Cancer Vaccines Market to Hit USD 20.47 Billion by 2032 with 8.6% CAGR | MarketsandMarkets Trademark

The global cancer vaccines market, valued at US$9.70B in 2023, is forecasted to grow at a 5.4% CAGR, reaching US$9.84B by 2024 and US$15.00B by 2032.
The global cancer vaccines market [https://www.marketsandmarkets.com/Market-Reports/cancer-vaccines-market-30645011.html?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=cancervaccinesmarket], valued at US$10.23 billion in 2023, is forecasted to grow at a robust CAGR of 8.6%, reaching US$10.61 billion in 2024 and an impressive US$20.47 billion by 2032. Increased investments in research and development of neoantigen cancer vaccines and technological advancements are some of the factors driving the market's growth. Furthermore, the shift towards preventive healthcare and the rising incidence of cancer are increasing demand for cancer vaccines, further boosting the market's growth in coming years.

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The 'type' segment is segmented into preventive and therapeutic vaccines (Neoantigen cancer vaccines and other cancer vaccines). The preventive vaccines segment dominated the market in 2023. The dominance is attributable to the widespread adoption of HPV vaccines (e.g., Gardasil, Cervarix) to prevent cervical cancer and Hepatitis B vaccines to reduce liver cancer risks. Therapeutic cancer vaccines are gaining momentum, targeting patients with existing cancers. Notable examples include Sipuleucel-T (Provenge) for prostate cancer and emerging neoantigen-based vaccines in clinical trials.

According to the type of vaccine technology, the global cancer vaccines market is divided into cell-based vaccines, recombinant vaccines, and others. The recombinant vaccines segment accounted for the largest share in the cancer vaccine market in 2023, owing to its scalability, cost-effectiveness, and broadened marketability. Recombinant vaccines are advanced because they can target multiple tumor-associated antigens and easily become incorporated into the usual final manufacturing process.

Based on indication, the global cancer vaccines market is segmented into cervical cancer, prostate cancer, and other indications. The cervical cancer indication segment held the highest market share of the indication segment in 2023. This large share is attributable to cervical cancer vaccines being well-integrated into preventive healthcare strategies, benefiting from inclusion in national immunization schedules and favourable reimbursement policies. Strong public health initiatives, including government-supported vaccination programs and widespread awareness campaigns, have driven their global adoption, particularly in developed and emerging economies.

The market is segmented by region into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. In the year 2023, the North American region dominated the cancer vaccines market. The high consumption of cancer vaccines in North America is largely due to the use of newer technologies and precision medicine and further chances of favourable reimbursement policies for cancer treatment. Further, the increasing incidence of cancer, along with rising awareness towards immunotherapy and preventive care, helps to support market growth for cancer vaccines.

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The market for cancer vaccines market is consolidated, with key players strategizing to capture most of the market. Prominent players in the cancer vaccines market are Merck & Co., Inc. (US), GSK plc (UK), Dendreon Pharmaceuticals LLC (US), JW CreaGene (Korea), Serum Institute of India Pvt. Ltd. (India), Verity Pharmaceuticals, Inc. (Canada), Wantai BioPharm (China), Vaccinogen (US) and Shanghai Zerun Biotechnology Co., Ltd. (China) among others. The market players have adopted various strategies such as development of advanced products, partnerships, contracts, expansions, and acquisitions to strengthen their position in the cancer vaccines market.

Merck & Co., Inc. is one of the top players in the cancer vaccines market through its innovative strategies, in-depth clinical research, and powerful collaborations. The strategic partnership between Merck and Moderna in co-developing mRNA-based personalized cancer vaccines, like mRNA-4157 (V940), showcase its leadership role in using next-generation technologies. Recently initiated Phase 3 trial for mRNA-4157 in combination with KEYTRUDA shows its commitment to developing innovative therapies for solid tumors and adds to its stronghold in the market. Merck's significant investments in R&D for novel cancer vaccines constitute serious commitment to diversify its oncology pipeline beyond currently available therapies. These investments are especially important in the context of exploring treatment avenues for difficult cancers, including advanced solid tumors. This focus on precision medicine and cutting-edge vaccine technology places Merck at the forefront of the swiftly developing market.

GSK Plc is one of the most advanced companies of the generation in the oncology vaccine market, and it has gained notable repute due to its innovative approaches toward immuno-oncology, thus giving great importance to precision medicine. Vaccines like Cervarix have become part of HPV-related cervical cancers prevention. GSK, meanwhile, pursues its oncology pipeline and has targeted drug development on the unmet needs by tapping into progressive research in human genetics and the immune system. GSK's latest directive from the top is to hasten tumor-targeting therapies and immuno-oncology solutions to solidify its driving position on advancing the preventive and therapeutic options for combating cancers.

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