Global Cancer Vaccine Industry Worth $13.4 Billion by 2030: Use of Nanosensors in Diagnosing Cancer Expected to Create Ample Opportunities for Key Players
2023-06-27
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DUBLIN, June 27, 2023 /PRNewswire/ -- The "Cancer Vaccine Markets, 2023-2030." report has been added to
ResearchAndMarkets.com's offering.
The global cancer vaccine market was valued at USD 5.75 billion in 2022, and is predicted to reach USD 13.4 billion by 2030, with a CAGR of 10.7% during the forecast period, 2023 to 2030.
Growth in incidences of cancer across the globe, owing to high consumption of tobacco and alcohol, along with an unhealthy diet and infections is expected to fuel the cancer vaccine market growth. However, longer timelines hinder growth of the market. On the contrary, use of nanosensors in diagnosing cancer, which include oral fluid nanosensor test (OFNASET), is expected to create ample opportunities for key players operating in the market.
Market Dynamics
Drivers
Increase in the Prevalence of Cancer Across the Globe
Growing Government, and International Organization Initiatives to Eliminate Cancer
Restraints
Longer Timeline Process and High Cost
Opportunities
Technological Advancement in Healthcare Sectors
Segment Overview
The global cancer vaccine market is segmented on the basis of technology, type, disease indication, end-user, and region.
By technology, the market is classified into dendritic cells, recombinant vaccines, antigen/adjuvant vaccines, whole cell vaccines, and viral & DNA vaccines.
By type, the market is segmented into preventive vaccines and therapeutic vaccines.
By disease indication, the market is categorized into cervical cancer, prostate cancer, and others.
By end-user, the market is divided into pediatrics and adults.
Region wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
Regional Analysis
North America estimated to hold a dominant share of the market
North America dominates the cancer vaccine market and is potently expected to remain dominant throughout the forecast period. Rise in awareness regarding health among educated population has led to early diagnosis of cancer, which boosts the market growth. For instance, the Government of Canada announced that around 27,400 women were diagnosed with breast cancer in 2020. This early detection of cancer helps women to undergo treatment at the early stage, which, in turn, propels the market growth.
Growth in R&D in the region, owing to collaboration among well-known big tech companies and cancer research centers for developing cancer vaccines further propel the market growth. For instance, in July 2022, Amazon collaborated with Fred Hutchinson Cancer Research CenterCancer Research Center to develop cancer vaccines for breast cancer and melanoma.
Fred Hutch received permission from the U.S. Food and Drug Administration to proceed with a Phase I clinical trial. Amazon contributed scientific and machine learning expertise to a partnership with Fred Hutch to explore development of personalized treatment for certain forms of cancer.
Key Market Players
Emerging and efficient key players in the cancer vaccine market research include companies such as:
Imugene LimitedImugene Limited
Recent Developments
August 2022
Merck joined hands with Orna Therapeutics, a biotechnology company pioneering a new investigational class of engineered circular RNA (oRNA) therapies. The agreement will help in discovering, developing, and commercializing multiple programs, including vaccines and therapeutics in the areas of infectious disease and oncology.
May 2022
Imugene Limited and City of Hope, one of the largest cancer research and treatment organizations in the United States, announced Phase 1 clinical trial to evaluate safety of novel cancer-killing virus CF33-hNIS VAXINIA. It is used in people with advanced solid tumors.
June 2022
GlaxoSmithKline plc acquired Sierra Oncology, Inc., to develop targeted therapies for treatment of rare forms of cancer that includes Myelofibrosis. This acquisition aims at the development of vaccines and medicines.
January 2022
Dynavax Technologies Corporation announced that Shingles vaccine is in initiation Phase 1 clinical trials. This vaccine is helpful in treating a herpes zoster virus, along with undergoing treatment for cancer patients. It treats cancer patients that are at the risk of developing shingles.
June 2020
Report Scope: Key Benefits
The cancer vaccine market report provides quantitative analysis of the current market and estimations from 2023 to 2030, which assists in identifying the prevailing market opportunities.
The study comprises a deep dive analysis of the cancer vaccine market including current and future trends to depict prevalent investment pockets in the market.
Information related to key drivers, restraints, and opportunities and their impact on the cancer vaccine market is provided in the report.
Competitive analysis of the market players, along with their market share in the cancer vaccine market is provided in the report.
SWOT analysis and Porters Five Forces model is elaborated in the study.
Value chain analysis in the market study provides a clear picture of role of stakeholders.
Key Topics Covered
1. Introduction
2. Cancer Vaccine Market- Executive Summary
3. Market Overview
4. Market Share Analysis
5. Global Cancer Vaccine Market, by Technology
6. Global Cancer Vaccine Market, by Type
7. Global Cancer Vaccine Market, by Indication
8. Global Cancer Vaccine Market, by End-use
9. Global Cancer Vaccine Market, by Region
10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/fnueio
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