Oncolytic virus therapies are overlapping biomedical research fields with similar therapeutic goals, which target DNA or RNA inside or outside the body. These therapies aim at modifying genetic material for the treatment of a disease. Oncolytic virotherapy is a form of gene therapy that used nature’s material (virus) to find and destroy malignant cells. Oncolytic virus therapy is “a novel approach to treat, cure, or ultimately prevent disease by changing the expression of a person’s genes”. Oncolytic virotherapy is a form of gene therapy that used nature’s material (virus) to find and destroy malignant cells.
Our healthcare experts have found oncolytic virus therapies market to be one of the most rapidly evolving technologies, and the global market is predicted to grow at a CAGR of 26.28% over the forecast period 2020-2030.
Factors fueling the growth of the market include prevalence of cancer, rising number of clinical trials, boosting research funding, and adoption of inorganic growth. Despite rapid advanced industry growth, there are several key issues that need to be addressed to facilitate future growth such as the relatively high total costs of therapies and lacking therapy-specific assay. Further, some of the opportunities such as clinical pipeline of therapies provide growth to the market.
Competitive Landscape
The exponential rise in the cases of cancer on the global level has created a buzz among companies to invest in the therapeutics of advanced technologies. Due to a large number of pipeline therapies and intense market penetration, oncolytic virus therapies have been pioneers in the therapeutic field and have significant competitors in this market.
Based on region, North America held the largest share in 2020, owing to improved healthcare infrastructure, rise in per capita income, and improvised reimbursement policies in the region. Apart from this, Europe and the Asia-Pacific are anticipated to grow at the fastest CAGR during the forecast period.
Market Segmentation
• Commercialized Therapies: Imlygic, Oncorine, and RIGVIR
• Pipeline Therapies: Phase I, Phase II, Phase III
• Type of Virus: Genetically Engineered Oncolytic Viruses (Herpes Simplex Virus, Adenovirus, and Vaccinia Virus), Oncolytic Wild Type Viruses (Reovirus, Newcastle Disease Virus, and Vesicular Stomatitis Virus)
• Application: Solid Tumors (Breast Cancer, Prostate Cancer, Lung Cancer, Glioblastoma, and Melanoma), Hematological Malignancies (Lymphoma, Leukemia, and Myeloma)
Regional Segmentation
• North America: U.S.
• Europe: Germany, France, Italy, U.K., Latvia, Armenia, Georgia, Rest-of-the-Europe (Spain, Russia, Switzerland)
• Asia-Pacific – Japan, China, Rest-of-APAC (India, Australia, South Korea)
Growth Drivers
• Increasing Incidence of Cancer
• Rising Number of Clinical Trials
• Increasing Research Funding from National Cancer Institute
• Increasing Adoption of Inorganic Growth Strategies in the Market
Market Restraints
• High Cost of Therapy
• Lack of Therapy-Specific Assays
Market Opportunities
• Opportunities in the Emerging Economies
• Drug Approvals and Strong Pipeline of Oncolytic Virus Therapies
Key Companies Profiled
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.
Key Questions Answered in this Report:
• What are the major market drivers, challenges, and opportunities in the global oncolytic virus therapies market?
• What are the key development strategies being implemented by the major players in order to sustain in the competitive market?
• What are the key regulatory implications in developed and developing regions for the global oncolytic virus therapies market?
• How is each segment of the market expected to grow during the forecast period 2020-2030?
• Who are the leading players with significant offerings to the global oncolytic virus therapies market, and what is the expected market dominance for each of these leading players?
• What are the adoption trends for oncolytic virus therapies in established economies and emerging economies across the world?
• What is the COVID-19 impact on the global oncolytic virus therapies market?
• Which companies are anticipated to be highly disruptive in the future, and why?
• What are the unmet needs that are yet to be met by the global oncolytic virus therapies with respect to the application areas?
• What are the dynamics of various application areas and countries, which are impacting the global oncolytic virus therapies market?
• What are the new market opportunities of various technologies that are influencing the growth of the global oncolytic virus therapies market?
• How is each segment of the market expected to grow during the forecast period 2020-2030? Following are the segment types:
o Commercialized Therapies
o Pipeline Therapies
o Type of Virus
o Application
o Region
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Within the research report, the market has been segmented on the basis of commercialized therapies, pipeline therapies, type of virus, application, and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.
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