Cancer Vaccines Market: Growth, Size, Share, and Trends

Report Code PH 9230
Published in Dec, 2024, By MarketsandMarkets™
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Cancer Vaccines Market by Type (Preventive, Therapeutic (Neoantigen)), Technology (Cell-based Vaccine, Recombinant), Indication (Cervical, Prostate), ROA (Intramuscular, Intravenous), End User (Hospitals, Speciality Clinics) - Global Forecast to 2032

Overview

The global cancer vaccines market, 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. The cancer vaccines market is growing rapidly, fueled by rising prevalence of cancer, technological advancements in immunotherapy, and increasing adoption of preventive healthcare across the globe. Increased adoption of HPV vaccines for cervical cancer cases and the emergence of neoantigen-based and mRNA vaccines is likely to contribute towards market growth. Investments in R&D and strategic partnerships, such as Moderna’s collaborations in oncology, are accelerating innovation in the cancer vaccine field. Robust product pipeline is likely to contribute towards market growth in coming years.

Cancer Vaccines Market

Attractive Opportunities in the Cancer Vaccines Market

Asia Pacific

High market share of North America can be attributed to well-established healthcare infrastructure, significant investments in research and development, and strong government support for cancer prevention and treatment initiatives.

Increased investments into R&D of Neoantigen cancer vaccines and technological advancements in immunotherapy are significantly driving the expansion of the halal empty capsules market

Growing collaborations and strategic partnerships and use of artificial intelligence and machine learning are expected to provide lucrative opportunities for market players

The Global Cancer Vaccines market is expected to grow at CAGR of 8.6% during the forecast period.

Personalized Medicine and heterogeneity of cancer types and competition from alternative therapies raise challenges to market growth.

Global Cancer Vaccines Market Dynamics

DRIVER: Increased investments into R&D of Neoantigen cancer vaccines

Investments in clinical and preclinical R&D for neoantigen cancer vaccines are in the process of reshaping the cancer vaccines market. Neoantigen cancer vaccines are among the most personalized immunotherapies as they target unique mutations of an individual's cancer cells. The introduction of immunotherapy along with neoantigen cancer vaccines offers a targeted means of minimizing off-target effects and enhancing efficacy by attempting to solely focus on tumor-specific antigens. An influx of both public and private funding toward neoantigen research is seen to provide impetus for the growth of a cancer vaccine market. This comes in large part because of the push in immunotherapy advances, high demand for personalized cancer treatment, and the productive collaborations between biotech and pharmaceutical companies.

In this investment-scape of Oncology, neoantigen-based cancer vaccines are one of the most promising sectors worth potential attention from investors and strategic partners. The partnership between Moderna and Merck to develop mRNA-based personalized cancer vaccines can be exemplified here. In its Phase 2b trial, this experimental vaccine, mRNA-4157/V940, shown durable efficacy as a combination with pembrolizumab, a PD-1 inhibitor. In patients treated with that combination, fatality risk significantly diminished concerning high-risk melanoma. After these promising results emerged, Merck exercised its co-development and co-commercialization option on that vaccine. In 2022, Merck further invested USD 250 million besides their original commitment, strengthening their partnership. This large investment represents a major step for neoantigen cancer vaccines and reinforces the potential role of mRNA technologies in transforming oncology. The partnership between Moderna and Merck has enhanced the field's interest and neoantigen-based therapies have attracted the general industry's attention in propelling growth forward in the cancer vaccine market.

RESTRAINT: High Development and Manufacturing Costs

The cancer vaccines market seems to have enormous potentials for rapid evolution. Primarily, due to high development and manufacturing costs, these vaccines suffer a number of related difficulties. The vaccine development process is complex, considering the lengthy R&D span, stringent regulation, and advanced production technologies. Such expenses limit the pipeline-to-market pathway and extend the time horizon for product launches while creating great entry barriers to potential new entrants. To allow for sustained growth of cancer vaccines, addressing all cost-centric concerns is imperative.

Cancer vaccines are developed through the identification and selection of substances that provoke an immune response towards tumor-specific antigens, like neoantigens, which are unique to individual tumors. This requires advanced genomic technologies like next-generation sequencing (NGS) which are capital intensive and time-consuming. The personalized immunotherapies involving therapeutic vaccines demand precision in the identification and validation of neoantigens which makes their development exorbitantly costly. On the other hand, the clinical trials of cancer vaccines involve enormous multi-phase, sample-pool testing to showcase safety and efficacy. A single vaccine may take 10–15 years to reach the market, with costs ranging from USD 200 million to over USD 1 billion. The high attrition rate of clinical trials further amplifies financial risks. According to industry reports, only a fraction of cancer vaccine candidates progress beyond Phase II trials, resulting in sunk costs for unsuccessful candidates.

