The global oncolytic virus cancer therapy market is expected to be valued at USD 22.86 Million in 2023 and is projected to exhibit a CAGR of 27% from 2023 to 2033. Overall, the industry is projected to reach a market value of USD 250 Million as of 2033.
Oncolytic viruses (OVs), which have recently been identified as an effective anticancer tactic, are a kind of virus that can imitate selectively in tumor cells and constrain their development. OVT is a cancer treatment that employs a virus that can reconstruct itself to kill cancerous cells. There are multiple virus species, but not all of them can be engineered to be oncolytic viruses (OV).
The percentage of cancer cases worldwide has increased exponentially as a result of poor lifestyle decisions and visibility to carcinogens in various forms. This has prompted pharmacological companies to increase their investments in advanced therapeutics. Oncolytic virus cancer therapy has been a market forerunner. Considering the aforementioned facts and figures, the market is projected to exhibit a good rate of growth.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 22.86 Million |
| Anticipated Forecast Value (2033) | USD 250 Million |
| Projected Growth Rate (2023 to 2033) | 27% CAGR |
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Oncolytic research has gained popularity in recent years. During the past decade, the number of articles on oncolytic virus therapy studies enhanced by 395%. The oncolytic virus cancer therapy market witnessed enormous growth potential, and over 35 companies conducted clinical trials in this area. As a result, the market experienced high demand in the historical period.
The market for oncolytic virus therapies is expected to evolve in the coming years as a result of enhanced patient outcomes, diagnosis of cold tumors, a rich burgeoning pipeline, and easy production and administrative structure, which will permit drug companies to broaden their market penetration. Companies and academics are cooperating to evaluate obstacles and identify opportunities for oncolytic virus therapies Research and Development. The therapies in development are centered on novel strategies for treating/improving disease symptoms.
Administration awareness programs for early cancer detection drive Industry Growth
Governments in various developing regions have taken initiatives to increase consciousness about different cancer causes. To decrease death and morbidity rates, government agencies in developed and developing nations are performing education programs to inspire people to seek early diagnosis of cancer, which is anticipated to broaden the stream of patients who will be eligible for numerous new therapies.
For example, in the United Kingdom, Public Health England, an executive agency of the Department of Health and Social Care, launched the Be Clear on Cancer campaign to promote early cancer detection by increasing public awareness. Increasing awareness is likely to spur demand for cutting-edge cancer treatment and innovative treatments, with melanoma and breast cancer being the two most common cancers.
Surging Cancer Incidences around the world are fostering a Positive Perspective
Burgeoning cancer occurrences around the world are generating a positive perspective for the market. Because of their potent anti-tumor characteristics and ability to precisely target tumors without injuring adjacent tissues, oncolytic virus therapies are frequently used to treat a variety of cancers, including glioblastoma, breast, lung, and prostate cancer.
In line with this, the therapy's ubiquitous use to cure a wide variety of melanomas, such as hematological malignancies, lymphoma, leukemia, and myeloma, is boosting overall growth. Besides that, increasing patient concerns about the negative side effects of various cancer treatment options, such as invasive surgery, radiotherapy, chemotherapy, and immunotherapeutic, are driving market growth.
Treatment Side Effects Could Constrain Future Growth
Because oncolytic viruses have the ability to infect tissue and activate immune defense activity systems, they may cause antibodies that attack healthy cells, increasing the probability of infection. Possible adverse effects of the treatment, such as fever, shivers, dizziness, exhaustion, flu-like symptoms, and pain, may impede future growth, as patients may cautiously weigh these factors before desiring virus treatment.
Furthermore, a disparity in the demand and availability of resources necessary for the therapies may inhibit the service's overall growth and share. As an outcome, critical industrial participants and shareholders must hold these factors into account before investing in the market.
Pharmaceutical companies are driving the Asia Pacific Market
The Asia Pacific region will hold the largest ownership stake in the Oncolytic Virus Cancer Therapy Market owing to a significant increase in the number of firms manufacturing medications for cancer treatment. As nations like China and Japan introduce breakthroughs into the market, the oncolytic virus therapy market is witnessing a rise in revenue and earnings.
Shanghai Sunway Biotech of China will contribute to market developments with the highest market share. The total oncolytic virus cancer therapy market share in Japan was USD 2 Million in 2022, and it is anticipated to increase during the study period.
North America is anticipated to grow at a Rapid Pace
North America is predicted to be the most valuable region for the worldwide oncolytic virus cancer therapy market over the upcoming years, with a substantial rate over the forecast period, owing to the region's high incidence of cancer, particularly melanoma cancer.
Furthermore, the region's significant presence of major producers and higher incidence of distributor sponsorship contribute to the greater accessibility of the oncolytic virus cancer therapy market. In 2021, the total market value for oncolytic virus therapies in the United States was USD 8.5 Million, and this figure is expected to grow during the study period.
Furthermore, the market in North America is expected to expand at the fastest rate during the forecast timeframe, with a CAGR of 29.5%. Adequate spending for cancer research in the region, preceded by the existence of robust medical infrastructure in nations like the United States, is among the significant factors expected to fuel the region's overall growth.
Hospitals to remain Primary Centers for disbursing Oncolytic Virus Cancer Therapy
Due to an expansion in the number of hospitals curing disease in developing nations, the hospital segment held the highest revenue share in 2021. Furthermore, increased patient prominence on effective and prompt disease management, as well as government investment in medical infrastructure, are cruising the growth of this segment.
Treatment for Sold Tumour Breast Cancer to acquire Precedence
The oncolytic virus cancer therapy market is divided into two applications: solid tumors and melanoma. With the solid tumor category, treatment for breast cancer is likely to account for the lion’s share. Breast cancer is the second most frequently diagnosed cancer worldwide, and current treatments are inadequate to heal metastatic breast cancer, as it is frequently affiliated with significant side effects that devastate patients' life quality.
Oncolytic Virus Cancer Therapy has emerged as a crucial tool for treating various types of cancer, including breast cancer. Pelareorep, for example, is an unchanged and intravenously conveyed oncolytic virus that entices an immune reaction in breast cancer survivors.
The rising number of start-ups in the Oncolytic Virus Cancer Therapy Market has enhanced product quality and global sales. Furthermore, in order to gain a competitive edge, new start-ups are operating on recent developments and releasing new products such as:
Key players in the Oncolytic Virus Cancer Therapy Market are Oncolytics Biotech Inc., Amgen Inc., Sorrento Therapeutics, Transgene SA, Daiichi Sankyo Company, Shanghai Sunway Biotech Co, Ltd, Takara Bio Inc., PsiOxus Therapeutics, SillaJen Inc. and ViroCure.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 22.86 Million |
| Market Value in 2033 | USD 250 Million |
| Growth Rate | CAGR of 27% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Virus Type, Application, End Use, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Oncolytics Biotech Inc.; Amgen Inc.; Sorrento Therapeutics; Transgene SA; Daiichi Sankyo Company; Shanghai Sunway Biotech Co Ltd; Takara Bio Inc.; PsiOxus Therapeutics; SillaJen Inc.; ViroCure |
| Customization | Available Upon Request |
The overall market is expected to advance at 27% CAGR until 2033.
The total market size is expected to reach almost USD 250 million by 2033.
The hospitals or healthcare sector is projected to remain the leading end-user segment.
North America to witness 29.5% CAGR through 2033.
Oncolytics Biotech, Amgen, and Serrento Therapeutics are the top service providers.
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Oncolytic Virus Cancer Therapy Market
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