Therapeutic vaccines prevent or treat already established diseases by strengthening the body's natural defenses when administered to people who are already sick. Therapeutic vaccines are widely used in cancer immunotherapy to activate the body's immune system to attack cancer cells. Advances in immunotherapy and targeted therapies have enabled significant progress in the development of therapeutic vaccines for various diseases. The global Therapeutic Vaccines Market is estimated to be valued at US$ 2.68 Bn in 2023 and 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:
With the increase in prevalence of chronic diseases like cancer, infectious diseases, and others along with the rising demand for effective treatment options, investments in immunotherapies have accelerated in the past few years. Companies are increasingly investing in research and development of new therapeutic vaccines and combination therapies to target various disease indications. For instance, in 2021, AstraZeneca invested over US$ 5 billion in oncology research and development including immunotherapies. Similarly, Merck & Co. announced plans to invest US$ 1 billion annually by 2025 in cancer therapeutic area including immunotherapies. Such increased investments by key players are expected to drive the clinical research and development of novel therapeutic vaccines, thereby supporting the market growth over the forecast period.
Segment Analysis
The global therapeutic vaccines market is segmented into disease indication and regional segments. Based on disease indication, the market is segmented into infectious disease vaccines, autoimmune disease vaccines, allergy vaccines and cancer vaccines. Among these, the cancer vaccines segment accounted for the largest market share in 2023 owing to increasing R&D activities in the field of cancer vaccines for cancers like melanoma, prostate cancer, breast cancer and others. Key players are focusing on developing therapeutic cancer vaccines for various malignancies with aim to boost the immune system and fight cancer.
Key Takeaways
The Global Therapeutic Vaccines Market Demand is expected to witness high growth over the forecast period of 2023-2030. Regional analysis shows that North America region currently dominates the global market and is expected to remain the largest market during the forecast period as well. The high prevalence of cancer and increased adoption of therapeutic vaccines for cancer treatment are major factors driving the North America therapeutic vaccines market. Key players operating in the therapeutic vaccines market are AMR India Limited, Argos Therapeutics, Bavarian Nordic, Benovus Bio, Capricor Therapeutics, CureVac, Dynavax Technologies, Epitope Diagnostics, Excellence Biological, GSK, Meissa Vaccines, Moderna, Oxford Biomedica, Roche, Sanofi Pasteur, and Vir Biotechnology.
Regional analysis shows that Asia Pacific region is expected to be the fastest growing regional market during the forecast period supported by rising healthcare spending, increasing R&D activities for vaccine development and growing incidence of infectious and chronic diseases in developing countries like India and China in the region.
Key players operating in the therapeutic vaccines market are focusing on acquiring promising drug candidates through mergers and acquisitions and establishing strategic partnerships with biotech companies for new product development. Companies are also collaborating with research institutes and universities to strengthen their pipeline of therapeutic vaccine candidates which is expected to fuel market growth over the forecast period.
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