Cancer Vaccines Global Market Report 2024

The cancer vaccines market size has grown rapidly in recent years. It will grow from $7.22 billion in 2023 to $8.25 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. During the historic period, the expansion observed in this field was propelled by several factors. These include the heightened occurrence of cancer, greater recognition and understanding of cancer vaccines, an increasing array of approved cancer vaccines, mounting evidence supporting their effectiveness, and substantial governmental backing for research and development initiatives.

The cancer vaccines market size is expected to see rapidly grown in the next few years. It will grow to $13.89 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The anticipated growth in the forecast period can be traced back to several key factors. These encompass the utilization of combination therapies involving cancer vaccines, amplified investments pouring in from pharmaceutical companies, the emergence of new biomarkers, the development of personalized vaccines, and the continuous expansion of vaccination programs.

The projected escalation in global cancer cases is anticipated to fuel expansion within the cancer vaccines market throughout the forecast period. As per the American Cancer Society's January 2022 report, an estimated 1.9 million new cancer diagnoses and 609,360 cancer-related deaths are expected in the US alone. This surge in cancer prevalence, notably in prominent types like lung, prostate, bowel, and female breast cancer, collectively accounting for 43% of new cases worldwide, is expected to spur demand for cancer vaccines in the years ahead.

Anticipated growth in the cancer vaccines market is driven by amplified government allocations for research and development efforts. Government funding, instrumental in advancing cancer research and treatment, plays a pivotal role by financing scientific endeavors, medical infrastructure, and improved access to care. The National Cancer Institute, receiving a $7.3 billion budget in September 2023 from the United States Congress - an increase of $408 million from the previous year - reflects this trend. This influx of government support for research and development significantly contributes to the upward trajectory of the cancer vaccines market. Companies within the cancer vaccines sector are progressively investing in preventive or prophylactic vaccine development aimed at averting cancer incidence. Prophylactic vaccines, intended to bolster immunity, introduce antigens into the body. Notably, cervical cancer ranks as the second-most common cancer among women globally, prompting the availability of three HPV vaccines for prophylactic use. Merck's Gardasil and Gardasil 9, along with GSK's Cervarix, collectively provide protection against HPV types responsible for a substantial majority of cervical cancers, including HPV 16, 18, and additional oncogenic types.

Key players in the cancer vaccines industry are directing their focus towards introducing quadrivalent vaccines to optimize market revenue. These vaccines offer protection against multiple strains of specific viruses or bacteria. Serum Institute of India's launch of CERVAVAC in January 2023 exemplifies this trend, presenting the first indigenous cervical cancer vaccine designed to combat HPV types 16, 18, 6, and 11 accounting for a significant portion of cervical cancers. Administered in either two or three doses depending on age, this vaccine aims to maximize prevention within the specified demographic.

In March 2022, NEC OncoImmunity (NOI), a biotechnology company headquartered in Norway, completed the acquisition of neoantigen vaccine development assets from Vaximm AG, a Switzerland-based biotech firm. The financial details of this transaction were not disclosed. This strategic acquisition is anticipated to empower NOI in advancing its AI-driven and personalized treatment strategies tailored for combating cancer. Vaximm AG specializes in manufacturing vaccines and T-cell immunotherapies designed to aid patients battling cancer.

Major companies operating in the cancer vaccines market include GlaxoSmithKline PLC, Merck & Co. Inc., Aduro Biotech Inc., AstraZeneca PLC, Dendreon Corporation, Astellas Pharma Inc., Sanofi SA, Sanpower Group, CSL Limited, Pfizer Inc., Serum Institute of India Pvt. Ltd., Advantagene Inc., Advaxis Inc., Agenus Inc., Altor BioScience Corporation, Argos Therapeutics Inc., Oncothyreon Inc., Oncovir Inc., Oxford BioMedica plc., Prima BioMed Ltd., Sotio LLC, Transgene SA, Ubivac LLC, Vaccinogen and Vaxon Biotech, Bavarian Nordic A/S, Bharat Biotech International Limited, Bristol-Myers Squibb Company, Dynavax Technologies Corporation, Emergent BioSolutions Inc., Galena Biopharma Inc., Moderna Inc., Biothera Pharmaceuticals Inc., Celldex Therapeutics Inc., Genexine Inc., Gritstone Oncology Inc., Heat Biologics Inc., ISA Pharmaceuticals B.V., Northwest Biotherapeutics Inc., OncBioMune Pharmaceuticals Inc., TapImmune Inc., Vaxil Bio Ltd., VBI Vaccines Inc., Ziopharm Oncology Inc.

North America was the largest region in the cancer vaccines market in 2023. The regions covered in the cancer vaccines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the cancer vaccines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

They are broadly categorized into preventive and therapeutic cancer vaccines. Therapeutic vaccines assist the immune system in recognizing viruses or malignant cells. Various technologies, including dendritic cells (DC) cancer vaccines, recombinant cancer vaccines, antigen/adjuvant cancer vaccines, whole cell cancer vaccines, viral vectors, and DNA cancer vaccines, are employed across different types of cancers like prostate, cervical, colorectal, throat, and others. These innovations operate within sectors like cancer treatment centers and research institutes.

The cancer vaccines market research report is one of a series of new reports from the Business Research Company that provide cancer vaccines market statistics, such as cancer vaccines industry global market size, regional shares, competitors with a cancer vaccines market share, detailed cancer vaccines market segments, market trends and opportunities, and any other information you may require to thrive in the cancer vaccines industry. This cancer vaccines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cancer vaccines market consists of sales of Bacillus calmette-guérin, Sipuleucel-T, and Human Papillomavirus (HPV) vaccines. Values in this market are 'factory gate values,' that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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