According to a new report published by Allied Market Research, titled, “Cancer Vaccines Market by Technology, Type, Indication, and End User: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global cancer vaccines market was valued at $4,188 million in 2019, and is projected to reach $7,303 million by 2027, registering a CAGR of 12.6% from 2020 to 2027.
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Cancer Vaccines Market by Technology (Dendritic Cells (DC) Cancer Vaccines, Recombinant Cancer Vaccines, Antigen/Adjuvant Cancer Vaccines, and Viral Vector & DNA Cancer Vaccines), Type (Preventive Cancer Vaccines and Therapeutic Cancer Vaccines), Indication (Cervical Cancer, Prostate Cancer, and Others), and End User (Pediatrics and Adults): Global Opportunity Analysis and Industry Forecast, 2020–2027
COVID-19 Impact on Cancer Vaccines Market
COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. This COVID-19 pandemic has affected cancer vaccine production and import & export of raw material and finished goods, owing to shutdowns in various COVID-19-affected countries. Temporary disruptions of inputs or production might stress some companies, particularly those with inadequate liquidity. Moreover, delayed shipments & production schedules create financial problems for companies with heavy debts. This, in turn, has limited the impact of COVID-19 on the market.
The global cancer vaccines market is segmented on the basis of technology, type, indication, end user, and region. On the basis of technology, the cancer vaccines market is categorized into dendritic cells (DC) cancer vaccines, recombinant cancer vaccines, antigen/adjuvant cancer vaccines, and viral vector & DNA cancer vaccines. The recombinant cancer vaccines segment dominated the global market in 2019, and is expected to maintain its dominance throughout the forecast period. This is attributed to large number of approved cancer vaccines developed using recombinant technology such as Cervarix, and Gardasil.
Key Market Segments:
- Dendritic Cells (DC) Cancer Vaccines
- Recombinant Cancer Vaccines
- Antigen/Adjuvant Cancer Vaccines
- Viral Vector & DNA Cancer Vaccines
- Cervical Cancer
- Prostate Cancer
Key Findings of the Study:
- By technology, the recombinant cancer vaccines segment held the largest market share in 2019, and is expected to remain dominant throughout the forecast period.
- On the basis of type, the preventive cancer vaccines segment held the largest market share in 2019, and is expected to remain dominant throughout the forecast period.
- On the basis of indication, the cervical cancer segment held the largest market share in 2019, and is expected to remain dominant throughout the forecast period
- On the basis of end user, the pediatrics segment exhibits fastest growth, and is expected to grow at a CAGR of 13.0% from 2020 to 2027.
- Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 15.0% during the forecast period.
North America accounted for the largest share of the global cancer vaccines market in 2019, and is expected to remain dominant throughout the forecast period. This was attributed to higher adoption of cancer vaccines, higher number of R&D activities to develop cancer vaccines, large number of target population with higher health awareness, availability of trained medical professionals, and supportive reimbursement policies in the healthcare system. Asia-Pacific is expected to experience the highest growth rate during the forecast period, majorly owing to growth in prevalence of cancer with increase in demand for new cancer vaccines
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