Oncolytic virus therapy aims at selectively replicating in and destroying cancer cells. It works by infecting and killing cancer cells from within while ignoring healthy tissues. Oncolytic virus therapy has emerged as a promising treatment strategy in immuno-oncology and immunotherapy. Some key advantages of oncolytic virus therapy include targeted cancer cell destruction, activation of anti-tumor immunity and ability to carry additional therapeutic genes. Growing prevalence of different types of cancers along with the limitations of existing cancer treatment methods like chemotherapy and radiation therapy have boosted the need for alternative treatment approaches like oncolytic virus therapy.
The Global Oncolytic Virus Therapy Market is estimated to be valued at US$ 10.82 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Oncolytic Virus Therapy are Amgen, Merck, Vyriad, Oncolytics Biotech, Targovax, and Genelux Corporation.
Rising investment in research and development of novel Oncolytic Virus Therapy Market Trends candidates represents a major opportunity in the market. Various immune checkpoint inhibitors and oncolytic virus combinations under clinical trials show promise to treat various cancer types more effectively.
Strong product pipeline with focus on late stage clinical trial candidates and partnerships with biopharma companies will help key players expand globally in fast growing markets like North America, Europe, and Asia Pacific.
Market Drivers
Growing cancer burden worldwide due to changing lifestyle habits and lack of physical activity are major factors driving the Oncolytic Virus Therapy market. According to WHO, cancer accounted for nearly 10 million deaths in 2020 and is expected to further increase in future.
Increase in research spending on immunotherapy and funding support from government bodies for development of innovative cancer treatments is propelling the Oncolytic Virus Therapy market growth. Strategic collaborations between research institutes and market players to develop effective virus strain candidates will boost the market in coming years.
PEST Analysis
Political: Government regulations pertaining to clinical trials and approval processes for new oncolytic virus therapies impact their timely development and availability. Stringent safety norms ensure therapies meet required efficacy and safety standards.
Economic: Research and development costs for oncolytic virus therapies are high due to extensive pre-clinical and clinical testing requirements. Market size and potential revenues determine investments in R&D by pharmaceutical companies.
Social: Growing cancer incidence rates globally along with increased access to healthcare and awareness, drive demand for new therapies like oncolytic virus therapies. However, uncertainty around safety remains a factor.
Technological: Advancements in virotherapy, gene therapy and combination treatment approaches aid development of enhanced oncolytic virus therapies. Gene editing technologies help optimizing viruses for anti-cancer properties. Automated manufacturing aids mass production.
The Oncolytic Virus Therapy market in terms of value is currently concentrated in North America and Europe due to higher healthcare investments and clinical trial activity in these regions. Countries like the US, Germany, France and the UK account for a major share. However, the Asia Pacific region is poised to be the fastest growing market during the forecast period attributed to rising cancer cases, improving accessibility and investments in healthcare research and infrastructure in countries like China and India.
Some of the major geographical regions with concentration of Oncolytic Virus Therapy market in terms of value currently include North America especially the US, followed by key countries of Western Europe like Germany, France and the UK. These regions have witnessed higher investments and clinical research activity for oncolytic virus therapies over the years due to supportive regulatory systems, availability of funding and progressive healthcare infrastructure. However, the Asia Pacific region especially countries like China and India are expected to emerge as the fastest growing regional market during the forecast period attributed to rising cancer prevalence, growing healthcare expenditures, expanding clinical research capabilities and increasing awareness.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.