 

OPPORTUNITY: Collaborations and strategic partnerships

Collaboration and strategic partnerships are particularly important elements that shape the cancer vaccine market while driving the innovation, speeding up drug development, and broadening market access. Blending resources from pharmaceutical firms, biotech, academic institutions, and public agencies enables overcoming the scientific and logistical constraints in vaccine development. Development partnerships yield synergistic advantages to help prosper market growth and aid in innovation by combining resources, sharing risks, and deploying complementary capabilities.

Formerly, the strategic alliances between small biotech companies and large pharmaceutical companies allowed small firms to benefit from increased resource expenditure, expertise, and funding that make possible the development and commercialization of innovative cancer vaccines. Accordingly, the partnership highlights the collaboration between BioNTech and Genentech, focusing on mRNA-based personalized cancer vaccines. The collaboration will work toward jointly advancing the research, development, production, and commercialization of personalized mRNA-based vaccines that target cancer neoantigens for individual patients. Within this partnership, in October 2021, BioNTech announced that it had commenced a Phase 2 clinical trial-the HRB-2021 trial-for colorectal cancer based on a personalized treatment approach.

CHALLENGES: Personalized Medicine and Heterogeneity of Cancer Types

The cancer vaccines market is beset with several challenges arising from the unique intricacy of personalized medicine and the variability of cancer entities. Personalized medicine changed the treatment of cancer by adapting therapies to the tumor genetic/molecular profile of every tumor. On the other hand, this method in isolation has its own limitations from a logistical and technical standpoint that hinder its scalability and market reach. Because of the intrinsic heterogeneity of cancer mutations in patients themselves (within the same cancer type), individual unique tumor antigen (neoantigen) targeted vaccines must be created. The discovery of these neoantigens demands sophisticated tools including next generation sequencing (NGS) and computational prediction models, which are demanding and expensive. In addition, the deep research and clinical testing required to assure efficacy and safety of PKV increase the time to bring a product to market, thereby further straining growth by the market.

Global Cancer Vaccines Market Ecosystem Analysis

The cancer vaccines market operates within a complex ecosystem with a wide array of stakeholders, each playing a crucial role in developing and adopting cancer vaccines. This ecosystem encompasses cancer vaccines products providers, cancer vaccines pipeline players, regulatory bodies, and end users. Prominent companies in the market include companies operating for several years that possess diversified product portfolios, strong global sales, and marketing networks.

Cancer Vaccines Market
 

Preventive cancer vaccines segment dominated the cancer vaccines market in 2023.

The type segment is segmented into therapeutic vaccines (Neoantigen cancer vaccines and other cancer vaccines) and preventive vaccines. The preventive vaccines segment dominated the market in 2023. The segment’s dominance is attributable to their proven efficacy in reducing cancer incidence, broad applicability in immunization programs, and strong public health and government support globally.

The intramuscular route of administration segment is likely to grow at a significant CAGR from 2024 to 2029.

The route of administration segment is segmented into intramuscular, intravenous and other routes of administration. The intramuscular segment accounted for the largest share of the cancer vaccines due to its established efficacy, ease of administration, and widespread adoption in immunization programs.

North America was the largest regional market for cancer vaccines in 2023.

Based on region, the cancer vaccines market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America dominated the global cancer vaccines market and is expected to maintain a leading market share during the forecast period.

North America dominates the cancer vaccines market, owing to advanced healthcare infrastructure, strong R&D investments, and high awareness of cancer prevention and treatment. The region has established players like Moderna and Merck, widespread adoption of preventive vaccines such as Gardasil, and supportive government initiatives. The Asia-Pacific (APAC) region is experiencing the fastest growth due to increasing healthcare expenditure, rising incidence and prevalence of cancer, and growing public awareness. Countries like China and India are scaling up immunization programs and investing in local vaccine production, making APAC a key growth driver for the global market.

