Oncolytic Virus Market Size, Share, Growth, and Industry Analysis, By Type (Imlygic, Oncorine, and Others), By Application (Melanoma, and Other Cancers), Regional Insights, and Forecast To 2031

Updated On: 13 November 2023

Oncolytic Virus Market Report Overview

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The global oncolytic virus market size was USD 17 million in 2021 and is expected to touch USD 33.17 million by 2031, exhibiting a CAGR of 7.1% during the forecasted period.

Oncolytic viruses are viruses that selectively replicate and destroy cancer cells without causing damage to the surrounding tissues of the body. Oncolytic virus therapy is a significant breakthrough in cancer treatment and, thereby, has the potential to become the standard treatment for all cancer patients. This has led to increasing research and development activities to establish the efficacy of the virus. This is a critical factor that will contribute to market growth and share. The rise of cancer in various regions, such as North America, will drive market growth as innovations direct the market.

Oncolytic viruses are ideal for treatment with cancer immunotherapy. There has been a massive advancement in the development of oncolytic therapies leading to increased efficacy. These viruses are increasingly used in combination with cancer immunotherapies to treat multiple cancers as they can activate local immune responses and prolong the survival of cancer patients. This is likely to support market growth further and share worldwide. Along with this, studies are being conducted to test the efficacy of therapies, which will boost market revenues.

COVID-19 Impact: Healthcare Collapse Worldwide Impeded Market Growth

The global COVID-19 pandemic has been unprecedented & staggering, with oncolytic viruses experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR can be attributed to oncolytic virus market growth and demand returning to pre-pandemic levels after the pandemic is over.

The onset of the pandemic worldwide caused the oncolytic virus market to slump in market growth and share as healthcare systems collapsed worldwide. The exhaustion of staff and administrative procedures and the increase in COVID cases in patients prevented cancer patients from venturing out due to fear of infection. Hence, cancer patients were forced to stay indoors for two years, preventing them from seeking appropriate treatment. Thus, these factors heavily affected the market and recorded negative sales and revenues.

LATEST TRENDS

"Breakthrough Results in Cancer Treatments to Boost Market Growth"

Oncolytic viruses are non-pathogenic and can target and kill cancer cells without harming surrounding tissues. Various viruses in clinical trials, such as adenovirus and vaccinia virus, have demonstrated good experimental results. Additionally, these viruses have improved medical imaging, showing that tumor imaging has significantly higher accuracy and agility. This will boost the application of the therapy in cancer diagnosis and drive market growth worldwide. By leading industrial players, surveys and studies are being conducted for innovations to provide patients with affordable treatments worldwide.

Oncolytic Virus Market Segmentation

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• By Type

The market is categorized based on types into imlygic, oncorine, and others.

• By Application

Based on applications, the market is subcategorized into melanoma and other cancers.

DRIVING FACTORS

"Awareness Campaigns by Governments Worldwide to Lead Growth"

Several awareness campaigns are being run by the governments of developing countries worldwide to create awareness about different cancer therapies, which will propel the oncolytic virus market growth. This move is likely to increase the early detection of cancer in patients due to raising awareness and public demand, thus driving market growth and share. The availability of oncolytic drugs for various cancers is projected to drive the market growth during the forecast period and bring innovations and breakthroughs.

"Increasing Number of Studies to Spur Demand and Drive Market Growth"

The increasing number of studies being conducted to find breakthroughs and innovations for treating cancer and other diseases will propel the market growth. Key industrial players in the market are participating in these studies for significant findings, increasing awareness amongst the people and pushing the demand for immunotherapies further. The research covers cancers such as breast cancer and melanoma. Thus, these factors together will drive the oncolytic virus market growth along with awareness by the people.

RESTRAINING FACTORS

"Potential Side-Effects in Treatment to Hamper Market Growth"

Due to the potential of the viruses to infect healthy cells and stimulate overall immune activity systems, oncolytic viruses may cause the immune system to attack healthy cells, thereby carrying the risk of infection. Possible side effects such as fever, chills, nausea, fatigue, flu-like symptoms, and pain after the therapy may hamper the market growth as patients may carefully consider these factors before seeking the virus therapy. Additionally, an imbalance in the supply and demand of materials required for the treatments may impede the market growth and share of the service. Thus, critical industrial players and investors must consider these factors before investing in the market.

Oncolytic Virus Market Regional Insights

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"Asia Pacific to Lead Market Share Owing to Innovations in Production"

The Asia Pacific region will lead the oncolytic virus market share as the region is experiencing a boom in companies' production, providing medicines for treatments concerned with cancer therapy. The oncolytic virus therapy market is thus seeing a boost in revenue and profits as countries such as China and Japan bring innovations into the market. China's Shanghai Sunway Biotech will lead the market innovations with the largest share in the market.

KEY INDUSTRIAL PLAYERS

The report analyzes various market players in the industry, and the information is published after proper research, analysis of trends, key developments, new initiatives, and technological developments and innovations. The report also includes thorough research on companies, regions, technical and environmental outcomes, and newly emerging industries' impact and risks. The study considers all the points after a comprehensive analysis, thus generating future possibilities for the market. The Asia Pacific region will lead the market revenues with the most significant worldwide share, thus prompting more investments from the West.

List of Market Players Profiled

• Amgen (U.S.)
• Shanghai Sunway Biotech (China)

INDUSTRY DEVELOPMENT

August 2022: The U.S.-based Amgen has agreed to acquire the biopharma firm ChemoCentryx for $3.7 billion. With this strategic move, Amgen will gain access to the company's essential therapy known as Tavneos, which has received treatment approval from the EU and Japan. Amgen can thus expand its business and establish it in regions such as Europe and the Asia Pacific with this acquisition. This will boost the company's market growth and revenue, resulting in a worldwide boom for the oncolytic virus market.

REPORT COVERAGE

The report examines elements that affect the demand and supply factors and estimates dynamic market forces for the forecast period. It also offers drivers, restraints, the latest trends, and critical industrial developments. After evaluating financial and technical market factors, the report provides an extensive SWOT analysis. The research is subject to alteration if leading players and analysis of market dynamics change. The information is an approximate estimation of the factors mentioned, taken into consideration after thorough research. The report also provides information on segmentation, key industry developments, and an analysis of risks in the hemoperfusion production industry.