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New York, May 03, 2023 (GLOBE NEWSWIRE) — According to a report published by Next Move Strategy Consulting, the global Cancer Vaccine Market generated USD 5.75 billion in 2022 and is projected to generate USD 13.41 billion by 2030, witnessing a CAGR of 10.7% from 2023 to 2030. The research offers a detailed analysis regarding drivers, restraints, and opportunities to highlight changing market dynamics. Moreover, the research provides an extensive analysis of major segments and their subsegments to determine fastest-growing and highest revenue-generating segments.
Equipping the extensive analysis of each and every aspect of the market in 207 pages, accompanied by 152 tables, and 131 figures, the report aims to become a source of guidance for market players, investors, and startups as they device strategies for next few years to achieve sustainable growth.
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|Market Size in 2022||USD 5.75 Billion|
|Market Size in 2030||USD 13.4 Billion|
|No. of Pages||207|
|Segments covered||Technology, Type, Disease Indication, End User, and Region.|
|Drivers||Increase in Prevalence of Cancer Across the Globe|
|Growth in Initiatives by Governmentand International Organizations to Eliminate Cancer|
|Opportunities||Technological advancements in the Healthcare Sector|
The report offers a comprehensive analysis of the cancer vaccine market dynamics based on drivers, restraining factors, and opportunities. Rise in cases of chronic infections such as carcinogenic infections, which include human papillomavirus (HPV), hepatitis B virus, and hepatitis C virus, contribute toward growth of cancer, which, in turn, drives growth of the market.
For instance, in February 2022, the World Health Organization (WHO) announced that in 2018, around 13% of cancer cases were attributed to carcinogenic infections such as Helicobacter pylori, hepatitis B virus, hepatitis C virus, human papillomavirus (HPV), and epstein-Barr virus. Hepatitis B and C viruses are responsible for increasing risk of liver and cervical cancers, which, in turn, increases demand for cancer vaccines. However, high cost of vaccines restrains the market growth.
Lead Analyst for ‘Life Sciences & Healthcare’ at Next Move Strategy Consulting, stated that “use of artificial intelligence (AI) in diagnosing various types of cancers and developing drugs & vaccines is expected to create new opportunities for the market in the coming years.”
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North America accounted for the highest share in 2021, and is expected to dominate throughout the forecast period. This is attributed to factors such as growth in prevalence of human papilloma virus (HPV) infections, a sexually transmitted infection that leads to cervical cancer. For instance, according to the Centers for Disease Control and Prevention (CDC), around 46,143 HPV-associated cancers are diagnosed in the U.S. each year.
Moreover, Europe is estimated to witness a steady growth in the market, owing to the presence of pharmaceutical companies such as Merck and BioNTech, which are engaged in R&D for cancer vaccines to eliminate cancer in this region. For instance, in June 2021, BioNTech announced to launch BNT111 Phase 2 cancer vaccine trial. The company is evaluating its therapeutic cancer vaccine candidate BNT111 in combination with Libtayo in patients with anti-PD1-refractory or relapsed unresectable stage III or IV melanoma.
The research offers an analysis of each region and its countries based on segments and their subsegments to outline steps to be taken to consolidate presence in the cancer vaccine market. This analysis is also helpful in determining highest-revenue generating and fastest-growing segments and taking the next steps accordingly.
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The report offers an extensive analysis of competitive landscape of the global cancer vaccine market. Some of the major market players in the manufacturing of cancer vaccine are GlaxoSmithKline plc, UbiVac, Inc, Biontech, Dendreon Pharmaceuticals, Inc, Dynavax Technologies Corporation, Merck & Co., Inc, Imugene Limited, Moderna, Inc, Northwest Biotherapeutics, Inc., Oxford Vacmedix and others.
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Next Move Strategy Consulting is a premier market research and management consulting firm. We are committed to providing strategically-analyzed and well-documented research reports to our customers. What makes us different from the rest is our top-quality research and the obsession with turning data into knowledge by analyzing it thoroughly and providing fact-based research recommendations. We collect information from over 500 million websites, paid databases, industry journals, and one-on-one consultations with industry experts across various sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service also help our customers make critical business decisions and gain a competitive edge in the industry.
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