According to a new report published by Allied Market Research, titled, "Cancer Vaccines Market by Technology, Indication, Type, and End Use: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global market was valued at $4,073 million in 2016, and is projected to reach at $12,814 million by 2023, growing at a CAGR of 17.7% from 2017 to 2023.

Portland, OR -- (SBWire) -- 07/11/2017 --Vaccines include antigenic components, which strengthens an individuals immune system by developing adaptive immunity to prevent morbidity from infections. Cancer vaccine is a type of immunotherapy that boost the bodys natural defenses by stimulating the immune system to recognize and cure cancerous cells.

The global cancer vaccines market is driven by rise in prevalence of HPV infections and related cancer, increase in administration of prophylactic cancer vaccines, surge in investments & findings in the development of cancer vaccines, and launch of novel cancer vaccines in the market. However, longer timelines required for manufacturing a single vaccine restrain the development of new vaccines; thereby, hampering the market growth. In addition, high monetary inputs for the development of cancer vaccines decrease their adoption in the market; thereby, hampering the market growth.

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The cervical cancer segment accounted for maximum market revenue in 2016, and is anticipated to maintain its dominant position during the forecast period, owing to the increase in number of people suffering from human papilloma virus (HPV) infections, which causes approximately 70% of cervical cancers globally. In addition, high prevalence of cervical, prostate, lungs, and breast cancer among adults propel the market growth. However, prostate cancer is growing at the highest CAGR of 18.6% from 2017 to 2023, owing to the increase in demand for Provenge (prostate cancer vaccine) along with the increase in number of prostate cancer vaccines in the pipeline.

The recombinant cancer vaccines segment dominated the global market in 2016, and is expected to maintain its dominance throughout the forecast period. This is attributed to the large number of approved cancer vaccines developed using recombinant technology such as Cervarix, Gardasil, and Recombivax HB. The therapeutic cancer vaccines segment is anticipated to register the highest growth rate during the forecast period, owing to the increase in transition from prophylactic cancer vaccines to therapeutic cancer vaccines.

The adult cancer vaccine segment dominated the end use market, accounting for about fifth-eighths share of the global market in 2016, due to the increase in incidence of HPV infections, breast cancers, and prostate cancers among adults. Moreover, active government participation for provision of vaccination to all children has augmented the market growth.

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Key Findings of the Cancer Vaccines Market:

1. The dendritic cells cancer vaccines segment is anticipated to grow at the highest rate during the forecast period.

2. The preventive cancer vaccines segment dominated the global market, accounting for five-ninths share of the global market in 2016.

3. North America dominated the global market, accounting for the maximum share of overall market in 2016, and is expected to continue this trend throughout the forecast period.

4. Asia-Pacific is exhibited to grow at a CAGR of 19.6% during the forecast period, owing to the high demand for vaccination in densely populated countries, such as India and China.

5. The cervical cancer segment generated the highest revenue in 2016, and is expected to continue its dominance in the near future.

6. The pediatric vaccines segment is expected to exhibit high growth rate during forecast period, owing to the increase in demand for preventive cancer vaccines.

Asia-Pacific witnessed the highest growth rate for cancer vaccines in 2016, and is expected to continue this trend throughout the forecast period. This is attributed to large population base, rise in incidence of HPV infection related cancers & other cancer cases, healthcare infrastructural development, and huge market potential. Moreover, the introduction of novel preventive, therapeutic, and adult cancer vaccines in the market along with the increasing focus by key players in the emerging markets has fueled the growth of the industry.

The key players operating in the vaccines market have adopted product launch as their key developmental strategy and focus on launching innovative products to cater to the consumer requirements and strengthen their market shares. The major companies profiled in the report include Astrazeneca Plc. (Medimmune, LLC.), Glaxosmithkline Plc., Merck & Co., Inc., Sanofi Pasteur, Aduro BioTech Inc., Sanpower Group, Astellas Pharma Inc., CSL Limited, Pfizer Inc., and Serum Institute of India Pvt. Ltd.