The Oncolytic Virus Therapy Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Oncolytic Virus Therapy Global Market Report 2024, The oncolytic virus therapy market size has grown exponentially in recent years. It will grow from $0.15 billion in 2023 to $0.19 billion in 2024 at a compound annual growth rate (CAGR) of 26.2%. The growth in the historic period can be attributed to improved genetic engineering technique, increased understanding of tumor microenvironment, clinical successes and regulatory approvals, rise of immunotherapy in cancer treatment, advancements in gene delivery systems.
The oncolytic virus therapy market size is expected to see exponential growth in the next few years. It will grow to $0.44 billion in 2028 at a compound annual growth rate (CAGR) of 23.9%. The growth in the forecast period can be attributed to expansion of oncolytic virus platforms, combination therapies with immune checkpoint inhibitors, personalized medicine approaches, expansion of clinical trial landscape, regulatory support and guidelines. Major trends in the forecast period include technological advances in delivery systems, advancements in synthetic biology, collaborations and partnerships in biopharmaceutical industry, advancements in virology and immunology, focus on pediatric oncology.
The increasing prevalence of cancer cases is expected to propel the growth of the oncolytic virus therapy market going forward. Cancer is a term used to describe a group of diseases characterized by the uncontrolled growth and spread of abnormal cells in the body. Oncolytic virus therapy offers the potential to selectively target and destroy cancer cells while stimulating an immune response against the tumor, providing a dual mechanism of action for effective cancer treatment. For instance, in January 2023, according to the American Cancer Society Inc., a US-based non-profit organization, it is anticipated that there will be 609,820 cancer deaths and 1,958,310 new cancer cases in the US during 2022. Therefore, the increasing prevalence of cancer cases is driving the growth of the oncolytic virus therapy market.
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The oncolytic virus therapy market covered in this report is segmented –
1) By Therapy Type: HSV-Based Oncolytic Virus Therapy, Adenovirus-Based Oncolytic Virus Therapy, Reovirus, Poxviruses, NDV (Newcastle Disease Virus), Other Therapy Types
2) By Virus Type: Genetically Engineered Oncolytic Viruses, Oncolytic Wild-Type Viruses
3) By Application: Breast Cancer, Lung Cancer, Prostate Cancer, Melanoma, Brain Tumor, Blood Cancer
4) By End-User: Hospitals, Specialty Clinics, Cancer Research Institutes
Product innovations are a key trend gaining popularity in the oncolytic virus therapy market. Major companies operating in the oncolytic virus therapy market are focused on introducing innovative products to sustain their position in the market. For instance, in November 2021, Daiichi Sankyo Company Limited, a Japan-based pharmaceutical company, launched DELYTACT in Japan. This is the first oncolytic virus approved for primary brain cancer in any region, including genetically engineered oncolytic herpes simplex virus type 1 (HSV-1). The virus selectively replicates and kills tumor cells without affecting normal tissues.
The oncolytic virus therapy market report table of contents includes:
1. Executive Summary
2. Oncolytic Virus Therapy Market Characteristics
3. Oncolytic Virus Therapy Market Trends And Strategies
4. Oncolytic Virus Therapy Market – Macro Economic Scenario
5. Global Oncolytic Virus Therapy Market Size and Growth
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31. Oncolytic Virus Therapy Market Other Major And Innovative Companies
32. Global Oncolytic Virus Therapy Market Competitive Benchmarking
33. Global Oncolytic Virus Therapy Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Oncolytic Virus Therapy Market
35. Oncolytic Virus Therapy Market Future Outlook and Potential Analysis
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