The global Therapeutic Vaccines Market is estimated to be valued at US$ 27.4 billion in 2020 and is expected to exhibit a CAGR of 18.03% over the forecast period of 2021-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Therapeutic vaccines are designed to treat specific diseases by stimulating the immune system to produce an immune response against the targeted disease. These vaccines differ from preventive vaccines, which are used to prevent diseases. Therapeutic vaccines have shown promising results in the treatment of cancer, infectious diseases, and autoimmune diseases. The use of therapeutic vaccines has gained significant attention in recent years due to their potential in providing targeted therapies and improving patient outcomes.The market for therapeutic vaccines is driven by the increasing focus on targeted therapies, advancements in vaccine technologies, and the rising prevalence of chronic diseases. These vaccines offer advantages such as fewer side effects, improved efficacy, and personalized treatment options. The growing adoption of immunotherapy and the need for innovative treatment options have further fueled the demand for therapeutic vaccines.
B) Market Dynamics:
1) Driver: Increasing Focus on Targeted TherapiesThe demand for therapeutic vaccines is driven by the increasing focus on targeted therapies for the treatment of various diseases. Targeted therapies aim to specifically target diseased cells or molecules, reducing the impact on healthy cells and minimizing side effects. Therapeutic vaccines play a crucial role in targeted therapies by stimulating the immune system to recognize and attack specific disease targets. For example, therapeutic cancer vaccines are designed to target cancer-specific antigens, triggering an immune response against cancer cells. This targeted approach offers potential benefits in terms of improved efficacy and reduced toxicity, driving the adoption of therapeutic vaccines in the healthcare industry.
2) Driver: Rising Prevalence of Chronic DiseasesThe global prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases has been on the rise. According to the World Health Organization (WHO), chronic diseases account for 71% of all deaths globally, with cardiovascular diseases being the leading cause. Therapeutic vaccines have shown potential in the treatment of chronic diseases by enhancing the body's immune response and reducing disease progression. For instance, therapeutic vaccines for cancer have shown promising results in clinical trials, leading to their increased adoption in the oncology field. The rising burden of chronic diseases and the need for effective treatment options are driving the demand for therapeutic vaccines.
C) SWOT Analysis:
Strengths:
1) Personalized Treatment Options: Therapeutic vaccines offer personalized treatment options by targeting specific disease antigens, resulting in improved efficacy and reduced side effects.
2) Advancements in Vaccine Technologies: The field of vaccine technology has witnessed significant advancements, enabling the development of more effective and targeted therapeutic vaccines.
Weaknesses:
1) Limited Market Access: The high costs associated with therapeutic vaccines and the complex regulatory landscape pose challenges to market access, limiting their adoption.
2) Lack of Awareness: There is a lack of awareness among patients and healthcare professionals regarding the benefits and availability of therapeutic vaccines, hindering their widespread adoption.
Opportunities:
1) Emerging Markets: The growing healthcare infrastructure in emerging markets presents significant opportunities for market growth, as these regions are witnessing an increasing burden of chronic diseases.
2) Research and Development: Continued investments in research and development activities for therapeutic vaccines can lead to the development of novel treatment options and expand the market.
Threats:
1) Competitive Landscape: The market for therapeutic vaccines is highly competitive, with several key players operating in the industry, leading to intense competition and pricing pressures.
2) Regulatory Challenges: The development and approval process for therapeutic vaccines is complex and time-consuming, posing challenges for market entry and commercialization.
D) Key Takeaways:
The global Therapeutic Vaccines Market is expected to witness high growth, exhibiting a CAGR of 18.03% over the forecast period, due to increasing focus on targeted therapies and the rising prevalence of chronic diseases. The market size is projected to reach US$ (incorporate give market value for 2022) Bn or Mn in 2022.In terms of regional analysis, North America is expected to dominate the global market, driven by the presence of key players, favorable reimbursement policies, and a high incidence of chronic diseases. Asia Pacific is anticipated to be the fastest-growing region, attributed to the improving healthcare infrastructure, increasing investments in research and development, and the rising adoption of advanced therapies.Key players operating in the global therapeutic vaccines market include Novartis AG, GlaxoSmithKline, Pfizer, Cytos Biotechnology AG, Argos Therapeutic Inc., Merck & Co., Dendreon Corp, Bavarian Nordic A/S, and Agenus, Inc. These players are focused on research and development activities, strategic collaborations, and product launches to gain a competitive edge in the market.
