Cancer Vaccine Market Size, Share, and Trends

The global cancer vaccine market size is anticipated to hit around USD 26.89 billion by 2032 from USD 9.12 billion in 2022 and is growing at a CAGR of 11.42% during the forecast period 2023 to 2032.

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Key Takeaways:

• North America dominated the market with the highest market share of 37% in 2022.
• By Type, the preventive segment dominated the market with revenue share of 54% in 2022.
• By Indication, the cervical cancer segment accounted largest revenue share of around 30% in 2022.
• By Technology, the recombinant vaccine segment has held revenue share of 56.8% in 2022.
• By Distribution channel, the hospital segment held the largest share of the market in 2022.

Cancer Vaccine Market Overview:

Cancer is considered one of the most complex diseases across the globe, which is also becoming a significant cause of mortality. The global cancer vaccine market revolves around the research, development, production and distribution of vaccine-based treatment for treating cancer. Cancer vaccines are responsible for the prevention of cancer, these vaccines also promote the power of fighting against the carcinogen's cells. Rising cases of cancer across the globe has forced the healthcare sector to adopt cancer vaccines rapidly.

There are currently two approved cancer vaccines available in the market Human Papillomavirus (HPV) Vaccine and Hepatitis B Vaccine. The Papillomavirus (HPV) Vaccine is greatly effective in the prevention of the HPV virus. There are several types of HPV infections that can cause various types of cancer like head and neck cancers, cervical cancer, anal cancer, vaginal cancer, vulvar cancer, and penile cancer. The Papillomavirus (HPV) Vaccine greatly reduces the risk of cancer. Additionally, Hepatitis B Vaccines are available for the prevention of liver diseases caused by the hepatitis B virus.

Growth Factors:

Cancer vaccine is observed to be a potential treatment for fighting against antigens and destroying them. The rising aging population and increasing awareness for the treatment and prevention of cancer fuel the growth of the market. As the emphasis on rapid diagnosis of cancer grows, the market is expected to be accelerated in the upcoming years. Multiple governments and administrative bodies are actively involved in initiatives that promote the treatment and diagnostic methods, especially for cervical and breast cancer types. This element is expected to continue to act as a growth factor for the market.

Cancer Vaccine Market Scope

Cancer Vaccine Market Dynamics:

Driver:

Rising threats of cervical cancer

According to the estimation of cancer.net, in 2023, approximately 13,960 women in the United States will be diagnosed with cervical cancer (invasive). Such rising threats of cervical cancer among female patients is expected to act as a driver for the global cancer vaccine market. Despite increased awareness, cervical cancer incidence remains high in few regions. This continues the demand for vaccines, especially in areas with limited access to regular screening and healthcare services.

With such threats, the utilization of HPV vaccine is observed to grow. The growing concern around cervical cancer is attracting investments and research efforts leading to the development of more advanced vaccines and treatments, thus driving the market’s growth.

Restraint:

Higher cost of vaccination

Generally, cancer vaccines are costly owing to the vast research efforts and investments done for the development of the same. The high cost of cancer vaccine may limit patients in economically weaker areas or even in underdeveloped areas. The cost can also limit healthcare professionals from offering vaccination services at their centers. Thus, the cost factor associated with the cancer vaccine mostly acts as a restraint for the market’s expansion.

Opportunity:

Emergence of immunotherapeutic vaccines

There have been clinical trials for therapeutic cancer vaccinations. The evaluation of therapeutic cancer vaccines is done in several categories. These could be molecular, viral, or biological (whole tumor/immune cells) vectors. By adopting the ideal vaccine delivery formulation, co-administering immunological adjuvants, immune stimulatory cytokines, and incorporating costimulatory molecules, the therapeutic effectiveness of these drugs has been increased. Numerous novel immunotherapy approaches have been developed as a result of recent improvements in vaccine formulations that successfully activate effector T cells, improve antigen presentation, and prevent tumor-induced immunosuppressive pathways. Thus, the emergence of immunotherapeutic vaccines in the industry is observed to present multiple opportunities for the market.

Type Insights:

The preventive segment held the largest share of the market in 2022, the segment is expected to grow at a significant rate throughout the forecast period. Preventive vaccines are gaining popularity due to the increasing awareness of the prevention of cancer. The HPV vaccine is one of the best examples of preventive vaccines for the prevention of anus, vagina, throat, and penis cancer. Preventive vaccines are injected before the occurrence of the cancer the body. As the education about cancer rises, the demand for preventive vaccination for cancer rises.

