WELLESLEY, Massachusetts, December 8, 2016 /PRNewswire/ --
The increasing incidence of cancer, unavailability of efficacious treatments, and need to reduce the global burden of cancer are driving the global market for cancer vaccines. BCC Research reveals in its new report that cancer vaccines are considered an attractive and profitable domain due to unique characteristics such as fewer side effects, low toxicity and high specificity.
Cancer immunotherapy research incorporates a variety of technological approaches, including cancer vaccines, which are designed to promote tumor-specific immune responses. Various vaccine platforms such as short peptides, full-length proteins, viruses, dendritic cells, tumor cells, tumor lysates and deoxyribonucleic acid (DNA) are being tested for the development of cancer vaccines.
The global market for cancer vaccines, valued at nearly $4.0 billion in 2015, is expected to decline from nearly $3.5 billion in 2016 to $3.4 billion in 2021, demonstrating a five-year compound annual growth rate (CAGR) of -0.4% (2016-2021). However, the North American market should grow from $1.7 billion in 2016 to almost $1.9 billion in 2021 at a five-year CAGR of 1.4%. The European market is expected to total $777.4 million and $847.3 million in 2016 and 2021, respectively, at a five-year CAGR of 1.7%. Emerging markets as segment, with almost $1.2 billion in sales in 2015, is expected to total $713.1 billion by 2021, a decline attributable to adverse event reports associated with Human papillomavirus vaccinations (HPV).
Cancer vaccines that currently compose a minor share of the oncology industry should become one of the most profitable businesses for the world's largest pharmaceutical companies. Government initiatives in various countries also are encouraging researchers to develop cancer immunotherapies.
"For example, the U.S. government revealed it will invest $195 million in fiscal year 2016 as part of a proposed nearly $1 billion budget initiative for the Cancer Moonshot," says BCC Research analyst Shalini Dewan. "But because the market is in its infancy, a limited number of products exist. The market also faces considerable hurdles of high manufacturing costs and competition from comparatively low cost therapies."
Cancer Vaccines: Technologies and Global Markets (PHM173B) analyzes the cancer vaccines arena including diverse therapeutic platform technologies, immune-stimulating agents and approved vaccines for cancer. The report also examines market dynamics, specifically growth and restriction factors, acquisitions and collaborations, and products in Phase I-IV clinical trials. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
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About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
SOURCE BCC Research LLC