The global cancer vaccines market is expected to reach US$ 15,845.59 million by 2027 from US$ 4,568.82 million in 2019; it is estimated to grow at a CAGR of 17.2% from 2020 to 2027.

The growth of the cancer vaccines market is mainly attributed to the globally increasing incidence of cancer and rising number of initiatives related to cancer vaccines by global health research organizations and key companies. However, the commercial availability of a less number of cancer vaccines and higher costs of the same hinder the growth of the market.

Cancer vaccines either assist in the treatment of existing cancers or prevent the development of cancer. Vaccines that enhance body's natural defense capability to fight the existing cancer are as therapeutic cancer vaccines, also known as cancer treatment vaccines. Several vaccines are "autologous"; they are prepared from samples taken from the patients and are specific to that patient. Frequent government initiatives and launches drive the market for cancer vaccines. In December 2019, Cancer Research UK and Vaccitech Oncology Limited announced a new partnership to bring a novel immunotherapeutic vaccine strategy to patients with lung cancer. The vaccine are intended to induce an attack on cancer cells. The vaccine is likely to deliver cancer-associated antigens (MAGE A3 and NY-ESO-1) to antigen-presenting cells, i.e., dendritic cells, leading to the generation of cytotoxic T-cells by the immune system to attack and destroy the cancer cells expressing the said antigens. Thus, the constant developments in cancer vaccines are expected to accelerate the market growth during the forecast period.

Based on type, the cancer vaccines market is segmented into preventive cancer vaccines and therapeutic cancer vaccines. The preventive cancer vaccines segment held a larger share of the market in 2019, and the same segment is anticipated to register the highest CAGR during the forecast period. Increasing number of cancer patients, growth in geriatric population, rising patient understanding of cancer therapies, development in the use of cancer vaccines in combination with other treatments, and government support to trigger the production are the key factors driving the growth of the market for preventive cancer vaccines. Based on technology, the market is segmented into dendritic cells cancer vaccines, recombinant cancer vaccines, antigen cancer vaccines, whole cell cancer vaccines, and viral vector cancer vaccines. Based on indication, the market is segmented into cervical cancer, prostate cancer, and other indications. On the basis of end user, the market is segmented into pediatrics and adults.

The World Health Organization (WHO), American Cancer Society, Globocan, Cancer Research UK, Centers for Disease Control and Prevention (CDC), and Clinical and Translational Immunology and Translational Research Institute, along with company websites, are a few of the major primary and secondary sources cited while preparing this report.