Increasing prevalence of cancer, growing usage of target therapy, and rising number of clinical trials are some key factors expected to drive market growth
According to Emergen Research, the global oncolytic virus therapy market size was USD 154.5 Million in 2020 and is expected to reach USD 866.1 Million in 2028 and register a revenue CAGR of 23.9% during the forecast period, 2021-2028.
Oncolytic virus therapy is a type of targeted therapy (or form of immunotherapy) where oncolytic virus replicates selectively in cancer cells and kills them without damaging healthy cells. It is also called as oncolytic virotherapy, virotherapy and viral therapy. Clinical trials of oncolytic viruses in combination with radiotherapy, immune checkpoint inhibitors, and chemotherapeutic drugs have shown immense progress in cancer treatment procedures. In particular, the combination of immune checkpoint inhibitors and oncolytic virus has yielded good results in melanoma. Currently, three oncolytic viral drugs are approved for clinical cancer treatment: T-VEC, RIGVIR, and Oncorine, and they all achieved good therapeutic effects. Increasing awareness regarding benefits of oncolytic virus therapy in cancer treatment is a major factor expected to drive market revenue growth during the forecast period.
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In addition, advanced imaging technology, rising adoption of advanced cancer therapeutic options and rising cancer incidence globally are some major factors expected to positively impact revenue growth of the market. According to World Health Organization (WHO), cancer is the globally second leading cause of death and approximately 9.6 million individuals globally are estimated to have died from cancer in 2018. However, high medical cost, and side effects of therapy are some factors expected to restrain market over the forecast period. The side effects of oncolytic virus therapy includes fatigue, chills, fever, nausea, worsening psoriasis, flu-like symptoms, and pain at the injection site. Further, oncolytic virus therapy is not suitable for the individual who has acquired immunodeficiency syndrome (AIDS), or are on immunosuppressive therapy and use steroids.
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
Checkpoint Inhibitors Segment Revenue to Expand at a Rapid CAGR:
Checkpoint inhibitors segment is expected to register a rapid revenue CAGR over the forecast period attributed to large scale use of immune checkpoint inhibitors for cancer therapy procedures and rapid technological advancement. In addition, immune checkpoint inhibitors have shown positive results in treating breast, cervical, colon, stomach, liver, bladder, lung, skin, and rectal cancers.
Lung Cancer Segment to Register Significant Revenue Growth:
Lung cancer segment is expected to register significant revenue growth over the forecast period due to rising number of patients suffering from lung cancer, and advances in cancer drug discovery. According to WHO report, approximately 2.21 million cases (in terms of new cases of cancer) were registered under lung cancer in 2020.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to increasing investments in the therapeutics of advanced technologies, favorable government reimbursement policies, and rising number of successful clinical trials. In addition, presence of key players in the region and increasing number of cancer patients in US are some other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- Oncolytics Biotech Inc.
- Lokon Pharma AB
- PsiOxus Therapeutics
- Sorrento Therapeutics Inc.
- CG Oncology Inc.
- ORYX GmbH & Co. KG
- SillaJen Inc
For the purpose of this report, Emergen Research has segmented the global oncolytic virus therapy market on the basis of type, application, end-use, and region:
Type Outlook (Revenue, USD Million; 2021–2028)
- Monoclonal Antibodies
- Checkpoint Inhibitors
- Cancer Vaccines
Application Outlook (Revenue, USD Million; 2021–2028)
- Lung Cancer
- Breast Cancer
End-Use Outlook (Revenue, USD Million; 2021–2028)
- Research Institutes
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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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