Oncolytic Virus Therapy Market Size, Share, Growth, and Industry Growth by Type (HSV-based Oncolytic Viruses, Adenoviruses-based Oncolytic Viruses, Vaccinia Virus-based Oncolytic Viruses, Vesicular Stomatitis Virus-based Oncolytic Viruses and Newcastle Disease Virus-based Oncolytic Viruses) By Application (Melanoma, Prostate Cancer, Breast Cancer and Ovarian Cancer), Regional Insights, and Forecast To 2032

Updated On: 08 July 2024

Oncolytic Virus Therapy Market REPORT OVERVIEW

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The global oncolytic virus therapy market size was USD 6 million in 2021 and market is projected to touch USD 71 million by 2032, exhibiting a CAGR of 24.9% during the forecast period. In the market study, our analysts have considered generative AI players such as Amgen (U.S.), Oncolytics Biotech (Canada), Viralytics (Sydney), Transgene SA (France), Oncolys BioPharma (Japan), Targovax (Norway), PsiOxus Therapeutics (U.K.), Sorrento Therapeutics (U.S.), Lokon Pharma (Sweden), Genelux Corporation (U.S.), Vyriad (U.S.), TILT Biotherapeutics (Finland) and Cold Genesys (U.S.).

The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Oncolytic viral therapy is a sort of immunotherapy that uses the virus to infect and kill cancer cells as part of the treatment for cancer. Imlygic, oncorine, and rigvir are a few examples of the marketed therapeutic kinds. These naturally occurring viruses are designed to infect tumor cells with immune-stimulating chemicals and deliver therapeutic payloads to malignancies.

Millions of people have died from cancer throughout the years from the fatal disease, which has spread around the world. Development of cutting-edge cancer detection and treatment methods that can assist to reduce the number of fatalities brought on by the disease has become more important as public awareness of the condition has grown. The World Bank reports that healthcare spending has increased, which has opened up new opportunities for cancer research in the areas of cancer detection and prevention.

COVID-19 Impact: Interrupted Supply Chains to Hamper Market During COVID-19

For the health care system globally, the COVID-19 pandemic presented enormous obstacles. Because of a sharp increase in covid-19 cases across all geographic locations, it had a negative impact on the market growth for oncolytic viral therapy as patients delayed receiving treatment. A serious illness might also develop in cancer patients. The installation of equipment at the hospital was also impacted by supply chain interruptions brought on by the enforcement of lockdown, which in turn had an impact on market expansion.

LATEST TRENDS

"Investment in Research and Development  to Propel the Market"

As the prevalence of cancer has increased over the past few decades, so has the healthcare burden associated with it. Finding novel treatments for cancer through immuno oncology, immunotherapy, and other means has been the focus of significant investment in research and development. Oncolytic virus therapy, stem cell therapies, adoptive cell therapies, etc. are a few of them that are gaining popularity. The effectiveness of many therapeutic alternatives is hampered by treatment-related adverse effects, medication resistance, and off-target consequences. As a result, researchers are attempting to create brand-new treatments that are both powerful and have little to no side effects on healthy cells. The future development of oncolytic viral therapy to improve cancer treatment has demonstrated tremendous promise and opportunity. Utilizing oncolytic viruses in immunotherapy would unquestionably provide vital survival strategies.

Oncolytic Virus Therapy Market Segmentation

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• By Type Analysis

By type, market is segmented into HSV -based oncolytic viruses, adenoviruses-based oncolytic viruses, vaccinia virus-based oncolytic viruses, vesicular stomatitis virus-based oncolytic viruses and Newcastle disease virus-based oncolytic viruses. The HSV- based oncolytic viruses’ segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into melanoma, prostate cancer, breast cancer and ovarian cancer. The melanoma segment will lead the global share through 2032.

DRIVING FACTORS

"Approval for Various Oncolytic Therapies to Accelerate the Market"

The method of utilizing viruses to treat cancer, known as oncolytic viral treatment, has drawn a great deal of attention from researchers among all the numerous sorts of study being done in the field of cancer detection and prevention. Since talimogene laherparepvec (T-VEC or Imlygic), the first oncolytic viral therapy, was approved to treat metastatic melanoma, there has been a sharp increase in the creation of similar treatments.

"Rise in Research and Development to Boost the Market Demands"

Some of the key factors anticipated to propel the growth of the global oncolytic virus therapy market during the forecast period include the rise in research for the development of cancer treatments, surge in approvals related to cancer therapies from medical fraternities, and the rise in healthcare spending.

RESTRAINING FACTORS

"High Price of Therapy to Hinder the Market"

The high price of therapy and other treatments is one of the limitations and difficulties that will prevent the market from growing as a whole. Cancer patients who are low- and middle-income have to deal with the financial burden of this. Oncolytic viral therapy market expansion may also be constrained by difficulties in developing safe and efficient treatments as well as the restricted supply of available medications.

Oncolytic Virus Therapy Market REGIONAL INSIGHTS

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"North America Expected to Hold Large Share in the Global Oncolytic Virus Therapy Market."

Geographically, the market in North America held the biggest market share in 2021, and it is anticipated that this dominance would persist throughout the course of the forecast period due to the rising prevalence of cancer illness. The market expansion is also projected to be greatly aided by increasing expenditure on R&D efforts to create cutting-edge cancer medicines. Because of the rising incidence of cancer and growing knowledge of the many cancer treatment options, the Asia-Pacific market is anticipated to grow at a strong CAGR over the study period.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Amgen (U.S.)
• Oncolytics Biotech (Canada)
• Viralytics (Sydney)
• Transgene SA (France)
• Oncolys BioPharma (Japan)
• Targovax (Norway)
• PsiOxus Therapeutics (U.K.)
• Sorrento Therapeutics (U.S.)
• Lokon Pharma (Sweden)
• Genelux Corporation (U.S.)
• Vyriad (U.S.)
• TILT Biotherapeutics (Finland)
• Cold Genesys (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.

Oncolytic Virus Therapy Market Report Coverage

REPORT COVERAGE	DETAILS
Market Size Value In	US$ 6 Million in 2021
Market Size Value By	US$ 71 Million by 2032
Growth Rate	CAGR of 24.9% from 2021 to 2032
Forecast Period	2024-2032
Base Year	2023
Historical Data Available	Yes
Regional Scope	Global
Segments Covered	Type Analysis and Application Analysis