Cancer Vaccine Market to Grow 11% Annually Through 2032Cancer Vaccine Market to Grow 11% Annually Through 2032

The global cancer vaccine market is expected to grow at more than 11.2% (compound annual growth rate/CAGR) from 2024 to 2032 according to research from Global Market Insights (GMI). Factors driving growth include rising R&D investments; growing awareness about cancer prevention and early detection; and increasing global cancer incidence rates.

Advances in biotechnology and personalized medicine are helping advance targeted vaccines by enhancing their effectiveness and improving patient outcomes. The report also cites public-private collaborations and regulatory fast-tracking.

Personalized medicine to drive new therapies.

The therapeutic segment, GMI says, will capture significant market share “thanks to its potential for personalized treatment options that enhance patient outcomes” with vaccines that complement existing therapies by activating the immune system for better cancer-cell targeting and elimination.

Along with this interest, growing interest in precision oncology, vaccine technology advancements, and successful clinical trials, will fuel demand for therapeutic vaccines in cancer care, GMI says.

The market research firm expects major growth in the prostate cancer segment based on the need for specialized immunotherapies, which have “catalyzed research and development, attracted investments, and spurred innovation.”

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GMI also expects North America’s significant revenue share in this market will be “driven by substantial healthcare spending and a strong commitment to cancer research and innovation” and other factors, including increased public awareness about cancer prevention and treatment; supportive government policies; and funding for cancer research.