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mRNA Cancer Vaccines Market Report 2024 - Cancer Vaccines Market Demand And Trends
mRNA Cancer Vaccines Market
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According to The Business Research Company's, The mRNA cancer vaccines and therapeutics market size has grown rapidly in recent years. It will grow from $52.85 billion in 2023 to $61.52 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to the shifting lifestyles, the funding support, the favorable regulatory environment, the well-established healthcare infrastructure, and increasing pipeline development.
The mRNA cancer vaccines and therapeutics market size is expected to see rapid growth in the next few years. It will grow to $113.41 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to promising clinical trial results, growing awareness and acceptance of mRNA technology, unmet medical needs in cancer treatment, potential for improved patient outcomes and potential for off-the-shelf availability. Major trends in the forecast period include expansion into new therapeutic areas, personalized medicine approach, advancements in mRNA delivery systems, multivalent mRNA Vaccines and artificial intelligence and machine learning in mRNA design.
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Market Drivers and Trends:
The rise in the prevalence of cancer is expected to propel the growth of the mRNA cancer vaccine and therapeutic market going forward. Cancer is a broad term for a group of diseases characterized by the uncontrolled growth and spread of abnormal cells, that invade and destroy normal body tissue. The rise in the prevalence of cancer is due to sedentary lifestyles, unhealthy eating habits, and exposure to environmental toxins. mRNA cancer vaccines and therapeutics are required for cancer because they offer personalized, targeted treatments that can enhance the immune system's ability to recognize and attack cancer cells, improving treatment efficacy and patient outcomes. For instance, in January 2023, according to the data published by the American Cancer Society, a US-based non-profit organization working to eliminate cancer, the estimated number of new cancer cases in the United States, was around 1,918,030 in 2022, which increased to 1,958,310 in 2023. Breast cancer is the leading chronic condition in the United States, increasing from 287,850 cases in 2022 to 297,790 cases in 2023, respectively. Therefore, the rise in the prevalence of cancer is driving the growth of the mRNA cancer vaccine and therapeutics market.
Major players operating in the mRNA cancer vaccine and therapeutics market are focused on the development of innovative treatments such as mRNA cancer vaccines to enhance efficacy, improve patient outcomes, and address the growing demand for effective cancer therapies. mRNA cancer vaccines are a type of immunotherapy that use messenger RNA to instruct cells to produce specific antigens, thereby stimulating the immune system to recognize and attack cancer cells. For instance, in May 2024, WestGene Biopharma, a China-based, biotechnology company received FDA approval for an investigational new drug application of its mRNA therapeutic cancer vaccine, WGc-043. The FDA approval of WGc-043 marks a breakthrough in treating advanced EB virus-related cancers, which are strongly linked to over ten malignancies, including nasopharyngeal carcinoma, NK T-cell lymphoma, and gastric, lung, liver, esophageal, breast, and cervical cancers, as well as autoimmune diseases such as multiple sclerosis and lupus.
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Major Key Players of the Market:
Pfizer Inc., Merck & Co Inc., Bayer AG, Novartis SA, Sanofi AG, AstraZeneca Plc, GlaxoSmithKline Plc, Hoffmann-La Roche AG, Eli Lilly and Company, Moderna Therapeutics Inc., BioNTech SE, Regeneron Pharmaceuticals Inc., Catalent Inc., Sarepta Therapeutics Inc., Arcturus Therapeutics Holdings Inc., Genentech Inc., Immatics Biotechnologies GmbH, CureVac N.V, Anima Biotech, Argos Therapeutics Inc.
mRNA Cancer Vaccines And Therapeutics Market 2024 Key Insights:
• The mRNA cancer vaccines and therapeutics market size is expected to see rapid growth in the next few years. It will grow to $113.41 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%.
• Surge In Cancer Prevalence Boosts mRNA Vaccine And Therapeutics Market Growth
• FDA Approves WGc-043, Boosting Innovations In mRNA Cancer Vaccines And Therapies
• North America was the largest region in the mRNA cancer vaccination and therapeutics market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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