The size of the Latin American Cancer Vaccines Market was worth USD 0.55 billion in 2022 and estimated to reach USD 1.24 billion by the end of 2027, hiking at a CAGR of 17.52% between 2022 to 2027.
Cancer vaccines are biological response modifiers. The fact that these biological response modifiers work by activating the body's immune system to combat cancer is a crucial element driving the growth of the Latin American cancer vaccines market. In addition, an increase in the number of cancer patients, a rise in the geriatric population, a rise in patient awareness of cancer therapy, an increase in the use of cancer vaccines in combination with other therapies, and an increase in the prevalence of human papillomavirus (HPV) infections are driving the cancer vaccines market forward in Latin American region.
The expansion of the cancer vaccines market is fuelled by manufacturers' increased investments and government funding to develop cancer vaccines. Furthermore, rising cigarette smoking and unhealthy dietary habits are key risk factors for increasing cancer cases, accelerating the market for cancer vaccines in this region.
Other factors contributing to the expansion of the Latin American cancer vaccines market include technological advancements in cancer vaccines, the launch of innovative cancer vaccines, an increase in health care services and expenditures, and an increase in the acceptance rates of preventative and therapeutic vaccines.
The high expense of creating cancer vaccines and the longer time it takes to make a single vaccination are expected to limit the growth of the Latin American cancer vaccines market. In addition, the market's expansion is hampered by strict regulatory rules and the presence of alternative therapists. During the projection period, the cost of gene therapy treatment, undesired immune reactions, and the risk associated with the treatment are projected to stifle market expansion. On the other hand, an increasing global geriatric population, favorable reimbursement policies, technological improvements, and untapped market prospects given by emerging economies are likely to produce profitable opportunities for market players.
This research report on the Latin American cancer vaccines market has been segmented and sub-segmented into the following categories.
By Cancer Type:
By Vaccine Type:
By End User:
Geographically, Latin America had a moderate share of the global cancer vaccines market in 2020. Mexico, Brazil, and Argentina have more excellent healthcare infrastructure than most of the region's developed countries. According to the National Cancer Institute (NCI), national cancer spending exceeds USD 156 billion by 2020. However, there are a limited number of vaccines on the market because the cancer vaccine market is still in its infancy. The market is being driven by factors such as rising cancer incidence, a lack of effective treatments, and the need to lessen the region burden of cancer. In 2012, the World Health Organization reported 14.2 million cancer cases and 8.2 million cancer deaths. The most common cancers were lung, colorectal, prostate, cervical, and breast cancers. As a result, vaccines to prevent and treat cancer are in high demand.
The Brazilian market is forecasted to play a leading role in the Latin American market during the forecast period due to the growing geriatric population, well-established healthcare infrastructure and specialized medical practitioners, advanced technological developments, presence of major manufacturers, and high adoption of cancer gene therapy treatment.
During the forecast period, the Mexican market is also expected to expand at a healthy CAGR. In addition, consumer awareness of cancer gene therapy is growing due to increased government activities and advances in healthcare infrastructure.
KEY MARKET PLAYERS:
Dendreon, GlaxoSmithKline, and Merck are companies that dominate the Latin American cancer vaccines market. In addition, companies with their products in the pipeline are Aduro Biotech, Advantagene, Advaxis, Agenus, Altor BioScience, Argos Therapeutics, AVAX Technologies, Bavarian Nordic, Biothera, Celldex Therapeutics, CureVac, Galena Biopharma, Genexine, GlobeImmune, Gradalis, Heat Biologics, Immatics, ImmunoCellular Therapeutics, Inovio Pharmaceuticals, ISA Pharmaceuticals, Juvaris Biotherapeutics, NewLink Genetics, Northwest Biotherapeutics, NovaRx, OncoThyreon, Oncovir, Oxford BioMedica, Prima BioMed, Sotio, Transgene, Ubivac, Vaccinogen, Vaxon Biotech.
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