Cancer vaccines market set to see change, will grow to over $9 billion by 2018

The global cancer vaccines market in seven key markets (the USA, France, Germany, Italy, Spain, UK and Japan) was worth $3.48 billion in 2010, after increasing at a compound annual growth rate (CAGR) of 63.7% during 2006-2010, notes a new report from GlobalData. Over the 2010-2018 period, the market is expected to record a CAGR of 12.7%, to reach $9.08 billion by 2018. This high growth is attributed to the increasing patient population of cancer.

The prophylactic cancer vaccines market experienced high growth in the historic period due to the launch of Merck & Co’s Gardasil (human papillomavirus quadrivalent (types 6, 11, 16, and 18) vaccine, recombinant) and Cervarix (human papillomavirus bivalent (types 16 and 18) vaccine, recombinant) from GlaxoSmithKline.

Gardasil was approved in the USA and Europe in 2006 and in Japan in 2011. Similarly, Cervarix was launched in Europe in 2008 and in the USA and Japan in 2009. The Prophylactic cancer vaccines market is expected to grow in the forecast period to 2018 due to the label extension of Gardasil. In December 2010, the US Food and Drug Administration approved a new indication for Gardasil, anal cancer and anal intraepithelial neoplasia grades 1, 2 and 3 in males and females between the age of 9 and 26, which is expected to drive the prophylactic cancer vaccine market.