Market Overview:
Therapeutic vaccines are biological products that treat or prevent disease by stimulating an immune response against pathogens or cancer cells. Therapeutic vaccines differ from preventive vaccines in that they are used to treat existing diseases or conditions rather than to prevent future diseases. Currently approved therapeutic vaccines treat diseases such as cancer, infectious diseases, autoimmune disorders, and allergy/asthma. Growing research in immunology and development of novel vaccine designs and delivery technologies are expected to bring several new therapeutic vaccines to the market in the coming years.
Market key trends:
One of the key trends in the Therapeutic Vaccines Market Demand is the rapidly evolving pipeline of novel therapeutic cancer vaccine candidates. Several biotechs and pharmaceutical companies are developing therapeutic vaccines targeting different tumor-associated antigens and neoantigens to enhance anti-tumor immunity. Promising clinical trials results of new candidates in combination with checkpoint inhibitors have increased investor interest in this area. Another notable trend is the development of therapeutic vaccines for chronic infectious diseases such as HIV/AIDS and hepatitis B & C virus that currently have no cure. Advances in rational vaccine design approaches are aiding researchers in developing broadly neutralizing antibody inducing vaccines against these viruses.
Porter’s Analysis
Threat of new entrants: The high capital requirements and the need for strong R&D capabilities pose significant barriers for new entrants in the therapeutic vaccines market.
Bargaining power of buyers: Individual consumers have little bargaining power due to the specific nature of therapeutic vaccines. However, large pharmaceutical companies and group purchasing organizations wield significant influence on pricing.
Bargaining power of suppliers: A few large players dominate the supply of critical raw materials and pharmaceutical ingredients for therapeutic vaccines, giving them substantial bargaining power.
Threat of new substitutes: Alternate treatment options like small molecule drugs, biologics and other therapies pose potential threats. However, vaccines offer disease prevention with fewer side effects increasing their demand.
Competitive rivalry: The market comprises many big pharmaceutical players investing heavily in R&D. Intense competition to develop novel and effective vaccines exerts downward pressure on pricing and profit margins.
Key Takeaways
The global therapeutic vaccines market is expected to witness high growth, exhibiting CAGR of 34% over the forecast period, due to increasing demand for targeted therapies to treat chronic diseases.
North America currently dominates the therapeutic vaccines market owing to high healthcare spending and presence of major players in the region. However, Asia Pacific is likely to exhibit the fastest growth over the forecast period due to rising patient base, increasing Healthcare expenditure and growing awareness.
Key players operating in the therapeutic vaccines market are Phio Pharmaceuticals Corp., GSK plc., Merck & Co., Inc., Pfizer Inc., Agenus Inc. These players are actively engaged in developing and launching novel and effective therapeutic vaccines for various indications through strategic collaborations and acquisitions. For instance, in 2019 GSK acquired clinical-stage biopharmaceutical company Tesaro, adding Zejula (niraparib), an oral poly ADP ribose polymerase (PARP) inhibitor to its oncology portfolio for the treatment of ovarian cancer.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it