by Therapeutic vaccines represent one of the most innovative approaches in the field of personalized medicine. Therapeutic vaccines are designed to help the body’s immune system fight cancer, infectious diseases, and other diseases. They work by stimulating or restoring the immune system’s ability to fight specific pathogens or diseases. For example, cancer therapeutic vaccines aim to enhance the body’s natural immune response against tumor cells. There is a growing requirement for such tailored treatment options that can effectively target diseases while minimizing unwanted effects associated with conventional therapies like chemotherapy.
The global Therapeutic Vaccines Market is estimated to be valued at US$ 2.68 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the therapeutic vaccines market is the increasing investment and pipeline for cancer therapeutic vaccines. Cancer remains one of the leading causes of mortality worldwide. Currently, chemotherapy and radiation therapy are common treatment approaches for cancer. However, these approaches often cause severe side effects and are not very effective for certain types and stages of cancer. There is growing focus on developing therapeutic vaccines for different types of cancers like prostate cancer, colorectal cancer, lung cancer, and others. Many biotech companies and research institutes are conducting clinical trials for novel cancer therapeutic vaccines. For instance, in May 2022, Anthropic announced a partnership with the Mayo Clinic to develop an AI-powered therapeutic cancer vaccine. If successful, it can enable a whole new approach for cancer treatment with advantages like high specificity and minimal side effects.
Porter’s Analysis
Threat of new entrants: Low barrier of entry for new startups due to low initial investment requirements. However, presence of established players make it difficult for new entrants to acquire market share.
Bargaining power of buyers: Moderate bargaining power of buyers due to availability of various treatment options. However, growing demand for personalized medicine increasing buyer power.
Bargaining power of suppliers: High bargaining power of few biologics and biotech suppliers due to proprietary technology and intellectual property rights.
Threat of new substitutes: Moderate threat from alternative treatments and gene therapies. Continuous R&D expanding substitutes threat.
Competitive rivalry: Intense competition amongst leading players to gain higher market share. Companies competing on basis of pipeline strength, licenses & collaborations.
Key Takeaways
The Global Therapeutic Vaccines Market Demand is expected to witness high growth. Rising prevalence of various chronic diseases and growing demand for personalized medicine is driving the market.
Regional analysis – North America dominates the global Therapeutic Vaccines market currently. Presence of advanced healthcare infrastructure and higher adoption of new technologies in the US and Canada boost the regional market. However, Asia Pacific market is expected to grow at fastest pace due to rising healthcare expenditure and growing medical tourism in the region.
Key players operating in the Therapeutic Vaccines market are AMR India Limited, Bavarian Nordic, BioDiem, Dynavax Technologies Corporation, GlaxoSmithKline plc, Humanigen, Inc., Immunomic Therapeutics, Inc., Nanovex Biotechnologies, Serum Institute of India Pvt. Ltd., and Valentis, Inc. Growing research activities and new product launches are key strategies adopted by the leading players to gain competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
