Global Cancer Vaccines Drug Pipeline Market: Overview
Cancer is one of the leading causes of morbidity worldwide which has led to an increasing need to prevent its occurrence. Development of cancer vaccines is the first step towards it. Cancer vaccines either treat the disease or prevents its development. Such vaccinations are known as therapeutic cancer vaccines. The adult cancer vaccine segment is expected to dominate the market owing to increasing prevalence of HPV diseases. The global cancer vaccines drug pipeline market shows a promising growth on account of the numerous benefits it offers.
Global Cancer Vaccines Drug Pipeline Market: Notable Developments
Below are some of the notable developments that may aid the growth of global cancer vaccines drug pipeline market:
- BioNtech has developed new tailor-made therapeutic vaccines to treat specific cancer tumors. These vaccines provide instructions to the cancer antigen instead of modifying the human DNA. An added advantage of these vaccines is that it is cheaper than other cancer therapies such as the stem cell therapy.
- CyTuVax has developed powerful vaccines for cancer immunotherapy. This vaccine is based on the technology of depot-attached cytokines and is capable of generating powerful immune responses. It has proven to be very effective in the treatment of pancreatic cancer, thereby aiding the global cancer vaccines drug pipeline market to grow vigorously.
- Pfizer has joined the Human Vaccines Project aimed at developing vaccines and immunotherapies for diseases such as cancer. They are working on monitoring human responses related to optimal vaccine protection. This collaboration will surely open new growth avenues for the cancer vaccines drug pipeline market, thereby propelling its growth.
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Global Cancer Vaccines Drug Pipeline Market: Key Growth Dynamics
Growing incidence of different types of cancer has played a key role in the expansion of global cancer vaccines drug pipeline market. As per WHO, cancer approximated 9.6 million deaths in 2018. Moreover, a rising geriatric population has aided the market’s growth as they are most likely to contract cancer and related diseases owing to less immunity.
Moreover, rising awareness regarding the benefits of cancer vaccines and combined therapies has contributed to the surge of cancer vaccines drug pipeline market. Additionally, an unhealthy lifestyle and rise in tobacco and alcohol consumption have expedited the market’s growth.
Furthermore, a surge in research and development activities pertaining to cancer drugs and vaccines has boosted the cancer vaccines drug pipeline market. Additionally, initiatives taken by governments and market vendors to provide medications at a reduced cost have favored the market’s growth. Further, rising disposable income in developed economies and rising expenditure on healthcare have led to an expansion in the market.
On the downside, there are a few hindrances that may thwart the cancer vaccines drug pipeline market’s growth. Factors such as high costs associated with manufacturing the drugs and issues related to optimal storage and distribution of medicines may thwart the market’s growth. Nonetheless, product commercialization and trainings taken by companies for optimal stocking of vaccines may support the cancer vaccines drug pipeline market’s growth.
Global Cancer Vaccines Drug Pipeline Market: Regional Outlook
Asia Pacific shows promising growth in the global cancer vaccines drug pipeline market. The growth in this region can be attributed to the rising incidence of cancer and high demand for cancer drugs. The market in this region is mainly driven by the countries India and China. North America is also expected to grow steadily during the forecast period owing to growing research and development activities. U.S. dominates the cancer vaccines drug pipeline market in North America owing to the presence of high disposable income.
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