HIGHEST CAGR MARKET IN 2024-2029
US FASTEST GROWING MARKET IN THE REGION
Cancer Vaccines Market

Recent Developments of Cancer Vaccines Market

  • In June, 2024, Moderna, in collaboration with Merck & Co., reported that their investigational cancer vaccine, when used in combination with the blockbuster immunotherapy Keytruda, demonstrated improved survival rates and durable efficacy in a mid-stage clinical trial. The study focused on patients with advanced melanoma, a highly aggressive and life-threatening form of skin cancer, showcasing the potential of this combination therapy to enhance treatment outcomes.
  • In May 2024, Serum Institute of India (SII), a strategically acquired a 20% stake in IntegriMedical. This investment aims to accelerate the development and adoption of Needle-Free Injection System technology, underscoring SII's commitment to advancing innovative and patient-friendly healthcare solutions.

Key Market Players

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Scope of the Report

Report Metric Details
Market size available for years 2022-2032
Base Year Considered 2023
Forecast period 2024-2032
Forecast units Value (USD)
Segments covered Type, Technology, Route of Administration, Indication and End User
Geographies covered North America, Europe, Asia Pacific, Latin America, Middle East and Africa

 

Key Questions Addressed by the Report

Who are the key players in the cancer vaccines market?
Key players in the cancer vaccines market include 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.
Which type segment dominates the cancer vaccines market?
The preventive segment dominated the market in 2023.
Which technology segment of the cancer vaccines market is expected to register the highest growth?
The recombinant vaccines is anticipated to register the highest CAGR during the forecast period.
Which indication segment dominates the cancer vaccines market?
The cervical cancer segment dominated the market in 2023.
What is the market size for the cancer vaccines market?
The global cancer vaccines market is anticipated to reach USD 20.47 billion by 2029 from USD 10.61 billion in 2024, with a significant CAGR of 8.6%.

 

