Rising prevalence of cancer across the globe and rise in investments in research & development of effective cancer therapies are among the key factors driving market revenue growth.
Rising prevalence of cancer across the globe and rise in investments in research & development of effective cancer therapies are among the key factors driving market revenue growth
According to Emergen Research, the global oncolytic virus therapies market size was USD 94.7 million in 2020 and is expected to reach USD 609.7 million in 2028 and register a revenue CAGR of 26.2% during the forecast period, 2021-2028.
Market Dynamics:
Key factors providing impetus to the global oncolytic virus therapies market revenue growth are increasing prevalence of different types of cancer worldwide, growing rate of cancer deaths caused by malignant tumors, rising need for advanced and effective cancer therapeutics for improved quality of life, and advances in various cancer treatment modalities such as radiotherapy, chemotherapy, surgical intervention, and immunotherapy.
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Growing emphasis on development of novel and more advanced cancer treatment methods that can accurately target tumor and have lower toxic side-effects, increasing R&D activities for oncolytic virus therapies, rising awareness of early cancer diagnosis and treatment, and several advancements in oncolytic virus therapies, such as increased specificity, improved potency, and higher tolerability, are other major factors expected to contribute to the global market revenue growth.
Oncolytic virus therapy has emerged as a major breakthrough in cancer treatment and is rapidly gaining acceptance as a standard therapeutic option for cancer patients worldwide. Oncolytic viruses are genetically engineered viruses that selectively replicate and destroy cancer cells, causing no damage to the adjacent tissue, organs, or structures. Oncolytic viruses are capable of inducing systemic anti-tumor immune responses and help extend the survival of cancer patients. Oncolytic viruses activate local immune responses, induce T-cell priming & infiltration, and counteract cancer-mediated evasion of the immune system; and hence, these viruses are increasingly being used in combination with cancer immunotherapy to treat various types of cancer.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Solid Tumors Segment Accounted for Largest Revenue Share in 2020:
The solid tumors segment dominated other segments in terms of revenue share in the global market in 2020. Major factors driving revenue growth of this segment are increasing death rate caused by malignant tumors, growing applications of oncolytic viruses in treatment of metastatic tumors, and technological advances in oncolytic virus therapies for solid tumors.
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Hospitals Segment to Account for Fastest Revenue CAGR:
The hospitals segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Rising prevalence of cancer worldwide, growing rate of hospital admissions for cancer treatment, advances in cancer treatment options, and increasing availability of advanced medical facilities and skilled healthcare professionals are some key factors expected to drive revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America oncolytic virus therapies market accounted for the largest revenue share in the global market in 2020. Rising prevalence of cancer, increasing government and private investments in cancer research & development activities, rising number of clinical trials of oncolytic viruses, rapid adoption of advanced cancer therapies, and presence of state-of-the-art healthcare facilities in the region are major factors expected to fuel the North America market revenue growth.
Major Companies in the Global Oncolytic Virus Therapies Market Include:
- Oncolytics Biotech, Inc.
- Amgen Inc.
- Sorrento Therapeutics, Inc.
- Transgene SA
- Daiichi Sankyo Company, Limited.
- Shanghai Sunway Biotech Co., Ltd.
- Takara Bio Inc.
- PsiOxus Therapeutics
- SillaJen, Inc.
- ViroCure
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For the purpose of this report, Emergen Research has segmented the global oncolytic virus therapies market based on virus type, application, end-use, and region:
Virus Type Outlook (Revenue, USD Million; 2018–2028)
- Genetically Engineered Oncolytic Viruses
- Herpes Simplex Virus
- Adenovirus
- Vaccinia Virus
- Oncolytic Wild-type Viruses
- Reovirus
- Newcastle Disease Virus
- Vesicular Stomatitis Virus
Application Outlook (Revenue, USD Million; 2018–2028)
- Solid Tumors
- Breast Cancer
- Prostate Cancer
- Lung Cancer
- Glioblastoma
- Melanoma
- Hematological Malignancies
- Lymphoma
- Leukemia
- Myeloma
End-use Outlook (Revenue, USD Million; 2018–2028)
- Hospitals
- Specialty Clinics
- Cancer Research Institutes
Region Outlook (Revenue, USD Million; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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