Cancer vaccine market projected to reach $18.2 billion by 2030

The global cancer vaccine market is expected to grow from $9.36 billion in 2025 to $18.2 billion by 2030, representing a compound annual growth rate (CAGR) of 14.3%. This expansion is driven by rising global cancer incidence, increased investment in oncology research, and advancements in vaccine platforms and delivery systems.

Key drivers include increased government funding for research and development, such as the $7.3 billion budget allocated to the U.S. National Cancer Institute for fiscal year 2023. The market is categorized into preventive and therapeutic vaccines, targeting various cancers including prostate, cervical, colorectal, and pharyngeal cancers.

Major industry players include GlaxoSmithKline, Merck & Co., AstraZeneca, Pfizer, and the Serum Institute of India, the latter of which recently developed CERVAVAC, India’s first indigenous quadrivalent cervical cancer vaccine.