Therapeutic vaccine Market is trending with CAGR of 12.63% by 2023, Key Players- AGENUS, BAVARIAN NORDIC, CELTIC PHARMA, CYTOS BIOTECHNOLOGY, DENDREON CORP, GLAXOSMITHKLINE, PFIZER, MERCK SERONO, NOVARTIS

In 2017, the global therapeutic vaccine market was valued at around USD 14.15 billion. North America accounted for the highest market value in 2017, however Middle East & Africa is expected to register the highest CAGR of 12.63% during the forecast period.

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Favorable Government Funding for Vaccine Development
The United States nearly spends USD 1.4 billion on vaccine R&D annually, with funds received from various sources. The most recent funding would be Government of Canada’s funding to enhance vaccine research and development which amounts to $1 million. It can be clearly seen that vaccines are of prime importance to the healthcare industry globally as there are many developing regions who are in dire need of vaccines and are a victim of lack of resources. The Global Therapeutic Vaccines market is set to witness great growth opportunities in the recent times. This can be attributed to the growing awareness of communicable diseases and new threats, cost effectiveness of vaccines, development in new research techniques and increasing demand, new target population and emergence of developing markets

Key Developments in the Market
March 2017, Neon Therapeutics and vedantra Pharmaceutical partnered to develop therapeutic vaccine for cancer.

Major Players:
AGENUS INC., BAVARIAN NORDIC, CELTIC PHARMA, CYTOS BIOTECHNOLOGY, DENDREON CORP, GLAXOSMITHKLINE, PFIZER, MERCK SERONO, NOVARTIS, amongst others.

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Huge Capital Expenditures
With the increasing demand for different types of vaccines to be introduced into the market, there is one drawback to this situation. The vaccine research requires huge capital to be invested and a lot of time to be invested. Vaccines, as with all other regulated products undergo a rigorous review of laboratory and clinical data, to ensure the safety, efficacy, purity, and potency of these products. Vaccines approved for marketing may also be required to undergo additional studies to further evaluate the vaccine and often to address specific questions about the vaccine's safety, effectiveness or possible side effects

North America to Dominate the Market
The Therapeutic vaccine is segmented by type and geography. By geography, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The United States is the largest market in the North America, which accounts for about 77.97% of the total market volume. Canadian and Mexican markets have high growth potentials and the US market is focused on the invention and development of new vaccines. The demand for better and more efficient vaccines is expected to increase, in order to reduce the shortfall of vaccines during disease outbreaks. The demand for the measles vaccines has increased drastically, due to the worst measles outbreak in North America in 15 years and also for emerging respiratory vaccines.

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This release was published on openPR.