US cancer vaccine industry outlook to 2028

US cancer vaccine industry outlook to 2028

Market Overview:

The United States Cancer vaccine market is significantly growing due to various reasons such as rise in cases of cancer demand for immunotherapies, technological advancements, and advancements in the field of biotechnology. Cancer has been rapidly growing in the United States. In 2022, the United States witnessed almost 2 million cancer cases. Such high number of cancer cases results in the demand for cancer vaccines.

According to Ken Research, the US cancer vaccine market is anticipated to grow at a CAGR of ~17% between 2022-2028 owing to growth in immunotherapies, technological advancements and advancements in biotechnology.

Cancer has been rapidly increasing, reaching almost 2 million cancer cases in the US in 2022. Such high number cases of cancer become the reason for the growth of the US cancer vaccine market. Immunotherapies are also responsible for the growth of this market since they tend to have a success rate of 15-20%. Moreover, technological advancements such as CRISPR, Infinium Assay and Cryo-EM also accelerates the growth of this market. Lastly, advancements in Biotechnology such as Genetic Engineering, DNA sequencing, Bioinformatics, Stem Cell Technology, Tissue Engineering, Biopharmaceuticals, etc. also plays a greater role in the growth of the US cancer vaccine market.

United States’ cancer vaccine market is equipped with many domestic as well as international players. Some of the major players of the US cancer vaccine market are Bristol Myers Squibb, Pfizer, Johnson & Johnson, Moderna, Merck & Co., Amgen, etc.

Key trends by Market Segment:

By technology:In 2022,Recombinant cancer vaccines continued to dominate the US cancer vaccine market.

The reason behind their dominance in the US cancer vaccine market is that these vaccines are generally considered safe primarily due to the fact that these vaccines do not tend to contain any live viruses or microorganisms, their consistency, customization, and speed of development are other reason for the dominance. These vaccines are generally consistent in their results and quality because they are made in very controlled environments. Moreover, it becomes easier for scientists to customize the vaccines as per the requirement. Along with this, these vaccines can also be made pretty fast as compared to traditional vaccines.

By type: Preventive cancer vaccines continued to dominate the US cancer vaccine market in 2022. Such vaccines are those vaccines which focus on preventing the formulation of cancer by fighting against onco-viruses.

The reasons behind the dominance of preventive vaccines in the US cancer vaccine industry. These vaccines start to work even before the body is exposed to an onco-virus to stop the prevention of cancer or to decrease the growth of the virus.

Another major reason behind their dominance is that the results of these vaccines are often easier to measure as compared to therapeutic vaccines which are given to people after they have developed a disease or infection. One can easily measure their performance by keeping track of infection rates among those who were vaccinated and those who were not.

By Geography:In 2022, the north part of United States happened to be the dominant region in the US cancer vaccines market. The reason behind this region being the dominant region in the US in its cancer vaccine market is that this region has the presence of top-notch cancer treatment centers and hospitals.

Some of the top cancer care hospitals located in this region are Mayo Clinic, Cleveland Clinic, Memorial Sloan Kettering Cancer Centre, Dana Farber Cancer Institute, Hospitals of University of Pennsylvania, Northwestern Memorial Hospital, Siteman Cancer Centre at Barns-Jewish Hospital.

Moreover, there are more than 9000 healthcare companies situated in Northern US. The presence of this high number of healthcare companies help in accelerating the US cancer vaccine market.

Thus, the norther region is the dominant segment in the US cancer vaccine market owing to top-notch cancer treatment hospitals, presence of many pharmaceutical companies and research institutes.

Competitive Landscape:

There are many well-established players in the US cancer vaccine marked such as Bristol Myers Squibb, Johnson & Johnson, Moderna, Pfizer, Merck & Co., Amgen, etc. These companies have a good amount of market share and typically have high dominance in the US cancer vaccine market.

However, there are also many budding players in this industry such as Dendreon, Elicio Therapeutics, Immunomic Therapeutics, Agenus Inc., MacroGenics, Altimmune, etc. Since, these companies are budding, thus, they do not have much dominance in the market as opposed to the well-established players.

Lastly, the US cancer vaccine market is full of well-established, leading and budding players who are working towards the goal of providing the best healthcare facilities to the people of the United States.

Recent Developments:

During June 2020, UbiVac decided to collaborate with Bristol Myers Squibb in the form of a clinical trial to test the efficacy of the former company’s product DPV-001 along with an immunotherapy for Breast Cancer.

In March 2021, FDA approved a cancer product made by Bristol Myers Squibb, i.e., Idecabtagene Vicleucel for the treatment of multiple myeloma.

In October 2022, Anxia Biosciences started a clinical trial (funded by United States Department of Defense) of a vaccine that would prevent Breast cancer.

Future Outlook:

The US cancer vaccine market is expected to witness a 17% growth rate in the time period 2022-2028 due to rise in cancer cases, demand for immunotherapies, technological advancements and advancements happening in the field of biotechnology.

Technology is constantly evolving. Due to its evolving nature, this market will continue to grow further as it is more likely that there are going to be even more and better technological advancements in the future. More advancements would only make the task of scientists and doctors easier and fast, thereby accelerating the US cancer vaccine market.

It is also anticipated that the response rates of immunotherapies will continue to become better and likely the cases of cancer will further increase. With time and technological advancements, it is likely that the efficiency and effectiveness of immunotherapies would only increase. Moreover, it is also expected that the cancer rates will continue to increase which would accelerate the US cancer vaccine market.

There are already many advancements in this field which makes the work easier and faster such as Genetic Engineering, DNA sequencing, Bioinformatics, Stem Cell Technology, Tissue Engineering, Biopharmaceuticals, etc. With the constant evolutions in technology, biotechnology will also further evolve which would pump the US cancer vaccine market.

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