Therapeutic vaccines help prevent or treat chronic medical conditions and diseases such as cancer, hepatitis, tuberculosis, and others. They aid in protecting patients suffering from these diseases from further decline or reduce symptoms and disease progression.
The global therapeutic vaccines market is estimated to be valued at US$ 2.68 Bn in 2024 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 key trends:
The increasing prevalence of chronic diseases globally has been driving the growth of the therapeutic vaccines market. Chronic diseases require treatment and management over a prolonged period, which is where therapeutic vaccines play a key role. As per the World Health Organization (WHO), chronic diseases accounted for approximately 60% of global deaths in 2016, with cardiovascular diseases, diabetes, cancer, chronic lung diseases, and dementia being the leading chronic illness. Therapeutic vaccines help prevent disease progression in chronic conditions and improve patient outcomes. Research and development of novel vaccine technologies and pipeline products are also contributing to the market growth. Companies are focusing on developing therapeutic vaccines for a wide range of chronic diseases, including rheumatoid arthritis, asthma, COPD, and multiple sclerosis. This is expected to boost the uptake of therapeutic vaccines during the forecast period.
Segmentation:
Therapeutic vaccines target specific diseases or conditions. The therapeutic vaccines market can be segmented based on disease indication, product, patient type, and end-user. Among disease indications, infectious diseases dominate the market as vaccines against diseases such as influenza and hepatitis B have widespread availability and adoption. Within infectious diseases, vaccines for HIV/AIDS and HPV infections hold significant market share and are expected to witness strong growth. This is because HIV/AIDS and HPV cause high morbidity and mortality.
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.
North America currently dominates the market owing to rapid adoption of novel therapies and strong demand for personalized medicine. However, Asia Pacific is likely to witness the fastest growth during the forecast period. This is attributed to rising healthcare expenditure, improving access to healthcare facilities, and growing patient affordability in emerging Asian countries.
Key players:
AMR India Limited, GlaxoSmithKline, Aventis Pasteur, Xcellerex, and Argos Therapeutics are some of the key players operating in the therapeutic vaccines market. These players are focusing on new product launches, collaborations, and geographic expansions to consolidate their market positions.
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