The size of the European cancer vaccines market is estimated to worth USD 2.50 billion by 2028 and USD 1.17 billion in 2023, growing at a CAGR of 16.29% during the forecast period.
The European cancer vaccines market is expected to be driven by the Proliferation of cancer and rising awareness among the people in the region about cancer treatment. Also, growing government initiatives to create awareness among people in the region to prevent cancer is expected to impact market growth positively. Moreover, the Increasing investment and funding by the government and non-government for the development of vaccine development centers are providing lucrative growth opportunities for the market growth.
The other key factors propelling the market's growth are the technological developments in cancer vaccines, and increasing significant healthcare expenditure on cancer care is likely to accelerate the market growth. In addition, the emerging-market players operating in the cancer vaccine market in the region are conducting robust research and development activities that are more likely to influence the market growth in the region during the forecast period. As a result, in 2019, the recombinant cancer vaccines category held the most significant market share. Furthermore, during the forecast period, recombinant cancer vaccines are expected to expand at the fastest CAGR in the market.
Vaccinations designed to prevent cancer in healthy people are known as preventive or prophylactic vaccines. These vaccinations operate by protecting against infectious pathogens that might cause or contribute to cancer. For example, Gardasil, Gardasil 9, and Cervarix vaccinations have been licensed by the European Medical Authority to protect women against cervical cancer and other HPV-related malignancies and pre-cancerous disorders.
The increasing number of cancer patients, a growing number of hospitals in the developing countries such Germany, U.K. Spain and Italy are expanding the regional market growth. According to the Global Cancer Observatory, there were 4.2 million new incident cancer cases in Europe in 2018, with 1.94 million fatalities. As a result, throughout the projected period, the rising incidence and prevalence of cancer would likely fuel the growth of the cancer treatments market in Europe.
However, constant advances in manufacturing technology and the time-consuming procedure for producing a single vaccination are projected to stymie market growth.
This research report on the European cancer vaccines market has been segmented and sub-segmented into the following categories:
By Cancer Type:
By Vaccine Type:
By End User:
By Country:
Geographically, the European market is forecasted to account for a substantial share in the global cancer vaccines market during the forecast period. The rising incidence of cancer has been a significant driver of the European cancer vaccine market's growth. As biological response modifiers, cancer vaccines play an important role in immune system maintenance. Furthermore, due to a tremendous load of cancer patients and the adverse effects of existing medicines, healthcare specialists are seeking alternative remedies. As a result, the cancer vaccine market is anticipated to expand substantially throughout the forecast period. The cancer vaccines market in Europe is divided into Germany, France, the United Kingdom, Spain, and Italy. In 2020, Germany held the highest proportion of the European cancer vaccination market. Some of the main drivers driving market growth in Germany include the growing demand to detect and cure cancer, increased rivalry among market participants, high R&D investments, and government funding to research institutes to discover novel medicines. On the other hand, the UK is most likely to witness rapid share in the market and contribute to the European regional market growth. The factors such as an evolving healthcare infrastructure and increasing awareness about cancer diagnosis are majorly contributing to the market growth.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the European cancer vaccines market profiled in this report are Dendreon, GlaxoSmithKline, and Merck. In addition, companies with their products in the pipeline are Aduro Biotech, Advantagene, Advaxis, Agenus, Altor BioScience, Argos Therapeutics, AVAX Technologies, Bavarian Nordic, Biothera, Celldex Therapeutics, CureVac, Galena Biopharma, Genexine, GlobeImmune, Gradalis, Heat Biologics, Immatics, ImmunoCellular Therapeutics, Inovio Pharmaceuticals, ISA Pharmaceuticals, Juvaris Biotherapeutics, NewLink Genetics, Northwest Biotherapeutics, NovaRx, OncoThyreon, Oncovir, Oxford BioMedica, Prima BioMed, Sotio, Transgene, Ubivac, Vaccinogen, and Vaxon Biotech.
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