Therapeutic Vaccines Market Is Estimated To Witness High Growth Owing To Increasing Research And Development Activities For Novel Vaccines

Therapeutic Vaccines Market Is Estimated To Witness High Growth Owing To Increasing Research And Development Activities For Novel Vaccines

Market Overview:
Therapeutic vaccines are vaccines that are used as a therapeutic (treatment) rather than prophylactic (prevention) strategy. They help boost the body's natural defenses against various chronic diseases like cancer, autoimmune diseases, allergies, etc. Therapeutic vaccines stimulate the immune system to attack abnormal cells or slow their growth. They work by altering the way immune systems react to certain proteins produced by cancer or other chronic disease-causing agents.

Market Dynamics:
The therapeutic vaccines market is expected to witness significant growth over the forecast period owing to increasing research and development activities for novel vaccine development. For instance, in May 2020, Phio Pharmaceuticals Corp. announced the commencement of a Phase 1 clinical study to evaluate the efficacy and safety of its therapeutic DNA-based INTASYL compound, PH-762, for the treatment of non-melanoma skin cancers. Furthermore, growing prevalence of chronic diseases such as cancer and rising demand for alternative treatment options are also expected to boost the market growth during the forecast period. As per the National Cancer Institute, the global burden of cancer is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. However, high costs associated with therapeutic vaccine development and commercialization may hamper market growth over the forecast period.

SWOT Analysis
Strength:
- Therapeutic Vaccines Market Demand helps boost the immune system and fights against diseases.
- It has lower side effects and more targeted approach compared to other treatment options.
- Continuous research and development activities are helping to launch novel and improved therapeutic vaccines.

Weakness:
- High development cost associated with therapeutic vaccines due to lengthy clinical trials.
- Limited number of approved therapeutic vaccines.

Opportunity:
- Increasing prevalence of chronic diseases like cancer and infectious diseases worldwide.
- Growing demand for personalized medicine and targeted treatment options.

Threats:
- Stringent regulatory approval process delays product launch.
- High cost of maintenance associated with manufacturing of therapeutic vaccines.

Key Takeaways
The global therapeutic vaccines market is expected to witness high growth, exhibiting CAGR of 34% over the forecast period, due to increasing prevalence of chronic diseases and demand for targeted treatment options.

The market size for therapeutic vaccines is US$ 2.68 Bn in 2023. The global therapeutic vaccines market is estimated to reach a value of over US$ 28 Bn by 2030.

Regional analysis:
North America is currently the dominant region in the therapeutic vaccines market and is estimated to continue its dominance over the forecast period. This is attributed to growing research activities in the region. Asia Pacific exhibits the fastest growth rate owing to increasing healthcare expenditures and expanding patient pool in the region.

Key players analysis:
Key players operating in the therapeutic vaccines market are Phio Pharmaceuticals Corp., GSK plc., Merck & Co., Inc., Pfizer Inc., Agenus Inc. Companies are focusing on research collaborations, acquisitions and new product launches to strengthen their market position.

Read More:

https://www.pressreleasebulletin.com/pharmaceutical-vaccines-driving-the-growth-of-therapeutic-vaccine-market/