Therapeutic vaccines help stimulate or restore the immune system’s ability to fight disease or control the growth of tumors by eliminating or reducing symptoms of disease. Therapeutic vaccines can be used to treat infections like HIV/AIDS, herpes, hepatitis B, tuberculosis, malaria and cancers like prostate cancer, breast cancer, lung cancer and melanoma. These vaccines help treat already diagnosed diseases by harnessing the power of one’s own immune system. They differ from preventive vaccines which aim to prevent diseases.
The global therapeutic vaccines market has been growing rapidly given the rising prevalence of chronic diseases worldwide. Chronic diseases such as cancer, cardiovascular diseases, diabetes and respiratory diseases have emerged as the major cause of mortality across the globe. According to the World Health Organization (WHO), chronic diseases account for over 70% of all deaths globally with cancer aloneaccounting for nearly 10 million deaths in 2020. Increasing geriatric population which is more susceptible to chronic diseases, growing approval of therapeutic cancer vaccines and promising clinical trial outcomes are some other factors fueling demand in this market.
Therapeutic vaccines offer several advantages over traditional treatment options. They stimulate the immune system’s long-term protective memory against disease and hence provide prolonged protection. Therapeutic vaccines also often have mild side effects, are less invasive, less expensive than other therapies in the long run and may improve quality of life of patients. The growing demand for alternatives to conventional cancer treatments is likely to drive uptake of therapeutic cancer vaccines.
The Global Therapeutic Vaccines Market Size is estimated to be valued at US$ 2.68 Bn in 2024and 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 key trends in the therapeutic vaccines market is the rising focus on cancer vaccines. Researchers are developing vaccines targeting specific cancer antigens and neoantigens found on tumor cells. Cancer vaccination involves identifying tumor-specific antigens and developing vaccines that can provoke an immune response against these antigens. Several therapeutic cancer vaccine candidates are in clinical trials for cancers like melanoma, prostate cancer, pancreatic cancer, ovarian cancer and non-small cell lung cancer. Their success in clinical trials is expected to boost the demand for cancer therapeutic vaccines.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirements for R&D and clinical trials. Regulatory barriers also create entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of a large number of therapeutic vaccine manufacturers. However, different strains and tailored treatment increase buyer dependence.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitute raw materials and less differentiation in components.
Threat of new substitutes: The threat of substitutes is high due to alternative treatment options such as drug therapy. Continuous innovation may lead to new substitutes.
Competitive rivalry: The competitive rivalry is high due to many established brands dominating the market. However, companies are forming collaborations to develop novel vaccines.
Key Takeaways
The global therapeutic vaccines market is expected to witness high growth. The global Therapeutic Vaccines Market is estimated to be valued at US$ 2.68 Bn in 2024and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
North America is expected to dominate the market due to increased prevalence of diseases and advanced healthcare infrastructure. Increasing research for cancer vaccines in the United States and Canada will drive regional market growth. Asia Pacific is poised to be the fastest growing market during the forecast period. This can be attributed to rising healthcare spending, increasing patient pool, and growing awareness. Moreover, the presence of major generics manufacturers in India and China will contribute to the regional market expansion.
Key players operating in the therapeutic vaccines market are AMR India Limited, Carmeu, and Chengdu Institute of Biology. Therapeutic vaccines especially offer promising results for cancer treatment, leading to increased investments by companies developing novel immunotherapies for cancer.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it