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Table of Contents

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TITLE
PAGE NO
INTRODUCTION
1
RESEARCH METHODOLOGY
34
EXECUTIVE SUMMARY
56
PREMIUM INSIGHTS
76
MARKET OVERVIEW
87
  • 5.1 INTRODUCTION
  • 5.2 MARKET DYNAMICS
    DRIVERS
    RESTRAINTS
    OPPORTUNITIES
    CHALLENGES
  • 5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS
  • 5.4 PRICING ANALYSIS
    AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TYPE, 2021-2023
    AVERAGE SELLING PRICE, BY REGION, 2023
  • 5.5 VALUE CHAIN ANALYSIS
  • 5.6 ECOSYSTEM ANALYSIS
  • 5.7 TECHNOLOGY ANALYSIS
    KEY TECHNOLOGIES
    - mRNA-BASED VACCINES
    - DENDRITIC CELL VACCINES
    - RECOMBINANT VECTOR-BASED VACCINES
    COMPLEMENTARY TECHNOLOGIES
    - ADJUVANTS FOR IMMUNO-STIMULATION
    - ARTIFICIAL INTELLIGENCE (AI) AND MACHINE LEARNING (ML)
    ADJACENT TECHNOLOGY
    - CAR-T CELL THERAPY
    - CRISPR-BASED GENE EDITING
  • 5.8 PATENT ANALYSIS
  • 5.9 KEY CONFERENCES & EVENTS 2024-2025
  • 5.10 REGULATORY LANDSCAPE
    REGULATORY SCENARIO
    REGULATORY BODIES, GOVERNMENT AGENCIES & OTHER ORGANIZATIONS
  • 5.11 PORTER’S FIVE FORCES’ ANALYSIS
    THREAT OF NEW ENTRANTS
    THREAT OF SUBSTITUTES
    BARGAINING POWER OF SUPPLIERS
    BARGAINING POWER OF BUYERS
    INTENSITY OF COMPETITION RIVALRY
  • 5.12 INVESTMENT AND FUNDING SCENARIO
  • 5.13 KEY STAKEHOLDERS & BUYING CRITERIA
    KEY STAKEHOLDERS IN THE BUYING PROCESS
    BUYING CRITERIA
  • 5.14 IMPACT OF GENERATIVE AI/AI ON THE CANCER VACCINES MARKET
  • 5.15 PIPELINE ANALYSIS
  • 5.16 TRADE ANALYSIS
CANCER VACCINES MARKET, BY TYPE
99
  • 6.1 INTRODUCTION
  • 6.2 PREVENTIVE
  • 6.3 THERAPEUTIC
    NEOANTIGEN CANCER VACCINES
    OTHER CANCER VACCINES
CANCER VACCINES MARKET, BY TECHNOLOGY
116
  • 7.1 INTRODUCTION
  • 7.2 CELL-BASED VACCINES
  • 7.3 RECOMBINANT
  • 7.4 OTHERS
CANCER VACCINES MARKET, BY ROUTE OF ADMINISTRATION
156
  • 8.1 INTRODUCTION
  • 8.2 INTRAMUSCULAR
  • 8.3 INTRAVENOUS
  • 8.4 OTHER ROUTES OF ADMINISTRATION
CANCER VACCINES MARKET, BY INDICATION
179
  • 9.1 INTRODUCTION
  • 9.2 CERVICAL CANCER
  • 9.3 PROSTRATE CANCER
  • 9.4 OTHER INDICATIONS
CANCER VACCINES MARKET, BY END USER
192
  • 10.1 INTRODUCTION
  • 10.2 HOSPITALS
  • 10.3 OTHERS (SPECIALTY CLINICS & CENTERS)
CANCER VACCINES MARKET, BY REGION
210
  • 11.1 INTRODUCTION
  • 11.2 NORTH AMERICA
    MACROECONOMIC OUTLOOK FOR NORTH AMERICA
    US
    CANADA
  • 11.3 EUROPE
    MACROECONOMIC OUTLOOK FOR EUROPE
    GERMANY
    UK
    FRANCE
    ITALY
    SPAIN
    REST OF EUROPE
  • 11.4 ASIA PACIFIC
    MACROECONOMIC OUTLOOK FOR ASIA PACIFIC
    CHINA
    JAPAN
    INDIA
    SOUTH KOREA
    REST OF ASIA PACIFIC
  • 11.5 LATIN AMERICA
    MACROECONOMIC OUTLOOK FOR LATIN AMERICA
    BRAZIL
    MEXICO
    REST OF LATIN AMERICA
  • 11.6 MIDDLE EAST
    MACROECONOMIC OUTLOOK FOR MIDDLE EAST
    GCC COUNTRIES
    REST OF MIDDLE EAST
  • 11.7 AFRICA
    MACROECONOMIC OUTLOOK FOR AFRICA
    RECESSION IMPACT
COMPETITIVE LANDSCAPE
222
  • 12.1 INTRODUCTION
  • 12.2 KEY PLAYER STRATEGIES/RIGHT TO WIN
  • 12.3 REVENUE ANALYSIS, 2021-2023
  • 12.4 MARKET SHARE ANALYSIS, 2023
  • 12.5 BRAND/PRODUCT COMPARATIVE ANALYSIS
    BRAND/PRODUCT COMPARATIVE ANALYSIS, BY TYPE
  • 12.6 COMPANY EVALUATION MATRIX:KEY PLAYERS, 2023
    STARS
    EMERGING LEADERS
    PERVASIVE PLAYERS
    PARTICIPANTS
    COMPANY FOOTPRINT:KEY PLAYERS, 2023
    - COMPANY FOOTPRINT
    - REGION FOOTPRINT
    - TYPE FOOTPRINT
    - TECHNOLOGY FOOTPRINT
    - ROUTE OF ADMINISTRATION FOOTPRINT
  • 12.7 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023
    PROGRESSIVE COMPANIES
    RESPONSIVE COMPANIES
    DYNAMIC COMPANIES
    STARTING BLOCKS
    COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023
    - DETAILED LIST OF KEY STARTUPS/ SMES
    - COMPETITIVE BENCHMARKING OF KEY STARTUPS/ SMES
  • 12.8 VENDOR VALUATION AND FINANCIAL METRICS OF THE CANCER VACCINES MARKET PLAYERS
  • 12.9 COMPETITIVE SCENARIO
    PRODUCT LAUNCHES AND APPROVALS
    DEALS
    OTHER DEVELOPMENTS
COMPANY PROFILES
245
  • 13.1 KEY PLAYERS
    GSK PLC
    MERCK & CO., INC.
    DENDREON PHARMACEUTICALS LLC. (SANPOWER GROUP CO., LTD.)
    JW CREAGENE (JW SHINYAK)
    SERUM INSTITUTE OF INDIA PVT. LTD.
    VERITY PHARMACEUTICALS, INC.
    WANTAI BIOPHARM
    SHANGHAI ZERUN BIOTECH CO., LTD. (WALVAX BIOTECHNOLOGY CO., LTD.)
    VACCINOGEN, INC.
  • 13.2 OTHER PLAYERS
    MODERNA, INC.
    BIONTECH
    GRITSTONE BIO
    OSE-IMMUNO
    BEIJING SINOCELL BIOTECHNOLOGY GROUP CO., LTD.
    OBI PHARMA
    SHANGHAI BOVAX BIOTECHNOLOGY CO., LTD.
APPENDIX
310
  • 14.1 DISCUSSION GUIDE
  • 14.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
  • 14.3 AVAILABLE CUSTOMIZATIONS
  • 14.4 RELATED REPORTS
  • 14.5 AUTHOR DETAILS

