Release Date: 30-Apr-2014
The vaccine market, specifically the cancer vaccine market has remained resilient to the global economic crisis in contrast to many life science sectors, which were severely impacted. Owing to drying pipelines and increasing pressure from patent expirations, the big pharma companies recognized the vaccine market as a potential resource of investment. Cancer vaccines are known to earn a higher profit than the generic drugs, owing to the nature of the disease and the urgency in the demand for these vaccines.
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 reach USD 24.8 billion by 2018. The market for cancer vaccine is in its growth stage in the US and has great opportunities for entry. The USA alone accounts for a dominating share of 50% as compared to a combined share of 50% accounted for by Europe and other regions.
For More Information Visit: “US Cancer Vaccine Market Outlook 2018”