Cancer Vaccines Market is predicted to reach USD 30,746.55 million by 2030
The global cancer vaccines market held USD 4,305.79 million in 2018 and is predicted to reach USD 30,746.55 million by 2030 with a CAGR of 17.8% from 2019-2030
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Cancer is a disease in which abnormal cells grow and conquer other tissues of the body in uncontrolled way. This uncontrolled spreading of cell increase the cancer tumors in the body. The cancer is also known as malignant tumor or neoplasms. These cancer tumors are benign or malignant type. To detect and cure the cancer cell the cancer vaccines are used. These vaccines comprise of antigenic components that strengthens the immune system by increasing adaptive immunity of individual to prevent disease from infections.
Currently, cancer is the second leading cause of illness and death worldwide. The major cause of cancer is gene mutation and rarely due to inherited genes. The growing occurrence of various types of cancer and the developments of new vaccines is predicted increase the demand of the cancer vaccines in upcoming years.
One of the factors including increasing prevalence of human papilloma virus (HPV) infections is likely to result in increased cancer vaccines market size by 2030. Additionally, the growing administration of prophylactic cancer vaccines, and growing investments & government funding in the development of cancer vaccines majorly driven the cancer vaccines market. Further, emphasis on early diagnosis of cancer, introduction & approval of new cancer vaccines in the market, and technological developments in cancer vaccines has led to rise in the demand of cancer vaccines. However, high cost for development of cancer vaccines, stringent regulatory guidelines and presence of alternative therapiesis hampering the growth of the cancer vaccines market. The growing cases of cancer patients globally and introduction & approval of new cancer vaccines in the market will create new opportunities for the cancer vaccines market share in the future.
The cancer vaccines market is segmented on the basis of technology, treatment method, indication, end user, and geography. On the basis of technology, the market is segmented into subunit vaccines, conjugate vaccines, inactivated vaccines, live attenuated vaccines, and recombinant vector vaccines. On the basis of treatment method, the market covers preventive vaccine and therapeutic vaccine. On the basis of indication, the market is classified into prostate cancer, liver cancer, cervical cancer, skin cancer, and others. On the basis of end user, the market is divided into adult vaccines and pediatric vaccine. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and LAMEA.
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North America denotes a higher adoption of the cancer vaccines and is anticipated hold the highest market share during the forecast period. This is attributable to the factors including large patient pool and technological advancements.
It is expected that the emerging economies, specifically in the Asia-Pacific region would witness increasing market size owing to increasing healthcare spending and increasing consumer awareness.
Comprehensive competitive analysis and profiles of the major market players such as CSL Limited, Pfizer Inc., Bristol-Myers Squibb, Astrazeneca Plc., Sanofi Pasteur, Aduro BioTech Inc., Sanpower Group, Glaxosmithkline Plc., Merck & Co., Inc., Astellas Pharma Inc., and among others are provided in the cancer vaccines market report.
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