined with NHS cancer screening program each year, the rate of screening and vaccination in women rose significantly in 2021-22.
- The United Kingdom government is currently using ‘Vaccine Taskforce style approach’ with an investment of 22.5 million Euros for developing immune-based cancer vaccines.
What are the trends of cancer vaccine market?
- Growing Interest in Personalized Cancer Vaccines: Personalized cancer vaccines, which are tailored to an individual patient's tumor-specific antigens, were gaining attention. Advances in genomics and immunotherapy were allowing for the development of vaccines that could potentially provide more effective and targeted treatment options.
- Expansion of Immune Checkpoint Inhibitors: While not traditional vaccines, immune checkpoint inhibitors like PD-1 and PD-L1 inhibitors were a significant part of the cancer immunotherapy landscape. These drugs were often used in combination with other therapies, including vaccines, to enhance the immune system's response against cancer cells.
- Emerging Technologies: Advancements in technology, such as mRNA-based vaccines (like the COVID-19 mRNA vaccines), were influencing the development of cancer vaccines. These technologies offered the potential for faster development and more precise targeting of cancer cells.
- Investment in Research and Development: Pharmaceutical companies and biotech firms were heavily investing in research and development of cancer vaccines. This included both early-stage research and clinical trials for new vaccine candidates.
- Increased Regulatory Approvals: Regulatory agencies, like the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), were gradually approving more cancer vaccines and immunotherapies. These approvals were expanding treatment options for patients with various types of cancer.
- Global Market Expansion: The cancer vaccine market was not limited to North America and Europe. Growing cancer prevalence in emerging markets and increasing awareness of cancer immunotherapies were driving market growth in regions like Asia-Pacific.
- Collaborations and Partnerships: Collaboration between pharmaceutical companies, research institutions, and government organizations was common. These partnerships aimed to accelerate vaccine development, share resources, and conduct large-scale clinical trials.
- Challenges Remain: Despite the progress, several challenges persisted, including the high cost of vaccine development, potential side effects, and the need to identify suitable antigens for effective cancer vaccines.
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Recent Developments
- In August 2023, the University of Pittsburgh and the UPMC state they are actively researching cancer medicines and vaccines. Their upcoming launch of the breast cancer vaccine. The University of Pittsburgh and the UPMC will be soon announcing the clinical trial for the breast cancer preventive vaccine.
- In August 2023, CAS-Lamvac Biotech developed a vaccine for oncology that is under clinical trial and is currently under Phase II for thyroid cancer.
Market Segmentation
By Type
- Preventive Cancer Vaccines
- Therapeutic Cancer Vaccines
- Others
By Indication
- Cervical Cancer
- Prostate Cancer
- Other Indications
By Technology
- Recombinant Cancer Vaccines
- Viral Vector and DNA Cancer Vaccines
- Whole-cell Cancer Vaccines
- Others
By Distribution Channel
- Hospitals
- Government Suppliers
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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