According to the latest research , the global oncolytic virus therapies market is valued at US$ 84.3 million in 2019, and it is expected to reach US$ 962 Billion by 2030, with a CAGR of 26.28% during a forecast period of 2019-2030.
Market Overview:
Oncolytic viruses are types of viruses that target and selectively reproduce in cancer cells, killing them off without harming healthy cells nearby. A significant advancement in cancer treatment, oncolytic viral therapy has the potential to become the norm for all cancer patients. Oncolytic viruses are also perfect for cancer immunotherapy treatment.
The market's expansion can be attributed primarily to rising cancer incidences and the need to cure such chronic diseases. According to World Health Organization (WHO) statistics, cancer is the leading cause of death worldwide, accounting for approximately 10 million deaths in 2020. Breast and lung cancer accounted for most new cancer cases in 2020, accounting for 2.26 million and 2.21 million cases, respectively. The growing concern about such cases is driving the demand for advanced cancer detection and treatment procedures, which is expected to drive market growth during the forecast period. However, the rising prevalence of treatment-related side effects and off-target effects, as well as the risk of drug resistance, are limiting the growth of the global oncolytic virus therapies market. Furthermore, the lack of therapy-specific assays and the high cost of therapies are critical issues that must be addressed for future growth.
Key Market Trends:
- The primary companies involved in the global market for oncolytic virus immunotherapy are concentrating on growing their operations abroad. Major manufacturers' primary tactics continue to be geared toward gaining an advantage over market rivals.
- Amgen and Shanghai, Inc., one of the leading industry participants, achieves a large market share in the oncolytic viral immunotherapy sector.
- Oncolytics Biotech, Inc. and Transgene Biotek Ltd. are two companies with pipeline items expected to present considerable growth potential in the near future.
- Players are vying for approval for various diseases, which will elevate immunotherapy to adjuvant-line therapy and boost the oncology medication industry.
Regional Insights:
Over the coming years, North America is expected to dominate the market for oncolytic virus therapies due to the growing patient population compared to other nations. The rising cancer rates in the US are fueling the market's expansion. According to the American Cancer Society's 2021 report, there were 608,570 cancer deaths and an expected 1.9 million newly diagnosed cancer cases in the country in 2021. Other factors contributing to the market's expansion include increased knowledge about various cancer therapies, the availability of cutting-edge immuno-oncology medications in the area, and rising healthcare expenditures in nations like the United States. Additionally, the Asia Pacific oncolytic virus therapies market is anticipated to expand rapidly. A growing number of clinical trials, favorable government reimbursement policies, an increase in cancer patients, and significant competitors propel the market's expansion during the projection period. Additionally, one of the key elements anticipated to contribute to the market growth over the projected period significantly is rising healthcare spending.
Competitive Landscape:
The market for oncolytic virus medicines is highly consolidated, with a limited number of large and medium-sized companies controlling most of the revenue. Established businesses are involved in a range of R&D projects and efforts to create and implement new, more effective technologies and solutions in the market for oncolytic virus therapy. Several well-known companies active in the market are Amgen, Inc., DAIICHI SANKYO COMPANY, LIMITED, DNAtrix, Genelux, Oncolytics Biotech, Inc., PsiOxus Therapeutics, RIGVIR Ltd., Shanghai Sunway Biotech Co., Ltd., SillaJen, Inc., Sorrento Therapeutics, Inc., Takara Bio Inc., Transgene sa, VCN Biosciences, ViroCure and Viralytics Ltd.
Recent Collaborations:
- January 2022: Siga Technologies and Bioarchitech have established a preclinical partnership to explore immunotherapy for cancer treatment. The study cooperation examines the TPOXX (tecovirimat) in conjunction with the patented "vaccinia-based immunotherapy platform" from Bioarchitech, which uses modified antibodies and other proteins found inside the oncolytic virus's genome.
- December 2021: To precisely deliver Candle Therapeutics' oncolytic viral immunotherapy drugs to particular brain tumors, Bionaut Labs and Candel Therapeutics, Inc. have announced a strategic partnership.
Market Segmentation:
Global Oncolytic Virus Therapies Market, By Commercialized Therapies
- Imlygic
- Oncorine
- RIGIVIR
Global Oncolytic Virus Therapies Market, By Pipeline Therapies
- Phase I
- Phase II
- Phase III
- Phase IV
Global Oncolytic Virus Therapies Market, By Type of Virus
Genetically Engineered Oncolytic Virus
- Herpes Simplex Virus (HSV)
- Adenovirus
- Vaccinia Virus
Oncolytic Wild-type Virus
- Reovirus (respiratory enteric orphan virus)
- Newcastle Disease Virus (NDV)
- Vesicular Stomatitis Virus (VSV)
Global Oncolytic Virus Therapies Market, By Application
Solid Tumor
- Breast Cancer
- Prostate Cancer
- Lung Cancer
- Giloblastoma
- Melanoma
- Other Applications
Hematological Malignancies
- Lymphoma
- Leukemia
- Myeloma
Global Oncolytic Virus Therapies Market, By Region
North America
- USA
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa