Oncolytic Virus Therapies Market: Overview
The market size of the global?oncolytic virus therapies in the year 2019?is valued at 84.3 million and is predicted to reach 962 million by the year 2030?at an 26.28% CAGR during the forecast period.
Oncolytic viruses (OVs) are either naturally occurring or genetically modified. They only target and kill cancer cells while leaving healthy cells unharmed. This treatment, a cutting-edge approach to treating cancer patients, has had positive outcomes. Oncolytic virus therapies, which target DNA or RNA inside or outside the body, overlap biomedical research fields with similar therapeutic goals. Through genetic modification, these therapies attempt to treat an illness. The need to treat these chronic illnesses and the rising cancer incidence are the main factors driving the market growth. Cancer incidences have grown due to aging populations, population growth, and greater exposure to cancer risk factors. As awareness of these conditions rises, so does the demand for sophisticated cancer detection and treatment techniques, which is expected to drive market growth throughout the forecast period.
Additionally, it is projected that the market demand will grow more swiftly in the coming years due to the rise in demand for targeted cancer therapies, the rapid breakthroughs in cancer research and the rise in immuno-oncology drug approvals by the medical establishment backs. The drug does, however, occasionally cause some unpleasant side effects, including fever, chills, nausea, and soreness at the injection site. The expansion of the oncolytic viral therapies market's revenue is restricted.
Oncolytic Virus Therapies Market Trends:
-
Cancer risk factors include food choices and lifestyle changes. In addition, environmental elements that contribute to cancer include asbestos fibers, polynuclear hydrocarbons, metal compounds, and plastic chemicals. Therefore, it is anticipated that the abovementioned elements will increase the burden, population growth, and a change in the prevalence of particular cancers linked to social and economic development.
-
Prostate cancer, lung cancer, breast cancer, blood cancer, and brain tumors are just a few of the cancers that patients are increasingly choosing oncolytic virus therapies over conventional therapies to treat. This market trend is expected to drive market demand at a significant rate during the review period.?
-
Increasing focus on treatment modalities with better efficacy and fewer side effects is anticipated to generate profitable prospects for market participants over the review period.
-
Oncolytic virus therapy is predicted to change cancer treatment in the future. Several oncolytic viral immunotherapies are currently in development and are anticipated to enter the market throughout the forecasted time frame. Researchers are also looking into the possibility of combining immunotherapy with oncolytic viruses to deliver chimeric antigen receptor (CAR) accurately targets to solid tumors.
Oncolytic Virus Therapies Market Drivers:
Increased Demand for Awareness Campaigns by Governments Around the World to Drive Growth
The market expansion would be aided by several awareness initiatives being carried out by governments of developing nations worldwide to raise awareness of various cancer therapies. Due to increased public demand and knowledge, this action is expected to result in more patients being diagnosed with cancer early, improving market value and market share. Oncolytic medication availability for different malignancies is anticipated to propel market expansion throughout the market forecast period and lead to innovations and breakthroughs.
Growing Number of Studies to Increase Demand and Augment Market Growth
The industry will rise as more research is done to discover new treatments for cancer and other disorders. Important market participants are participating in these trials to provide major discoveries that will raise public awareness and fuel the demand for immunotherapies. The study includes malignancies, including melanoma and breast cancer. Thus, combining these variables would spur public knowledge of oncolytic viruses and commercial expansion.
Oncolytic Virus Therapies Market: Restraints
Treatment Side Effects That Could Limit Market Expansion
Oncolytic viruses may cause the immune system to target healthy cells, increasing the risk of infection due to the viruses' capacity to infect healthy cells and raise overall immunological activity systems. The expansion of the market value may be hampered by potential adverse effects such as fever, chills, nausea, exhaustion, flu-like symptoms, and discomfort following the therapy, as patients may carefully examine these concerns before seeking virus therapy. An imbalance may also hamper the market drivers and the market share of the service in the supply and demand of the materials needed for the treatments. Therefore, before making market investments, important industrial players and investors must consider these aspects.
Oncolytic Virus Therapies Market: Segmentation
The global oncolytic virus therapies market is segregated based on commercialized therapies, pipeline therapies, type of virus, and application.