The research study involved the wide use of secondary sources, directories, and databases to identify and collect valuable information for the analysis of the global cancer vaccines market. Extensive interviews were conducted with various primary participants, including key industry members, subject-matter experts (SMEs), C-level managers of leading market players, and industry consultants, to obtain and verify qualitative and quantitative information and evaluate the growth scenarios of the market. The global market size estimated through secondary research (top down and bottom-up) followed by data triangulation with inputs from industry experts to arrive at the final market size.

Secondary Research

Secondary research was used mainly to identify and collect information for the technical, market-oriented, and commercial study of the cancer vaccines market. The secondary sources used for this study include National Cancer Institute (NCI), National Institutes of Health (NIH), National Center for Biotechnology Information (NCBI), National Institute of Allergy and Infectious Diseases (NIAID), International Society for Vaccines (ISV), United Nations Children’s Fund (UNICEF), GAVI, Pan American Health Organization (PAHO), Medical Research Council (MRC), World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), United States Food and Drug Administration (US FDA), European Medicines Agency (EMA), corporate & regulatory filings, such as annual reports, SEC filings, investor presentations, and financial statements; business magazines & research journals; press releases; and trade, business, and professional associations among others. These secondary sources were also used to obtain major information about key market players, and market segmentation corresponding to industry trends, regional/country-level markets, market developments, and technology prospects. Secondary data was collected and analysed to arrive at the market size of the global cancer vaccines market, which was further validated through primary research.

Primary Research

Extensive primary research was conducted after acquiring basic knowledge about the global cancer vaccines market scenario through secondary research. Several primary interviews were conducted with market experts from the demand side, such as pharmaceutical & biopharmaceutical industries from the supply side, such as C-level and D-level executives, product managers, marketing & sales managers of key manufacturers, distributors, and channel partners. The primary interviews were conducted across six major regions, including the North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Approximately 65% and 35% of the primary interviews were conducted with supply-side and demand-side participants, respectively. This primary data was collected through questionnaires, e-mails, online surveys, personal interviews, and telephonic interviews.

The following is a breakdown of the primary respondents:

Cancer Vaccines Market

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Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the cancer vaccines market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

Cancer Vaccines Market

Data Triangulation

After arriving at the market size from the market size estimation process explained above, the total market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Market Definition

Cancer vaccines are biopharmaceutical products designed to prevent or treat cancer by stimulating the body's immune system to recognize and attack cancer cells. Cancer vaccines are categorized as preventive (e.g., HPV and hepatitis B vaccines to prevent cancer-causing infections) or therapeutic, which aim to treat existing cancers. Therapeutic vaccines may use tumor-associated antigens, personalized neoantigens, or immune-stimulating components like adjuvants to enhance efficacy. In the report we have considered FDA and other regional regulatory body approved products as cancer vaccines.

Stakeholders

  • Companies Providing Cancer vaccines
  • Research Institutes and Academic Centers
  • Pharmaceutical and Biotechnology Companies
  • Regulatory Authorities
  • Healthcare Providers
  • Patients and Patient Advocacy Groups
  • Public Health Agencies
  • Business Research and Consulting Service Providers
  • Venture Capitalists
  • Contract Research Organizations and Contract Development Manufacturing Organizations
  • Market research and consulting firms

Report Objectives

  • To define, describe, and forecast the Cancer vaccines market by value by type, technology, route of administration, indications, end users, and region
  • To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
  • To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall cancer vaccines market
  • To analyze the opportunities for stakeholders and provide details of the competitive landscape for market leaders
  • To forecast the size of the market segments with respect to six regions: North America, Europe, the Asia Pacific, Latin America, Middle East and Africa
  • To profile the key players and analyze their market shares and core competencies2
  • To track and analyze competitive developments, such as product launches, partnerships, agreements, collaborations, and expansions
  • To benchmark players within the market using the proprietary “Company Evaluation Matrix” framework, which analyzes market players on various parameters within the broad categories of business and product excellence strategy

 

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Growth opportunities and latent adjacency in Cancer Vaccines Market

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