PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437518
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437518
Oncolytic Virotherapy Market size was valued at USD 22.5 Million in 2023, expanding at a CAGR of 24.5% from 2024 to 2032.
The term "oncolytic virotherapy" refers to the process of eliminating cancerous cells within a tumor by viral replication. This phenomenon has a scientific foundation in viral tropism, which describes the selective preferences of certain viruses for specific cells. As a result, the ways that different viruses cause diseases vary. The majority of viruses found in nature are ideal for oncolysis because they exhibit a tropism for malignant cells. The measles virus, vaccinia virus, herpes simplex virus, reovirus, and other oncolytic viruses are examples of oncolytic viruses. Oncolytic viruses have been used in conjunction with radiation treatment and/or chemotherapy in certain experiments.
Oncolytic Virotherapy Market- Market Dynamics
Increasing collaboration to propel market demand
The increasing collaboration is expected to drive the oncolytic virotherapy industry during the forecast period. For instance, in July 2023, the clinical-stage immuno-oncology company Imugene Limited, with its headquarters in Sydney, Australia, and the clinical-stage biopharmaceutical company RenovoRx, Inc., based in Los Altos, California, developed targeted combination therapies, announced a strategic research collaboration to optimize the delivery of Imugene's oncolytic virus therapy with RenovoRx's transarterial microperfusion (TAMP) therapy platform for the treatment of tumors that are difficult to access. Imugene and RenovoRx will look into the possibility of using RenovoRx's TAMP treatment platform in conjunction with Imugene's CF33 oncolytic viral technology as part of their partnership.
Oncolytic Virotherapy Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 24.5% over the forecast period (2024-2032)
Based on virus type segmentation, the Genetically Engineered Oncolytic category dominates the market
Based on the application segmentation, the Solid Tumors segment held the largest market share in 2023
Based on end-use segmentation, the Hospitals segment is expected to dominate the market over the forecast period
Based on region, North America was the leading revenue generator in 2023
The Global Oncolytic Virotherapy Market is segmented based on Virus Type, Application, End-Use, and Region.
The market is divided into two categories based on virus type: Oncolytic Wild-Type Viruses and Genetically Engineered Oncolytic. The Genetically Engineered Oncolytic category dominates the market. Due to its ability to precisely transfer genes to targeted locations, therapies like adenovirus-based virotherapy are in greater demand, which has resulted in an increase in market share in this category.
The market is divided into two categories based on the application: Melanoma and Solid Tumors. The Solid Tumors segment held the largest market share in 2023 and is expected to continue the same pattern during the forecast period because of the increased prevalence of lung cancer, breast cancer, etc. Among women, breast cancer in particular continues to be a major cause of death.
The market is divided into three categories based on end-use: Cancer Research Institutes, Specialty Clinics and Hospitals. The Hospitals segment is expected to dominate the market over the forecast period because there are more and more hospitals offering cancer therapy. Government expenditures on medical infrastructure, combined with an increased patient focus on prompt and effective disease care, are other contributing factors to the segment's rise.
Oncolytic Virotherapy Market- Geographical Insights
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 lead the market during the forecast period. One of the main reasons propelling the market is the growing cancer occurrences in the United States. According to a report by the American Cancer Society, 609,360 cancer deaths and around 1.9 million new cases of cancer were reported in the United States in 2022. In addition, several additional factors supported the market's growth in the area. These include the availability of cutting-edge immune-oncology medications, the expanding knowledge of the range of cancer therapy choices, and the rising cost of healthcare in nations like the United States.
The key players operating in the market are CG Oncology Inc, Transgene SA, Amgen, Sorrento Therapeutics, Oncolys BioPharma, Targovax, Lokon Pharma, Vyriad, TILT Biotherapeutics, VCNBiosciences, DNAtrix, Replimune Group Inc. To obtain access to new markets, market players are continuously pursuing a variety of strategic initiatives, including the creation of new products, funding and investments, mergers and acquisitions, and other strategic partnerships.
In August 2022, Amgen invested a substantial USD 3.7 billion to purchase the biotech business ChemoCentryx. Amgen now has access to Tavneos, a critical medication that has already been approved for use in Europe and Japan, owing to this calculated approach. Amgen is well-positioned to fortify its position and increase its footprint in areas like Asia Pacific and Europe with this purchase.
GLOBAL ONCOLYTIC VIROTHERAPY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
CG Oncology Inc
Transgene SA
Amgen
Sorrento Therapeutics
Oncolys BioPharma
Targovax
Lokon Pharma
Vyriad
TILT Biotherapeutics
VCNBiosciences
DNAtrix
Replimune Group Inc.