The US Cancer Vaccine Market is predicted to grow at a CAGR of ~17% which would result in making it an approximately USD 7 Bn industry by 2028 as per the findings of Ken Research.
- Rising cases of cancer in the USA are a major factor that are accelerating the growth of US cancer vaccine market.
- Immunotherapies are promising and effective ways of treating cancer, high demand for such therapies also generate the growth the US cancer vaccine market.
- Technological advancements in the field of healthcare also contribute in the growth of US cancer vaccine industry as it becomes easier to conduct researches and to treat cancer.
- Biotechnological field is responsible in creating vaccines and medicines, advancements in this field also accelerates the whole process, thereby being a major factor in the growth of US cancer vaccine market.
A Fast growing industry, Immunotherapy growth, constantly increasing cases of Cancer, and technological advancements along with the growth of the US biotechnology market are the various factors contributing to the growth and expansion of the US cancer vaccine market. This market is anticipated to grow at a CAGR of ~17% in the next 5 years.
Click To Know US cancer Vaccine Market in Detail
1. Rising cases of Cancer:
Click to read more: Impact of cancer on US cancer vaccine market
The cancer cases have rapidly been increasing over the years. This generates the demand for the development of cancer vaccines that aim at giving patients a better life and a shot at life.
As per the data of 2019, approximately 1.7 million cases of cancer were reported. This number decreased in the following year, being 1.6 million in number. However, in 2021 as well as 2022, approximately 1.9 million cases were reported. In 2023, this number is projected to touch 2 million cases.
Such high numbers of the prevalence of cancer has been one of the major reasons behind the growth of the US cancer vaccine market.
Not only patients with cancer want to find effective and efficient treatment, medical sciences are equally working hard to find innovative methods of treating cancer as fast as they can.
In 2019 approximately 606,000 people lost their lives, in 2020, at least 600,000 people lost their lives. In 2021, at least 608,000 lost their lives. In 2022, approximately 650,000 lost their lives to cancer.
The alarming rate of deaths also force the doctors and scientist to keep finding newer ways of treating cancer in the forms of vaccines and therapies which ultimately accelerates the growth of US cancer vaccine industry.
2. Immunotherapy: Accelerating the growth of the US cancer vaccine market:
Click to know How is immunotherapy boosting the growth in the market
Immunotherapy can be best described as the usage of one’s immune system to fight various diseases especially cancer. Immunotherapy was first approved in the year 2011 by FDA for the treatment of cancer. In 2017, 4 immunotherapy checkpoint inhibitors were approved.
As of now, there happen to be more than 1000 clinical trials of immunotherapy for treatment of cancer and approximately 70 drugs are in the pipeline.
Cancer Immunotherapy has a stock index of 25 companies which makes it worth more than US$ 100 billion.
The reasons for such increase in the market size is primarily due to the fact that it is a promising as well as safe approach of treating cancer. In fact, as per John Hopkins Medicine, the success rate of immunotherapy ranges from 15-20% meaning such percentage of people usually achieve advantageous results.
Some of the major providers of immunotherapy in the US include Merck and Co., AstraZeneca, Bristol-Myers Squibb, Roche, and Novartis.
3. Technological advancements: a boon for the growth of the US cancer vaccine market:
Click to Know New technological advancements in US cancer vaccine market
Technologies have tremendously made our lives easier and it continues to do so in healthcare sector. Specifically talking about cancer healthcare, there are many technologies such as AI, Infinium Assay, TeleHealth, CRISPR, Cryo-EM, and Robotic Surgery that are very helpful for research purposes to find an effective cancer vaccine.
CRISPR is one of the widely used technology when it comes to cancer research. It is such a type of technology that has the power of editing our DNA.
Once the scientists discovered that cancer primarily happens due to changes happening in our DNA, since then they have been trying to find ways to alter our DNA cells in order to treat cancer. CRISPR technology has made it possible for the scientists to do so.
Some of the companies that also use this technology to treat various other health conditions are Beam Therapeutics (to treat Sickle cell disease), CRISPR Therapeutics (to treat cancer, sickle cell disease, diabetes, etc.), Intellia Therapeutics (to treat Transthyretin amyloidosis), etc.
Infinium Assay is another technology that has a great significance in cancer research. Such technology is primarily used to know how genetic variations are related to cancer.
Infinium Assay works by analyzing SNPs (Single Nucleotide Polymorphisms). They are responsible for mapping genes that have the ability of causing cancer and thereby provides useful insights regarding the progression, risk and development of cancer.
It is majorly used by companies like 23andMe, Ancestry, Illumina, etc.
Cryo-Em is primarily responsible for the generation of high resolution pictures of cancer cells and their behavior regarding various therapies, and medicines.
Various companies such as Septerna Inc., Gandeeva Therapeutics, MOMA Therapeutics, and Generate Biomedicines are a major user of Cryo-Em technology.
4. Advancements in Biotechnology: boosting the growth of US cancer vaccine market:
Other biotechnologies that are accelerating the cancer vaccine market
Due to the rapid growth in the US biotechnology market, the US cancer vaccine market also has seen a significant growth. Biotechnology sector is typically responsible for conducting various cancer researches and developing vaccines and medicines.
Advancements in Biotechnology market is another factor that accelerates the growth of US cancer vaccine market because as the biotechnology market experiences technological advancements, the easier to becomes to develop medicines and vaccines for cancer.
Some of the technologies that are used primarily in the biotechnology market are Genetic Engineering, DNA sequencing, Bioinformatics, Stem Cell Technology, Tissue Engineering, Biopharmaceuticals, etc.
Genetic engineering can be best described as the process of changing or manipulating one’s DNA. This technology is used in cancer treatment and works by the addition of new genes in cancer containing cells with the aim of slow growth of cancer or the death of the cancerous cells.
DNA sequencing refers to the process of governing the nucleotides present in a DNA cell. It works by determining the correct sequence of a DNA molecule. It helps in knowing certain mutations that have the ability to cause cancer. Moreover, this technology gives an idea of cancer cells pre and post treatment and helps in knowing how are cancer cells responding to the treatment.
Stem cell technology is a biotechnology which works by introducing new cells to damaged cells to ensure a fast recovery. This technology is used in cancer treatment by replacing the cells that have been destroyed by cancer with healthy cells.
Also, there have been numerous investments in this sector for the purpose of cancer research and vaccine such as the investment worth US$ 31 billion done by the US government during the pandemic period to promote cancer research. Moreover, President Biden promised an investment worth $2 billion for cancer research purposes.
As per this research, we can see that there are many growth drivers of US cancer vaccine market. Rise in cancer cases, immunotherapies, technological advancements, biotechnological advancements are some of the main reasons that accelerate the growth of US cancer vaccine market. Keeping all these factors in mind, it is projected that this industry will achieve a market size of ~USD 7 Bn. By 2028.