Cervical cancer vaccines market

Cervical Cancer Vaccines Market – Insights

Cervical cancer is currently the leading cause of cancer mortality among women worldwide. According to World Health Organization 2018, around 90% of deaths from cervical cancer occurred in low- and middle-income countries. Human papillomavirus (HPV) vaccination has the potential to substantially decrease this burden. The U.S. Food and Drug Administration has approved three vaccines including Cervarix, Gardasil, and Gardasil 9 that aid in preventing HPV infections, which are leading causes of cervical cancer.

The cervical cancer vaccines market size was valued at US$ 2,595.4 million in 2018, and is expected to witness a CAGR of 12.1% over the forecast period (2018 – 2026).

Global Cervical Cancer Vaccines Market (%) Analysis, By Product Type, 2018

Source: Coherent Market Insights Analysis (2019)

Increasing Government Initiatives and Programs to Augment Growth of the Cervical Cancer Vaccines Market

Major governments around the world are focused on taking initiatives to increase awareness among the populace regarding cervical cancer and its treatments. Favorable government initiatives such as free vaccination is also driving growth of the global cervical cancer vaccines market. For instance, according to American Society of Clinical Oncology (ASCO) 2018, the government of Rwanda aims to eradicate cervical cancer by 2020 by immunizing all adolescent girls between 11 and 15 years of age.

Cervical Cancer Vaccines Market - Restraints

High cost associated with the treatment of cervical cancer is expected to hamper growth of the global cervical cancer vaccines market during the forecast period. For instance, according to National Center for Biotechnology Information (NCBI) 2017, the cost of cervical cancer treatment ranged from US$ 368 – US$ 11,400 depending on the type of hospital and treatment involved. HPV vaccination is likely to be very cost-effective with an incremental cost per disability-adjusted life year (DALY) averted in the range US$ 780 – US$ 1,120. However, under list prices for Cervarix and Gardasil in Vietnam, the incremental cost per DALY averted for HPV vaccination can exceed US$ 8000.

Cervical Cancer Vaccines Market - Regional Insights

On the basis of region, the global cervical cancer vaccines market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in the global cervical cancer vaccines market during the forecast period, owing to increasing prevalence of cervical cancer in the U.S. For instance according to National Cancer Institute, 2016, around 289,696 women were suffering from cervical cancer in the U.S. in 2016. Moreover, according to the American Cancer Society’s estimates, around 13,170 new cases of invasive cervical cancer will be diagnosed and 4,250 death of women will be registered from cervical cancer in the U.S. in 2019.

Asia Pacific is expected to foresee a rapid growth in the cervical cancer vaccines market. The market in Asia Pacific is expected to gain momentum during the forecast period, owing to increasing approval of cervical cancer vaccines by the regulatory bodies. For instance, in 2016, China Food and Drug Administration (CFDA) approved Cervarix as the first HPV vaccine licensed for use in China against cervical cancer to meet the unmet needs of prevention of cervical cancers among Chinese population. According to National Center for Biotechnology Information 2018, China being the world’s largest developing country, exhibits a high incidence of cervical cancer with approximately 130,000 new cases each year.

Global Cervical Cancer Vaccines Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2026

 Source: Coherent Market Insights Analysis (2019)

Cervical Cancer Vaccines Market - Competitive Landscape

Key players operating in the cervical cancer vaccines market include, GlaxoSmithKline PLC and Merck & Co. Inc.