The Business Research Company’s Global Cancer Vaccines Market Report 2020-30: COVID-19 Growth And Change
LONDON, GREATER LONDON, UK, October 19, 2020 /EINPresswire.com/ — According to the cancer vaccine market trends, companies in the cancer vaccines market are increasingly investing in preventive or prophylactic vaccines for cancer prevention. Prophylactic vaccines are designed to build immunity in a patient. A prophylactic or preventative vaccine involves introducing antigens into a person’s body.
According to the World Health Organization, in 2018, cervical cancer was reported as the second-most common cancer in women with an estimation of 84% new cases worldwide. So far, there are 3 HPV vaccines currently present for the prophylaxis of cancers. Two among these will protect against both HPV 16 and HPV 18, which causes 70% of cervical cancer, and the third vaccine prevents 3 more oncogenic HPV types, which further causes 20% of cervical cancers. These three vaccines include Gardasil and Gardasil9 by Merck and Cervarix by GSK. In April 2019, Bayer, through its investment arm Leaps by Bayer, has invested in a US-based biotechnology firm Khloris Biosciences, which is focused on developing prophylactic anti-cancer vaccines.
The global cancer vaccines market size is expected to decline from $5.21 billion in 2019 to $4.89 billion in 2020 at a compound annual growth rate (CAGR) of -6.16%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The global cancer vaccines market size is then expected to recover and reach $7.61 billion in 2023 at a CAGR of 15.85%.
The rise in the number of cancer cases across the globe is likely to contribute to the growth of the cancer vaccines market during the forecast period. According to the American Cancer Society, there were 1.7 million new cases and 0.6 million cancer deaths in 2019 in the USA. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all the new cancer cases. Therefore, the rise in cancer incidence rate globally is anticipated to boost the demand for the cancer vaccines market over the coming years.
The global cancer vaccines market is segmented by type into preventive cancer vaccines and therapeutic cancer vaccines. By technology, the market is segmented into dendritic cells (DC) cancer vaccines, recombinant cancer vaccines, antigen/adjuvant cancer vaccines, whole cell cancer vaccines, and viral vector & DNA cancer vaccines. By cancer type, it is segmented into prostate, cervical, colorectal, throat, and others. By end-user, it is segmented into cancer treatment centers, and research institutes.
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Source: EIN Presswire