Oncolytic Virus Therapy Market Trend - Government Initiatives to Promote Awareness about Early Cancer Detection

Increasing prevalence of various types of cancers worldwide, rising number of clinical trials and preclinical studies on oncolytic virus, and increasing investments in research and development of advanced cancer therapies are some key factors expected to drive global Oncolytic Virus Therapy market growth.

According to Emergen Research, the global oncolytic virus therapy market size was USD 154.5 million in 2020 and is expected to reach USD 866.1 million in 2028 and register a robust CAGR of 23.9% during the forecast period, 2021-2028.

Market Dynamics:

Oncolytic virus therapy is an emerging treatment that uses viruses by modifying them genetically by selectively destroying cancer cells and keeping the healthy cells intact. It enables tumor-selective viral replication that leads to local self-amplification and lytic cell destruction. Oncolytic virus therapy has the potential to combine multiple modes of action such as direct viral destruction of infected cells, or infection of endothelial cells leading to vascular collapse. The first oncolytic virus therapy approved by US FDA is lmlygic used for treating melanoma.

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Factors such as rapid advancements in oncolytic virus therapies in terms of specificity, tolerability and potency, increasing adoption of advanced cancer therapeutics, growing awareness about early diagnosis and treatment of cancer, and high focus on developing new treatments for cancer are expected to drive global market revenue growth during the forecast period. In addition, rising number of clinical trials, increasing investments in research and development activities, and increasing demand for oncolytic virus therapies in combination for treating multiple cancer types are expected to fuel Oncolytic Virus Therapy market growth going ahead. However, lack of awareness about advanced cancer therapies, inaccessibility to latest equipment and facilities due to budget constraints in many developing countries, and side effects of oncolytic virus therapy including chills, fever, fatigue, or flu-like symptoms are some key factors expected to restrain revenue growth of the global oncolytic virus therapy market during the forecast period.

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

Breast Cancer Segment To Register Rapid Revenue Growth:

The breast cancer segment is expected to register rapid revenue growth during the forecast period. Factors such as increasing prevalence of breast cancer across the globe, growing awareness about early diagnosis and treatment, rising demand for advanced cancer therapy across hospitals and clinics, and increasing investments in ongoing oncologic virus therapy projects for breast cancer are expected to drive revenue growth of the segment during the forecast period.

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Hospital Segment to Account for Largest Revenue Share:

The hospital segment is expected to account for largest revenue share between 2021 and 2028. This can be attributed to large patient pool, rising number of hospital admissions for cancer treatment, growing adoption of advanced treatment and solutions for cancer, and availability of latest treatment and skilled healthcare experts in many medium to large scale hospitals around the world.

North America to Lead in Terms of Revenue Share:

North America is expected to dominate other regional markets in terms of revenue share during the forecast period. This can be attributed to factors such as increasing prevalence of various types of cancers across the region, presence of well-developed healthcare infrastructure and research facilities, and ongoing research on cancer treatments. In addition, rising number of clinical trials for oncolytic viruses, growing adoption of advanced treatment approaches, presence of leading companies, and increasing investments to accelerate research and development activities are expected to drive North America oncolytic virus therapy market growth during the forecast period.

Major Companies in the Market Include:

• Oncolytics Biotech Inc.
• Lokon Pharma AB
• PsiOxus Therapeutics
• Sorrento Therapeutics Inc.
• CG Oncology Inc.
• ORYX GmbH & Co. KG
• VCN Biosciences
• DNAtrix
• Targovax
• SillaJen Inc.

Scope of Oncolytic Virus Therapy Research

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Emergen Research has segmented the global oncolytic virus therapy market on the basis of type, application, end-use, and region:

Type Outlook (Revenue, USD Million; 2018–2028)

• Monoclonal Antibodies
• Checkpoint Inhibitors
• Cancer Vaccines
• Immunomodulators

Application Outlook (Revenue, USD Million; 2018–2028)

• Melanoma
• Lung Cancer
• Breast Cancer
• Others

End-Use Outlook (Revenue, USD Million; 2018–2028)

• Hospitals
• Clinics
• Research Institutes
• Others

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Regional Outlook (Revenue, USD Million; 2018–2028)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • U.K.
  • BENELUX
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Rest of LATAM
• Middle East & Africa
  • Saudi Arabia
  • U.A.E.
  • South Africa
  • Turkey
  • Rest of MEA

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