According to the report titled ‘Global Cancer Vaccines Market Size study, by Type (Preventive Cancer Vaccines, Therapeutic Cancer Vaccines), by Technology (Dendritic Cells (DC) Cancer Vaccines, Recombinant Cancer Vaccines, Antigen/Adjuvant Cancer Vaccines, Viral Vector & DNA Cancer Vaccines), by Indication (Cervical Cancer, Prostate Cancer, Others), by End-User (Pediatrics, Adults) and Regional Forecasts 2020-2027’, available with Market Study Report, global cancer vaccines market was worth USD 4.2 billion in 2019 and is anticipated to record a 12.6% CAGR during 2020-2027.
 

Increasing investment & government funding for vaccine development, rising cognizance regarding cancer therapy, and growing number of cancer patients are the key factors driving the growth of global cancer vaccines market. As per International Agency for Research on Cancer (IARC), in 2018, about 18.1 million new cancer cases and 9.6 million cancer deaths were recorded worldwide. Moreover, approximately 27.5 million new cases of cancer, with nearly 16.3 million deaths from cancer are speculated by the year 2040.
 

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For those uninitiated, cancer vaccines are part of immunotherapy that is regarded as a modifier of biological response. Typically, vaccines for cancer treatment are different from vaccines that function against bacteria and viruses. Cancer vaccines will activate the patient's body's immune system to combat cancer cells. Instead of preventing infection, these vaccines are mainly aimed at improving the immune system to fight a disease that has already been detected in the body.
 

Notably, two types of cancer vaccines are commonly available, therapeutic cancer vaccines and preventive cancer vaccines. Preventive cancer vaccines are prevalently used to avert cancer in healthy individuals, while therapeutic cancer vaccines are administered to improve the immune response of patients.
 

However, hefty cost of development of vaccine and strict government regulations & norms for approval of product are likely to restrain the industry growth over the study period.
 

Citing the regional landscape, worldwide cancer vaccines market sphere is segmented into Asia Pacific, Europe, Latin America, North America, and Rest of the World. The report claims that North America currently holds considerable market share and is slated to grow substantially over the estimated timeframe, on account of concentration of major players in the region, and government support for approval of cancer vaccines.
 

Meanwhile, Asia Pacific cancer vaccines industry is anticipated to register a decent growth through 2027, owing to enhancing healthcare infrastructure in developing countries like India and China, along with rising pervasiveness of cancer.
 

Major contenders influencing global cancer vaccines market dynamics are Vaccinogen, Inc., UbiVac, Inc., Sanpower Group Co. Ltd., Merck & Co., Inc., Immunocellular Therapeutics, Ltd., GlaxoSmithKline plc (GSK), Generex Biotechnology Corporation, Dynavax Technologies Corporation, Amgen, Inc., and Advaxis, Inc.