The global cancer vaccines market is expected to register a significant CAGR over a forecast period.
Albany, NY -- (SBWIRE) -- 03/01/2018 -- Cancer (also called as malignant tumor or neoplasms) refers to the disease condition in which abnormal cells grow and invade in uncontrolled way to other tissues. This may lead to an uncontrolled spread of cancer tumors in the body. These cancer tumors are benign or malignant type. Benign tumors are non-cancerous and do not spread to other parts of the body. Malignant tumors spread throughout the body through lymph and blood. There are more than 100 types of cancers and most of them are named based on the organ or types of the cell where they occur. For example, thyroid cancer refers to the cancer of thyroid gland, pancreatic cancer is the cancer in the tissue of pancreas and lung cancer refers to the cancer in the tissue of lungs. Cancer vaccines enables to prevent the growth of cancer or reduce the risk of an individual.
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According to World Health Organization, approximately 8.2 million deaths are reported in the year of 2012 due to cancer. Also, it is predicted that annual cancer cases will rise to 14 million to 22 million in next two decades. In addition, it is stated by National Cancer Institute that there are approximately 1,660,290 cases reported in the United States in year 2013. These increasing incidences of cancer cases drives the market of cancer vaccines during the forecast period. The major driving factor of cancer vaccines is that these are low cost treatment as compared to the high cost cancer therapies which are commercially available. Moreover, increasing use of tobacco, alcohol and unhealthy dietary habits are leading risk factors for increasing number of cancer cases that will further propel the growth of cancer vaccines market. However, less number of commercially available vaccines for the treatment of cancer might restrain the market growth.
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Geographically, North America and Europe dominates the global cancer vaccines market due to large patient base and rise in treatment seeking population in these regions. Also, with the rise in geriatric population the number of people diagnosed with cancer also increases that ultimately impacts the growth of cancer vaccines in these markets. The market of cancer vaccines in Asia-Pacific holds a strong growth as there is a rise in total number of newly diagnosed patient population in this region. According to World Health Organization, 60% of the world's annual cases occur in Africa, Asia and South America.
Various key players dominating the global cancer vaccines market comprises Biogen Inc., Merck & Co., Inc., Roche Inc. and others.
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