Cancer vaccines are immunotherapies that help stimulate or restore the ability of the immune system to fight cancer. They work by exposing the immune system to parts of cancer cells such as antigens without causing the actual disease. This triggers the immune system to search for and attack cells that display the antigens. There are different types of cancer vaccines such as therapeutic cancer vaccines which treat existing cancers by stimulating or enhancing the immune system's response against the tumour and preventive cancer vaccines which help prevent cancer from developing in the first place. Cancer vaccines offer various advantages over traditional cancer treatments by being cost effective, having fewer side effects, and producing long-lasting immunity. The growing cases of cancer worldwide and proven benefits of immunotherapy in cancer treatment are driving the demand for cancer vaccines as they provide a promising and effective approach for fighting cancer.

The global cancer vaccines market is estimated to be valued at US$ 1.9 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.

Key Takeaways
Key players operating in the cancer vaccines market are Astrazeneca Plc. (Medimmune, LLC.), Glaxosmithkline Plc., Merck & Co., Inc., Sanofi Pasteur, Aduro BioTech Inc., Sanpower Group, Astellas Pharma Inc., CSL Limited, Pfizer Inc., and Serum Institute of India Pvt. Ltd.

The increasing prevalence of cancer globally is fuelling the demand for cancer vaccines. As per WHO, cancer burden has risen to 19.3 million cases and 10 million cancer deaths in 2020. Improved diagnosis and access to treatment in developing nations is also driving the uptake of cancer vaccines.

Major players are expanding their manufacturing facilities globally to strengthen supply capabilities and cater to the growing demand. For instance, Astrazeneca plans to double its manufacturing footprints in China by 2025. GSK is investing USD 250 million to set up a new manufacturing plant in Belgium. This will help the companies ensure supply security and timely fulfilment of orders from all over the world.

Market Drivers
The rising incidence of cancer is a key factor driving the global cancer vaccines market. According to WHO, cancer is the second leading cause of death globally and was responsible for nearly 10 million deaths in 2020. Furthermore, increased funding for cancer research and growing awareness about advantages of cancer vaccines over traditional treatments are boosting the adoption of cancer immunotherapies including vaccines. Faster regulatory approvals and launch of newer and innovative vaccines are projected to offer lucrative opportunities for market players over the forecast period.

Current geopolitical situation is impacting the growth of Cancer Vaccines Market in following ways:

The ongoing political tensions and conflicts in certain parts of world like Asia Pacific and Middle East & Africa are negatively impacting the funding and resources available for development of new cancer vaccines. Various countries are diverting healthcare budgets to defense and allied areas due to instability. This is reducing investment in R&D for cancer vaccines research activities globally. Furthermore, sanctions imposed between few trading blocs are disrupting supply chains and logistics needed for timely availability of tested cancer vaccines.

The manufacturers are facing challenges in moving clinical trial materials, raw materials and finished products across borders smoothly. They need to focus on local manufacturing and supply partnerships to overcome trade barriers. Collaborations between global pharmaceutical companies and local clinical research organizations will help in continuous evaluation of cancer vaccines in sanctions impacted regions. Overall, resolving ongoing geopolitical issues through diplomatic channels is crucial for the long term sustainable growth of this market.

In terms of value, North America region contributes around 35% share to the global Cancer Vaccines Market owing to high healthcare expenditure and availability of advanced treatment options. However, Asia Pacific region is growing at the fastest pace of over 8% CAGR during the forecast period. Rising healthcare standards, growing medical tourism sector and expanding patient pool are driving the market growth in Asia Pacific region countries like India, China and Japan. Government initiatives for affordable cancer care are also supporting the demand for cost effective preventive measures like therapeutic cancer vaccines.

Europe region currently holds around 30% market share and the growth is majorly driven by strong research activities, patient awareness programs and favorable regulations. Growing cancer burden and increasing geriatric population is further augmenting the Europe Cancer Vaccines Market size. High disposable incomes make Germany, France and United Kingdom top revenue generating European countries.