by Therapeutic vaccines are biologics designed to treat already diagnosed diseases or conditions, rather than to prevent disease. These vaccines work by stimulating or restoring the immune system’s attack on cells that are infected or malignant. They can help cure chronic infections and cancer or at least control or delay their progression. Therapeutic vaccines are developed through careful research to determine the antigens unique to the disease. Some key areas where therapeutic vaccines are being researched and developed include infectious diseases such as HIV/AIDS and hepatitis B & C, neurodegenerative disorders such as Alzheimer’s disease and various types of cancer.
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 Dynamics:
Growing adoption of personalized medicine: Personalized medicine involves tailoring medical treatment to the individual characteristics of each patient. It allows doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work in which groups of people. The concept is expected to drive significant growth in the therapeutic vaccines market as more companies are developing vaccines specific to an individual’s genetic makeup. This driver mentioned in the heading is further flourishing the Therapeutic Vaccines Market.
Rising burden of chronic diseases: Chronic diseases such as cancer, cardiovascular diseases, diabetes and autoimmune disorders have become the major causes of mortality across the globe. The growing cases of these diseases will fuel the demand for more effective therapeutic options including therapeutic vaccines. According to estimates, chronic diseases caused over 41 million deaths in 2016. This rising chronic disease burden worldwide is fueling demand in the therapeutic vaccines market.
Segment Analysis
The therapeutic vaccines market can be segmented into infectious diseases vaccines and cancer vaccines. Cancer vaccines dominates the market and is expected to continue its dominance owing to the growing prevalence of various cancers globally. According to WHO, cancer is the second leading cause of death worldwide and is responsible for an estimated 9.6 million deaths in 2018. This high prevalence is generating significant demand for effective treatment options such as cancer vaccines.
PEST Analysis
Political: Government initiatives to promote research and development in vaccines will support market growth. For example, the 21st Century Cures Act aims to expedite medical product development.
Economic: The rising healthcare spending driven by increasing cancer incidence and demand for advanced therapies will drive market revenue. However, the high costs associated may pose challenges.
Social: Growing awareness about the benefits of vaccination and rising demand for preventive healthcare will boost adoption. However, low awareness in developing nations remains a concern.
Technological: Advancements in immunotherapies, biologics, and formulations are expanding applications and driving new product launches. Nevertheless, high R&D costs are a challenge.
Key Takeaways
The Global Therapeutic Vaccines Market Demand is expected to witness high growth. 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.
The North America region currently dominates the market and is expected to continue its dominance over the forecast period. This is attributed to factors such as presence of major players, rising chronic disease prevalence, advanced healthcare infrastructure and higher adoption of therapeutic vaccines.
Key players operating in the therapeutic vaccines market are AMR India Limited, GlaxoSmithKline plc., Inovio Pharmaceuticals, Inc., Immunomedics, Inc., and Merck & Co., Inc. Among these, GlaxoSmithKline is a prominent player owing to its strong product portfolio and robust sales footprint globally.
