In terms of revenue, the Global Oncolytic Virus Immunotherapy Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 25.5% from 2023 to 2030.
The market for Oncolytic Virus Immunotherapy is expected to experience significant growth in the coming years. The rising number of cancer cases and the growing demand for efficient and effective treatment options primarily drive this. Additionally, advancements in genetic engineering and viral vector technology have enabled the development of more potent and specific oncolytic viruses, further fueling market growth. Regulatory authorities have already approved Several oncolytic virus immunotherapies, such as the Food and Drug Administration (FDA) and the European Medicines Agency (EMA). These include T-VEC (Imlygic) for treating melanoma and Oncorine (H101) in China for head and neck cancer. These therapies' approval and successful commercialization have allowed other oncolytic virus immunotherapies to enter the market. Furthermore, ongoing research and development efforts are focused on expanding oncolytic virus immunotherapies to various cancer types, including breast, lung, and pancreatic cancer. Combination therapies, such as combining Oncolytic Virus Immunotherapy with checkpoint inhibitors or other traditional cancer treatments, are also being explored to enhance efficacy and overcome resistance.
Key Highlights from the Report
· Among the segment Product Type, the adenovirus market segment is anticipated to dominate the Oncolytic Virus Immunotherapy market with the largest market share in the forecast period, considering its efficacy in targeting and destroying cancer cells.
· By Application, the Breast Cancer segment accounted for the maximum market share during the forecast period because of the global prevalence of breast cancer cases and the significant advancements in oncolytic virus therapy designed for breast cancer treatment.
· Based on End-User, the Hospitals market segment dominated the Oncolytic Virus Immunotherapy market, which is anticipated to continue. The availability of advanced healthcare infrastructure and the presence of skilled healthcare professionals is responsible for its rapid rise.
· In terms of Region, North America held the major market share in 2022 and is likely to be the most gainful market in the future. Elements including the presence of several major market players, a strong healthcare infrastructure, and high awareness and adoption of advanced cancer therapies are aiding this market expansion.
Oncolytic Virus Immunotherapy is a promising treatment approach for cancer. It involves using modified viruses that selectively target and kill cancer cells while stimulating a patient's defense mechanism to recognize and attack the tumor. These viruses can be engineered to express specific genes or proteins that further enhance the immune response. Once injected into the body, oncolytic viruses replicate within tumor cells, leading to their destruction and release of tumor-specific antigens. This stimulates an immune response, activating T cells that recognize and destroy remaining cancer cells. This innovative treatment has shown promising results in clinical trials and holds great potential for future cancer treatments.
The COVID crisis significantly impacted the Oncolytic Virus Immunotherapy industry. The fastest rate of growth will be experienced in healthcare expenditure in 2020. While the development and clinical trials of oncolytic virus therapies have been disrupted, the pandemic has also accelerated the need for innovative cancer treatments. Oncolytic viruses have shown promise in treating various types of cancer, and the urgency to find effective immunotherapies has increased due to the vulnerability of cancer patients to COVID-19. According to a recent report by the Centers for Medicare and Medicaid Services (CMS), medical outlays by the U.S. government increased by 36% in 2020. This growth rate is much higher than the 5.9% increase in 2019.
However, challenges and limitations exist to overcome in the Oncolytic Virus Immunotherapy industry. These include the need for improved manufacturing processes, ensuring the safety and efficacy of the therapies, and addressing potential resistance to treatment.
North America Oncolytic Virus Immunotherapy market is expected to witness a noteworthy development with a significant growth rate over the analysis period. Notable industry participants like Sorrento Therapeutics Inc., Merck & Co., Inc., Amgen Inc., Shanghai Sunway Biotech Co. Ltd., and Cold Genesys Inc. are anticipated to accelerate market growth in the area. The region is witnessing a rise in cancer cases, which has spurred the demand for innovative and effective cancer treatments. Oncolytic Virus Immunotherapy has gained significant attention in North America due to its potential to improve cancer treatment outcomes. Moreover, the region has a favorable regulatory environment that encourages the development and commercialization of Oncolytic Virus Immunotherapy. The presence of advanced research facilities and collaborations between research institutions and pharmaceutical companies further contribute to the growth of the industry in the region.
The Global Oncolytic Virus Immunotherapy Market is Segmented as follows
- Product Type
- Herpes Simplex Virus
- Vaccinia Virus
- Vesicular Stomatitis Virus
- Other Product Types
- Prostate Cancer
- Ovarian Cancer
- Lung Cancer
- Breast Cancer
- Other Applications
- End User
- Specialty Clinics
- Cancer Research Institutes
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Oncolytic Virus Immunotherapy Market is
Sorrento Therapeutics Inc. (U.S.), Merck & Co. Inc. (U.S.), Amgen Inc. (U.S.), Shanghai Sunway Biotech Co. Ltd. (China), Cold Genesys Inc. (U.S.), Oncolytics Biotech Inc. (Canada), Transgene Biotek Ltd. (India), SillaJen Inc. (South Korea), ORYX GmbH & Co. KG (Germany), Viralytics Ltd. (Australia)
The Global Oncolytic Virus Immunotherapy Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|