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 defences 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.
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.
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. 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.
“US Cancer Vaccine Market Outlook 2018” research study by KuicK Research gives comprehensive insight on following issues related to cancer vaccine market development in US: