Rising global caseload of cancer, increasing investment to accelerate oncology research, and growing number of clinical trials for cancer therapies are some key factors expected to drive market growth
According to Emergen Research, the global oncolytic virus therapies market size was USD 94.7 million in 2020 and is expected to reach USD 609.7 million in 2028 and register a CAGR of 26.2% during the forecast period, 2021-2028.
Oncolytic virus therapy is a therapeutic approach that used modified viruses that can replicate itself to infect and destroy tumour cells. Oncolytic viruses are a form of immunotherapy and can be administered as an additional therapy to other treatments given to the patients. Oncolytic virus therapy has emerged as breakthrough treatment approach for cancer and is expected to play a crucial role in improving quality of life and survival chance of cancer patients. Increasing number of clinical trials to enhance the efficacy of oncolytic viruses and growing application of oncolytic viruses to alleviate or cure malignant tumors are key factors expected to drive market revenue growth over the forecast period. In addition, different oncolytic viruses have different applications in cancer treatment and growing investment to accelerate R&D activities in oncology is expected to further boost revenue growth of the market going ahead.
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Oncolytic viruses are genetically engineered or naturally occurring viruses that replicate in and eliminate cancer cells without causing damage to normal tissues. Oncoloytic viruses have key properties such as they are non-pathogenic, enhanced ability to selectively target and kill cancer cells, and have a capacity of being transformed to express tumour-killing factors through genetic modification. Oncoloytic virotherapy has emerged as a potential treatment approach to treat malignant tumours and is expected to become one of the primary therapies to treat cancer. Malignant cells are more susceptible to infection with oncolytic viruses because of the specific cytokines they express.
Oncolytic virotherapy has numerous advantages such as higher killing efficiency, precise targeting, low-cost, and lesser side effects or drug resistance. Malignant tumours has become one of the leading causes of death across the globe and advancements in immunotherapy have led to improvement in survival period of tumour patients. Increasing incidence of cancers across the globe has significantly boosted demand for oncolytic virus therapies and is expected to further contribute to revenue growth of the market going ahead.
Advancements in research technologies, development of cost-effective therapies and robust pipeline projects, and increasing investment by government to boost cancer research and raise awareness regarding benefits of early diagnosis are some other key factors expected to drive market growth over the forecast period. However, higher costs associated with research and development activities and certain side effects associated with the therapy are some key factors that can hamper market growth to a significant extent over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Solid Tumours Segment to Register Robust Revenue Growth:
Solid tumours segment revenue is expected to expand at robust revenue CAGR over the forecast period attributed to increasing incidence of metastatic breast cancer and growing application of oncolytic virus therapies to treat different forms of cancer.
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Hospitals Segment to Account for Largest Revenue Share:
Hospital segment is expected to account for largest revenue share over the forecast period owing increasing number of cancer patients, growing demand for effective and timely management of cancer, and rising investment to develop robust healthcare infrastructure.
North America to Register Rapid Revenue CAGR:
North America is expected to register rapid revenue CAGR over the forecast period attributable to increasing number of clinical trials performed in the United States and Canada, growing number of R&D activities to accelerate cancer research, development of robust pipeline therapeutics, increasing approval from healthcare agencies, and establishment of state-of-the-art infrastructure. In addition, presence of large number of pharmaceutical and biotechnology companies and key market players is another key factor expected to contribute to revenue growth of the market in the region.
Major Companies in the Market include:
- Oncolytics Biotech, Inc.
- Amgen Inc.
- Sorrento Therapeutics, Inc.
- Transgene SA
- Daiichi Sankyo Company
- Limited, Shanghai Sunway Biotech Co., Ltd.
- Takara Bio Inc.
- PsiOxus Therapeutics
- SillaJen, Inc.
For the purpose of this report, Emergen Research has segmented the global oncolytic virus therapies market on the basis of virus type, application, end-use, and region:
Virus Type Outlook (Revenue, USD Million; 2018–2028)
- Genetically Engineered Oncolytic Viruses
- Herpes Simplex Virus
- Vaccinia Virus
- Oncolytic Wild-Type Viruses
- Newcastle Disease Virus
- Vesicular Stomatitis Virus
Application Outlook (Revenue, USD Million; 2018–2028)
- Solid Tumors
- Breast Cancer
- Prostate Cancer
- Lung Cancer
- Hematological Malignancies
End-use Outlook (Revenue, USD Million; 2018–2028)
- Specialty Clinics
- Cancer Research Institute
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Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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