PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1408906
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1408906
Oncolytic Virus Immunotherapy Market size was valued at USD 110 Million in 2023, expanding at a CAGR of 24.5% from 2024 to 2032.
The oncolytic viral immunotherapy includes the use of viruses to infect and then kill cells with cancer. It is well-recognized that cancer cells have weakened antiviral defenses, leaving them more vulnerable to infections than healthy body cells. Oncolytic viruses are designed to deliver therapeutic payloads to tumor cells while exhibiting a reduced capacity to infect healthy cells.
The increasing collaboration is expected to propel the market growth during the forecast period. For instance, in January 2022, Siga Technologies and Bioarchitech formed a preclinical partnership to study immunotherapy as a cancer treatment. The TPOXX (tecovirimat) and Bioarchitech's patented "vaccinia-based immunotherapy platform," which makes use of tailored antibodies and other proteins found in the oncolytic virus's genome, are the subjects of the research partnership. Moreover, in January 2024, the clinical evaluation of the customized neoantigen cancer vaccine TG4050 will continue due to the signing of a further development collaboration agreement by NEC Corporation, a leader in IT, network, and AI technologies, and Transgene, a biotech company that designs and develops virus-based immunotherapies for the treatment of cancer.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to hold a prominent market share during the forecast period because the number of patients is growing in comparison to other nations. The market is expanding as a result of the United States' increased cancer incidence rates. According to the American Cancer Society's 2021 report, 608,570 people died from cancer in the US in 2021, while an anticipated 1.9 million new cases of cancer were identified. The other reasons that contribute to the growth of the market include increased knowledge about different cancer therapies, the availability of sophisticated immune-oncology medications in the area, and the expanding healthcare spending in countries such as the United States. The Centers for Medicare and Medicaid Services (CMS) released data showing that U.S. healthcare spending increased by 9.7% in 2020 to reach USD 4.1 trillion, or USD 12,530 per person. Health spending made up 19.7 percent of the country's GDP. Thus, driving the market expansion in the region.
The key players operating in the market are: Amgen, Inc., Sorrento Therapeutics Inc., Merck & Co., Inc., Oncolytics Biotech, Inc., Viralytics Ltd., Shanghai Sunway Biotech Co., Ltd., SillaJen, Inc., RIGVIR Ltd., ORYX GmbH & Co. KG, Cold Genesys, Inc. and Transgene Biotek Ltd. These players adopted various strategies to remain competitive in the market which include, product launches, acquisitions, collaboration, agreements and others.
In July 2022, ABL, a pure play Contract Development and Manufacturing Organization (CDMO) focused on the creation and production of viruses for gene and cancer therapies, vaccine candidates, and other applications, announced its collaboration with KaliVir Immunotherapeutics, a privately held biotech business creating state-of-the-art, next-generation oncolytic viral immunotherapy programs. For the impending clinical study, ABL will produce the oncolytic viruses developed by KaliVir.
The scope of this report covers the market by its major segments, which include as follows: