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.
Emergen Research has published its latest report titled “Oncolytic Virus Therapies Market Size, Share, Trends, By Virus Type (Genetically Engineered Oncolytic Viruses, Oncolytic Wild-Type Viruses), By Application (Solid Tumors, Melanoma), By End-use (Hospitals, Specialty Clinics, Cancer Research Institute), and By Region, Forecast to 2028.”
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:
Oncolytic viruses are genetically engineered or naturally occurring viruses that selectively replicate in and destroy the cancer cells without causing damage to surrounding tissue or structures. Oncolytic virus therapy has emerged as the major breakthrough in cancer treatment and have the potential to become standard therapeutic option for all cancer patients. Clinical development of oncolytic viral therapies has accelerated over the recent past and various vectors have entered clinical trials for different types of cancers. Oncolytic viruses can induce systemic anti-tumor immune responses and prolong survival of cancer patients and this has further led to increasing R&D activities to establish safety and efficacy of oncolytic viruses and is a key factor expected to contribute to market revenue growth over the forecast period.
Prevalence of cancer is increasing with a rapid rise in mortality of cancer across the globe. Malignant tumors are one of the leading causes of death worldwide and this has significantly boosted need for effective cancer therapeutics to improve survival and quality of life among cancer patients. Various treatment modalities such as surgical intervention, radiotherapy, chemotherapy, and immunotherapy are available but they are associated with certain limitations. This has led to increasing focus on development of new and robust treatment methods that can accurately target tumor, have powerful anti-tumor properties, and have low toxic side effects. Oncolytic virus therapy or virotherapy is a treatment method that uses virus that can replicate itself to kill and destroy cancer cells. These viruses are non-pathogenic, can target and kill cancer cells without harming surrounding tissues, and are capable of being transformed via genetic engineering to express tumor-killing factors. Various oncolytic viruses are in clinical trials such as herpesvirus, adenovirus, and vaccinia virus and have demonstrated good experimental results. In addition, these viruses have improved nuclear medical imaging with results indicating that tumor imaging with oncolytic viruses have significantly higher accuracy and agility. This is further boosting their application in cancer diagnosis and treatment and is expected to contribute to revenue growth of the market over the forecast period.
Oncolytic viruses are also ideal for combination with cancer immunotherapy and over the recent past, there has been tremendous advancement in development of oncolytic virus therapies leading to increased specificity, potency, and tolerability of these therapies. Since oncolytic viruses can induce T cell priming and infiltration, activate local immune responses and counteract cancer-mediated evasion of immune system, they are increasingly used in combination with cancer immunotherapies to treat multiple cancer types. This is expected to further support market revenue growth to a significant extent over the forecast period. However, some side effects associated with these therapies can potentially restrain market growth to a certain extent over the forecast period.
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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 to Register Steady Revenue CAGR:
Solid tumors segment is expected to register steady revenue CAGR over the forecast period attributable to increasing incidence of malignant tumors, rising use of oncolytic virus to treat metastatic tumors due to inefficiency of existing treatment approaches, and advancements in oncolytic virus therapies for solid tumors.
Hospital Segment to Account for Largest Revenue Share:
Hospital segment is expected to account for largest revenue share over the forecast period owing to increasing number hospital admissions for cancer treatment, availability of skilled professionals and advanced medical facilities, growing network of hospitals dedicated to cancer treatment, and increasing investment to accelerate development of robust healthcare infrastructure.
Asia Pacific to Register Rapid Revenue Growth Rate:
Asia Pacific is expected to register rapid revenue CAGR over the forecast period owing to increasing prevalence of cancer, rising investment to accelerate research and development activities in oncology, growing number of clinical trials and preclinical studies for oncolytic viruses, rapid adoption of advanced cancer treatment approaches, and development of advanced healthcare facilities.
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Major Companies in the 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
For the purpose of this report, Emergen Research has segmented the global oncolytic virus therapies market on the basis of 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 Institute
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Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- BENELUX
- 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.
- Israel
- Rest Of MEA
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