By Type of Virus
Based on the type of virus, the market segmentation is divided into a genetically engineered oncolytic virus (herpes simplex virus (HSV), adenovirus, vaccinia virus) and oncolytic wild-type virus?(reovirus (respiratory enteric orphan virus), newcastle disease virus (NDV), vesicular stomatitis virus (VSV)). The genetically engineered oncolytic virus category is anticipated to dominate the market over the market forecast period. The increasing utilization demand has driven the market share in this sector due to their high accuracy in delivering the gene to the specific region. The prevalence of cancer is rising, and as a primary treatment, genetically engineered oncolytic viruses are becoming more and more necessary. The corporations are forming alliances and contracts to expand their market share.
By Application
Based on application, the market segmentation is divided into the solid tumor (breast cancer, prostate cancer, lung cancer, glioblastoma, melanoma, other applications) and?hematological malignancies (lymphoma, leukemia, myeloma). The solid tumor category dominated the market and is anticipated to maintain its dominance over the forecast period due to an increase in the prevalence of malignant tumors, an increase in the use of oncolytic viruses to treat metastatic cancers because current treatment methods were ineffective, and improvements in oncolytic virus therapy for solid tumors. Breast cancer is among the second most common cancers to be diagnosed worldwide, and existing treatments are ineffective for curing metastatic breast cancer, which is frequently accompanied by significant side effects that drastically reduce the quality of life for patients. Oncolytic viral therapy has become an effective method to combat several cancers, including breast cancer.
Oncolytic Virus Therapies Market: Regional Landscape
North America is anticipated to dominate the market for oncolytic virus therapies due to the rising incidence of cancer in this area and the increased emphasis on, spending on, and presence of major market participants in this region. The National Cancer Institute estimates that there will be 1,806,590 newly diagnosed cases and 606,520 cancer-related deaths in 2020. Additionally, the American Cancer Society estimated that 1.9 million people had cancer diagnoses in 2021, and 608,570 cancer deaths were confirmed. The U.S., the main provider, is expected to experience significant expansion because private companies and the government have generously funded clinical research. The market for oncolytic viral therapies is driven by expanding R&D endeavors to discover treatment alternatives for chronic diseases, easy approval for clinical studies, and highly developed research infrastructure.
The Asia Pacific is anticipated to grow significantly in the global market over the forecast period due to an increase in the patient pool suffering from various types of cancer, including breast cancer, lung cancer, ovarian cancer, and other cancers. The market expansion in the region is also being driven by an increase in research efforts to create efficient treatments for the condition. High investment in R&D initiatives to create cutting-edge cancer medicines is also projected to contribute significantly to the market's growth.
Oncolytic Virus Therapies Market: Competitive Landscape
Major competitors in the global market for oncolytic viral therapy are always looking for cooperation opportunities to improve their market positions and increase their market penetration. The information is published after thorough research, analysis of market trends, significant events, fresh initiatives, and technological advancements and innovations. The report examines various market participants in the industry. The major corporations are employing various methods, including alliances, mergers, acquisitions, and others, which are further anticipated to accelerate market expansion and increase their market presence and share. For instance,
-
August 2022:?American company Amgen will purchase the biopharmaceutical company ChemoCentryx for $3.7 billion. Through this tactical approach, Amgen will have access to Tavneos, the company's crucial medicine that has been given treatment approval by the EU and Japan. As a result of this acquisition, Amgen can grow its company and establish itself in areas like Europe and the Asia-Pacific. As a result, the market for oncolytic virus therapies will experience a worldwide boom, boosting the company's market demand and income.
-
January 2021:?A collaborative partnership and licensing agreement for the research and development of innovative targeted cancer immunotherapy was announced by Enara Bio and Boehringer Ingelheim. With the help of cutting-edge platforms like oncolytic viruses and cancer vaccines, Boehringer and Enara have formed a new partnership to treat cancer. Enara specializes in the identification of cancer antigens.
List of Prominent Players in the?Global Oncolytic Virus Therapies Market
-
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
-
Viralytics Ltd