The therapeutics segment is expected to witness significant growth in the market during the forecast period. Therapeutic vaccines are made from the cancer cells' protein from the surface of the cancer cells. Therapeutic vaccines are used to stimulate the immune system to attract cancer cells. Therapeutic vaccines are personalized vaccines tailored for individual patients. However, the concerns associated with therapeutics-based vaccination slow down the growth of the segment.

Indication Insights:

The cervical cancer segment dominated the market with the highest market share in 2022. Cervical cancer is generally referred to as one of the common cancer types in women. Cervical cancer occurs in the cervix cell, the lower part of the uterus which connects the vagina. A sexually transmitted infection human papillomavirus (HPV) plays an important role in the cause of most cervical cancer.

Governments are actively participating in promotional activities to boost awareness about cervical cancer and its treatment/therapeutics. This factor is expected to highlight the segment’s expansion for upcoming years.

Distribution Channel Insights:

The hospital segment dominated the market in 2022. The segment will continue its dominance due to the rising cases of patients visiting the hospitals for the detection and diagnosis of cancer. A significant rise in the supply mechanism of medication and therapeutics for cancer in hospitals with large patient base also promote the segment’s growth. For multiple treatments, hospitals are considered to be the most potential channel owing to their well-equipped infrastructure. Moreover, the presence of skilled professionals at hospitals promotes the growth of the segment.

Hospitals adhere to stringent safety and sanitation protocols, minimizing the risk of contamination during vaccine administration. Hospitals are typically well-connected and offer a range of medical services, making it convenient for patients.

Regional Insights:

North America dominated the market with the largest market size in 2022, the region is expected to sustain its dominance throughout the forecast period. The region’s dominance is attributed to the well-established healthcare system in North America that promotes vaccination for cancer. Moreover, the rising incidence of cancer in the region fuels the demand for cancer vaccines. The potential of researchers and developers to invest in the innovation of cancer vaccines also highlights the growth of the market.

North America’s robust regulatory framework, particularly the rigorous approval process by the U.S. Food and Drug Administration, ensures that cancer vaccines meet stringent safety and efficacy standards. This fosters confidence among both patients and healthcare professionals in the effectiveness of these vaccines.

Asia Pacific is expected to witness the fastest rate of growth during the forecast period. The vast population of the region along with rising cases of cancer across the region promote the growth of the market. With the growing aging population and lifestyle factors, the rising investments in research and development activities also promote the growth of the market in Asia Pacific. Moreover, the region’s improving healthcare infrastructure is expected to make these vaccines even more accessible for the patient base. Collaborations between academic institutions and research centers along with pharmaceutical companies in Asia Pacific also fuel the market’s growth.

Recent Development:

• In August 2023, The Federal Government of Nigeria's upcoming initiation for saving hundreds of lives in the nation, the launch of (HPV) Human papillomavirus (HPV) vaccines on September 25, 2023, minimize the number of cervical cancer in teenage girls of the country.
• In January 2022, after the mRNA vaccines against the coronavirus, Moderna and Biotech both biotech companies stated that they are working on the cancer vaccination. Cancer Research U.K. (CRUK) Sam Godfrey, senior research information manager said of the push towards research into mRNA cancer vaccines.
• In August 2023, Laura Brennan's HPV (Human Papillomavirus) Vaccine Catch-Up Programme expansion was announced by The Minister for Health Stephen Donnelly TD. The program is to include all males who are aged up to 22 years.
• In August 2023, In Washington, the new research project was launched by the Biden Administration. The project's vision is to the development of a new technology or tool that will increase the immune system, especially for cancer fighters or survivors.
• In August 2023, a legal challenge was filed by AstraZeneca for the critical aspects of negotiation of the drug prices of the Inflation Reduction Act (IRA). the initiative aims to help and project access to medication for rare diseases and cancer patients.

Cancer Vaccine Market Companies

• Generex Biotechnology Corporation
• Advaxis Inc.
• Immunocellular Therapeutics, Ltd
• Vaccinogen, Inc.
• GlaxoSmithKline plc (GSK)
• Merck & Co., Inc.
• Dynavax Technologies Corporation
• SANPOWER GROUP CO. LTD. (DENDEREON CORPORATION)
• Amgen Inc.
• UbiVac

Segments Covered in the Report:

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