By Asma Ali Zain | June 28, 2023
The cancer vaccine market is predicted to continue an upward trajectory in the coming 10 years as cancer cases increase globally. In 2023, the vaccines market is expected to be worth US$9 billion, and by the end of 2033, the market is estimated to reach a valuation of US$24.22 billion.
According to data released by the World Health Organization (WHO), cancer is the second most common cause of death globally. Cancer incidence figures for the Gulf and the Eastern Mediterranean region also present a grim picture where the number of cancer cases is projected to rise by 1.8 times by 2030. Regionally, breast cancer is highly prevalent, followed by lung, cervical, colorectal, and prostate cancer brought on by lifestyle problems such as unhealthy diets, lack of physical activity, smoking, sedentary lifestyles, exposure to environmental pollutants, and due to improved detection methods.
The International Agency for Research on Cancer also estimates 29.5 million new cases and 16.5 million cancer-related fatalities by 2040, which is driving the growth of the cancer vaccines industry, propelled by many factors, such as cutting-edge technologies like gene editing and personalized medicine.
Challenges faced by the cancer vaccine market.
According to a report on Cancer Vaccines Market by Future Market Insights, cancer is a complex disease, and each type of cancer requires a different approach to treatment. Therefore, creating a vaccine that effectively treats all cancer types is an uphill battle and a significant challenge. From a purely market standpoint, a lack of awareness about the life-saving benefits of cancer vaccines stifles their adoption and use. Developing and approving new vaccines also face regulatory challenges that slow progress.
The report adds that current vaccines available in the market have shown limited success at best, and this is yet another barrier to growth. There are many reasons for this. Cancer cells can mutate and change over time, making them difficult to target with a vaccine. They continue to spread undeterred in the body as the immune system often fails to recognize them as foreign or abnormal. Furthermore, some cancer vaccines may be ineffective because they do not elicit a strong enough immune response or because the cancer cells have developed mechanisms to evade the immune system.
Additionally, some cancers may be diagnosed late, making it difficult for vaccines to treat the disease effectively. Despite these challenges, there have been some successful cancer vaccines, such as the HPV vaccine, which helps prevent cervical cancer. Researchers continue to work towards developing more effective cancer vaccines.
Leading vaccine technologies
Recombinant cancer vaccines are predicted to account for a significant market share in the coming years, primarily due to their unique technology that elicits a more robust immune system response against cancer cells. They represent a promising new approach to cancer treatment that has the potential to be more effective than traditional cancer therapies. These vaccines use genetic engineering to produce specific proteins that stimulate the immune system to recognise and attack abnormal cell growth.
The therapeutic cancer vaccines segment will drive market growth compared to preventive vaccines. This is primarily due to the increased investment and research in this segment. It is also likely to lead to more effective treatments and a faster innovation pace than preventive cancer vaccines. As a result, the market for therapeutic cancer vaccines is expected to grow faster in the coming years.
“The current cancer vaccines on the market have limited success rates, and there is a need to develop more effective vaccines to meet the growing demand for cancer treatment,” the report adds.