Therapeutic Vaccine Market Size

Therapeutic Vaccines Market Analysis

The therapeutic vaccine market is expected to register a CAGR of 12.63% over the forecast period.

While the sudden outbreak of the COVID-19 pandemic impacted most of the business sectors negatively, the therapeutic vaccine market showed significant growth in the years 2020 and 2021. The studied market is still booming with the detection of new COVID-19 variants. The increase in demand for the development of new vaccines to control the spread of the coronavirus disease has driven the studied market's growth. The demand for therapeutic vaccines increased during the pandemic, as did the investments from governments and business players across the world. For instance, in April 2021, Moderna and Samsung Biologics entered into a Manufacturing Services and Supply Agreement in which Samsung Biologics in South Korea will provide large-scale, commercial fill-finish manufacturing for the COVID-19 vaccine that Moderna intends to supply markets outside of the United States. Further, as per a press release by the United Nations International Children's Emergency Fund (UNICEF) in October 2021, a new ACT-Accelerator strategy was planned, which called for a USD 23.4 billion international investment to address disparities in the availability of COVID-19 diagnostics, vaccinations, and therapies worldwide. These investments during the pandemic were anticipated to impact the therapeutic vaccine development for COVID-19. As a result, the COVID-19 pandemic initially had a positive impact on the market; however, as the pandemic has subsided, the market has lost some traction; however, it is expected to grow steadily during the study's forecast period.

Factors such as the rise in research and development (R&D) expenditures by major players, soaring government funding for the development of vaccines, and the rising prevalence of various diseases are expected to fuel the growth of the market. For instance, in February 2021, the Indian government provided funds amounting to USD 365 million (INR 26.7 billion) to the Department of Health Research. This fund was provided to develop four new national virology institutes, nine new high-containment laboratories for studies on highly infectious pathogens, and one national institution. Such initiatives in developing countries are anticipated to drive market growth.

Furthermore, an increase in research and development (R&D) activities, collaborations, strategic partnerships, product approvals, and launches has generated market growth over the analysis period. For instance, in August 2022, researchers at the School of Pharmacy at Queen's University Belfast in Northern Ireland received funding from Breast Cancer Now to search for new treatments. The research team will be engaged in developing new treatments for an aggressive form of breast cancer. In this case, Niamh Buckley and Helen McCarthy from the School of Pharmacy secured a GBP 228,900 (USD 278,168) grant from Breast Cancer Now to tackle protein p53, found at very high levels in around 90% of triple-negative breast cancer tumors. Additionally, in August 2022, Merck (known as MSD outside the United States and Canada) and Orna Therapeutics, a biotechnology company, signed a collaboration agreement to discover, develop, and commercialize multiple programs, along with vaccines and therapeutics, in the areas of infectious disease and oncology. Orna will receive an upfront payment of USD 150 million from Merck under this collaboration agreement. Hence, these funds and investments are anticipated to generate demand for therapeutic vaccines as well. This is projected to fuel the market's growth.

Therefore, owing to the aforesaid factors, the studied market is anticipated to witness growth. However, strict legal requirements and frameworks and the high price associated with therapeutic vaccine development are likely to hinder the market's growth.