The cancer vaccines market consists of sales of vaccines used for the treatment of cancers and related services by entities (organizations, sole traders and partnerships) that produce vaccines for cancer treatment. Cancer treatment vaccines, also called therapeutic vaccines are a type of immunotherapy, which stops tumor growth, destroys cancer cells and prevents the reoccurrence of cancers. The market consists of revenue generated by the companies manufacturing cancer vaccines by the sales of these products.
The global cancer vaccines market is expected to decline from $5.21 billion in 2019 to $4.89 billion in 2020 at a compound annual growth rate (CAGR) of -6.16%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $7.61 billion in 2023 at a CAGR of 15.85%.