by Market Overview:
Therapeutic vaccines are a form of immunotherapy aimed at protecting the body’s healthy cells against cancer cells, viral infections or other diseases. They work by stimulating or restoring the immune system’s ability to fight the disease. For cancer, therapeutic vaccines work by training the immune system to recognize and destroy cancerous cells. They can be developed for infectious diseases like HIV/AIDS, hepatitis B, malaria etc. to boost the immune response.
Market Dynamics:
Increasing prevalence of cancer and infectious diseases is a key factor driving growth of the therapeutic vaccines market. According to WHO estimates, cancer burden is projected to grow to 27 million new cancer cases and 16.3 million cancer deaths by 2040. Therapeutic vaccines offer targeted treatment options with minimal side effects compared to other therapies. Rising R&D funding and innovation is yielding promising results for treating various cancers like melanoma, HPV-related cancers etc. which is contributing to market growth. The recent outbreak of COVID-19 pandemic has accelerated approval of therapeutic vaccines to treat high-risk patients and prevent serious complications. Favorable government policies and regulatory approvals are supporting ongoing clinical trials.
Segment Analysis
The global Therapeutic Vaccines Market Demand can be segmented based on disease type and technology. Based on disease type, the market is segmented into infectious disease and cancer. Among these, the infectious diseases segment currently dominates the market, as therapeutic vaccines are regularly used to treat infectious diseases such as HIV/AIDS, hepatitis, tuberculosis, cholera etc. The technology segment is further divided into live attenuated vaccines, inactivated vaccines, toxoid vaccines, recombinant vector vaccines and protein/peptide vaccines. Among these, the recombinant vector vaccines segment is expected to witness high growth during the forecast period due to increasing focus on gene therapy related cancer vaccines.
PEST Analysis
Political: Government support through funding is aiding the development of novel therapeutic vaccines. For instance, the US government has increased funds for cancer vaccine development.
Economic: The high growth of the therapeutic vaccines market indicates rising healthcare spending on disease management and preventive care. However, high R&D costs associated with novel vaccine development could hinder market growth.
Social: Growing public awareness about lifestyle-related diseases and importance of vaccination is driving the demand for therapeutic vaccines to treat chronic diseases.
Technological: Advancements in gene therapy and gene-editing techniques are enabling the development of more target-specific vaccines with novel modalities like mRNA and viral vectors.
Key Takeaways
The global therapeutic vaccines market size was valued at US$ 2.68 Bn in 2023 expanding at a CAGR of 34% during the forecast period. The high growth can be attributed to increasing prevalence of cancer and infectious diseases worldwide coupled with rising healthcare spending in developing nations.
Regionally, North America dominated the global market in 2023 owing to high adoption of novel vaccines in the US and presence of major players. However, Asia Pacific is anticipated to witness the fastest growth during the forecast period. Factors such as large patient population, growing medical tourism industry and improving regulatory environment in the region are driving the APAC market.
Key players operating in the therapeutic vaccines market are Phio Pharmaceuticals Corp., GSK plc., Merck & Co., Inc., Pfizer Inc., and Agenus Inc. Major players are engaging in partnerships and collaborations to develop more efficacious therapeutic vaccines for various types of cancer as well as infectious diseases like HIV, hepatitis, TB etc.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
