Release Date: 25-Feb-2014
Cancer vaccines are a viable option for treating many types of cancers which in the present day do not have effective treatments. Therapeutic cancer vaccines and Prophylactic cancer vaccines are the two broad segments into which the cancer vaccines market is categorized. Therapeutic or Treatment vaccines are targeted at treating an existing cancer by strengthening the body’s natural defenses against the cancer and the Prophylactic or Preventive vaccines are used to prevent cancer from developing in healthy people. With the approval of the expensive prostate cancer vaccine, Provenge by Dendreon, the field of cancer vaccines has received an unprecedented boost. Consequently, many companies are expected to enter this emerging and highly profitable field of preventing, treating, and potentially curing cancer.
With the increasing focus of pharma companies in the cancer vaccine segment, the prophylactic vaccines segment grew substantially and currently is the largest source of revenue, with the therapeutic vaccines segment still remaining untapped. It is most likely that the FDA would in the near future quicken its approval process specifically for therapeutic vaccines. This coupled with a significant amount of investment for the research and development of these vaccines by the pharma companies would certainly push the overall cancer vaccines market onto a rapid growth trajectory. Thus, factors like product differentiation, high vaccination rates, launch of innovative vaccines, increasing cancer patient population, rising ageing population are expected to drive the growth in the US cancer vaccines market.
The US cancer vaccine market was estimated to be worth USD 14 billion in 2012. The market is expected to witness an increase of 1.5 million people being diagnosed with cancer annually. With such a rapid increase in the incidence, the US cancer vaccine market is expected to grow at a CAGR of 10% to surpass USD 20 billion by 2018.
For More Information Visit: “US Cancer Vaccine Market Outlook 2018”