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Therapeutic Vaccines Market Estimated to Record Highest CAGR by 2024

May 7th 2019 at 12:17 PM

The global Therapeutic Vaccines Market is witnessing a phase of significant growth. Thanks to the efficiency of these vaccines, an upsurge in their demand is likely to continue over the next few years. Therapeutic vaccines trigger and build up the immune response of the body so that it can act against the disease and are administered for the treatment of specific medical conditions. With ongoing advancements, these vaccines have expanded the periphery of chronic disease therapeutics, which consequently, is likely to add to the growth of this market over the forthcoming years.

The lengthy approval period, on the other hand, may distract this market from rising steadily in the near future. However, with an ever-expanding body of evidence about the efficiency of therapeutic vaccines, there is ample to look forward to in the worldwide market for therapeutic vaccines space.

This research study on the global therapeutic vaccines attempts to present a detailed assessment of this market on the basis of its existing status and past performance. The key trends and the growth opportunities in this market have also been examined thoroughly in this research report to identify the market’s future status.

The global market for therapeutic vaccines is heavily influenced by the significant rise in the prevalence of various chronic diseases, such as cancer, HIV, and cardiovascular diseases. The alarming increase in the need for efficient treatment has shifted the focus towards therapeutic vaccines across the world. A number of pharmaceutical companies have begun the research to develop novel vaccines for several diseases, such as breast cancer, lung cancer, Alzheimer. Although these developments are still in pipeline and are yet to be commercialized; they point towards a thriving future of the worldwide market for therapeutic vaccines.

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As of now, several multinational drugmakers have taken an active lead in the production therapeutic vaccines, opening new growth avenues for this market. Among the pioneers, is Provenge, the first FDA-approved immunotherapy drug, developed for prostate cancer treatment. Since the approval of this drug in 2010, there is no looking back for this market. A number of vaccines have been developed and are in the pipeline since then, exhibit lucrative potential for the market.

On the other hand, together with huge research and development investments and lengthy approval processes, the developers of therapeutic vaccines have to deal with non-existent reimbursement policies for these vaccines too, which acts as a massive drawback for this market. However, in the view of the immense potential presented by therapeutic vaccines, the regulatory bodies across the world are trying to accelerate the policy formulation processes, which if implemented, will reflect positively on the global market for therapeutic vaccines in the near future.

North America, Europe, Asia Pacific, and the Rest of the World are considered as the prominent geographical segments of the worldwide market for therapeutic vaccines. With the presence of an advanced medical and healthcare infrastructure, North America has surfaced as the leading contributor to this market. The augment in the funding for the increase in research and development activities is likely to boost this regional market further, ensuring its lead over the forthcoming years.

Europe and Asia Pacific are also witnessing a robust rise in the demand for therapeutic vaccines on account of the growing prevalence of various diseases. Europe, which currently stands at the second position, is likely to gain significantly from the technological advancements of the products in the near future. Asia pacific, on the other hand, is expected to benefit from the rising awareness among consumers pertaining to therapeutic vaccines and their advantages over the years to come.

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The global market for therapeutic vaccines demonstrates a highly competitive and fragmented structure. Merck and GlaxoSmithKline have emerged as the leading participants in this market, thanks to their strong pipeline of therapeutic vaccines. These companies are likely to outperform their competitors over next few years, states the research report. Sanofi-Pasteur, Cytos Biotechnology AG, Intellect Neurosciences, Agenus Inc., Celtic Pharma, Novartis, Bavarian Nordic, Dendreon Corp., Pfizer, and Transgene are some of the other important players operating in this market.

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