The global therapeutic vaccines market is expected to experience substantial growth owing to rising awareness and adoption of vaccines for the treatment of various chronic diseases such as cancer. Therapeutic vaccines are designed to bolster the body’s natural defenses against disease. These vaccines are also referred to as treatment vaccines. They stimulate or restore the immune system’s ability to fight existing cancer cells or infectious agents that cause chronic illnesses.
Cancer therapeutic vaccines aim to stimulate the immune system to recognize and destroy cancer cells. These vaccines can be used alone or in combination with other therapeutics to boost the effectiveness of treatments such as chemotherapy, radiation therapy, or surgery. Breast cancer, lung cancer, prostate cancer, cervical cancer, and melanoma are the most targeted types amenable to immunotherapies like therapeutic cancer vaccines. The global therapeutic vaccines market is estimated to be valued at US$ 2.68 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising prevalence of cancer is a key factor driving the growth of the therapeutic vaccines market. According to the World Health Organization (WHO), cancer is the second leading cause of death globally, and is responsible for an estimated 9.6 million deaths in 2018. Lung, prostate, colorectal, stomach, and liver cancer are the most common types of cancer in men, while breast, colorectal, lung, cervix, and thyroid cancer are predominant among women. Moreover, increasing research and development activities for the development of novel therapeutic vaccines are further propelling the market growth. For instance, in October 2021, researchers from the University of South Australia and Flinders University developed a novel dendritic cell-based therapeutic cancer vaccine, MRx1299, which demonstrated significant antitumor activity and survival benefits in animal models of aggressive brain cancer glioblastoma multiforme.
Segment Analysis
The therapeutic vaccines market is segmented into infectious diseases vaccines, autoimmune disease vaccines, allergy vaccines, cancer vaccines and others. Amongst these, infectious diseases vaccines dominates the market and accounted for over 40% of market share in 2022. This is majorly due to high prevalence of infectious diseases like hepatitis, HIV, influenza and technological advancements in vaccines for these diseases. Autoimmune disease vaccines is expected to witness highest growth during forecast period owing to increasing R&D activities and rising awareness about autoimmune disorders like multiple sclerosis and rheumatoid arthritis.
PEST Analysis
Political: Governments across the globe are supporting development of vaccines through initiatives and funding. Increased healthcare expenditure drives the adoption of therapeutic vaccines. However, stringent regulations may delay new product approvals.
Economic: Growing economy and awareness levels in developing nations provides significant growth opportunities. High treatment cost of diseases boosts demand for cost-effective preventive measure like vaccines. Rise in per capita income influences demand.
Social: Increasing disease prevalence, health initiatives by non-profits and rise in medical tourism are key drivers. Social media influencing public health issues and preventive healthcare adoption.
Technological: Advancements in adjuvant discovery, immuno-modulators, antigen design and delivery techniques improves efficacy and stability. Integrated digital platforms for supply chain and logistics enhances productivity.
Key Takeaways
The Global Therapeutic Vaccines Market Growth is expected to witness high at a CAGR of 3.5% during forecast period of 2023 to 2030 supported by increasing awareness regarding preventive healthcare and advancement in vaccine technologies for chronic disorders.
Regional analysis: North America accounts for over 35% market share in 2023 primarily due to presence of major players, advanced healthcare infrastructure and availability of reimbursement. Asia Pacific is poised to exhibit fastest growth during forecast period at a CAGR of around 5% owing to rising healthcare spending, growing population and increasing focus of players in developing countries of region.
Key players operating in the therapeutic vaccines market are AMR India Limited, Novavax, Bharat Biotech, Serum Institute of India Pvt. Ltd, Pfizer, GlaxoSmithKline plc., Indian Immunologicals Ltd., Sanofi Pasteur SA and Merck & Co. Amongst these AMR India Limited dominates the market with vaccines for hepatitis and HIV disorders. Serum Institute of India Pvt. Ltd and Bharat Biotech are emerging leaders with strong product portfolio and extensive pan-India presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it