The global oncolytic virus therapies market size reached US$ 130.4 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 492.6 Million by 2028, exhibiting a growth rate (CAGR) of 20.90% during 2023-2028.
Oncolytic virus therapies are a form of immunotherapy that utilizes viruses to infect and destroy cancer cells. They use various natural and genetically modified viruses, such as herpes simplex, Newcastle disease, vaccinia, adenovirus, reovirus, and picornavirus. Oncolytic virus therapies activate danger signals for generating an immune response and are widely used for treating solid tumors, melanoma, and unresectable lesions. They also help eradicate tumors using viruses that only infect and destroy targeted tumor cells. As compared to chemotherapy, oncolytic virus therapies are non-toxic, provide superior efficacy, and prolong the survival of cancer patients. As a result, they find extensive applications in hospitals, clinics, and cancer research institutes.
Oncolytic Virus Therapies Market Trends:
- The rising incidences of cancer across the globe are creating a positive outlook for the market. Oncolytic virus therapies are widely used to treat various cancers, such as glioblastoma, breast, lung, and prostate cancers, due to their powerful anti-tumor properties and ability to target tumors accurately without harming surrounding tissues. In line with this, the widespread utilization of the therapy to treat various types of melanomas, such as hematological malignancies, lymphoma, leukemia, and myeloma, is favoring the market growth. Furthermore, rising concerns among patients regarding the negative health impact of various cancer treatments, such as surgical intervention, radiotherapy, chemotherapy, and immunotherapy, are providing a considerable boost to the market growth. Additionally, the rising number of clinical studies in oncolytic viruses, such as herpesvirus, adenovirus, and vaccinia virus, that is in the final stages and have demonstrated excellent experimental results are facilitating the market growth. Other factors, including rising demand for advanced treatments and novel therapies and increasing initiatives by several governments to spread awareness regarding different causes of cancer and promote early diagnosis, are anticipated to drive the market growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global oncolytic virus therapies market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on virus type, application and end use.
Breakup by Virus Type:
- Genetically Engineered Oncolytic Viruses
- Herpes Simplex Virus
- Vaccinia Virus
- Oncolytic Wild-Type Viruses
- Newcastle Disease Virus
- Vesicular Stomatitis Virus
Breakup by Application:
- Solid Tumors
- Breast Cancer
- Prostate Cancer
- Lung Cancer
- Hematological Malignancies
Breakup by End Use:
- Specialty Clinics
- Cancer Research Institute
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Amgen Inc., Dnatrix Inc., Genelux Corporation, Lokon Pharma AB, Replimune Group Inc., Rigvir Ltd., Sorrento Therapeutics, Takara Bio Inc. (Takara Holdings Inc.), Targovax, TILT Biotherapeutics Ltd, Transgene SA and Vyriad. Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
- 1. What was the size of the global oncolytic virus therapies market in 2022?
- 2. What is the expected growth rate of the global oncolytic virus therapies market during 2023-2028?
- 3. What are the key factors driving the global oncolytic virus therapies market?
- 4. What has been the impact of COVID-19 on the global oncolytic virus therapies market?
- 5. What are the key regions in the global oncolytic virus therapies market?
- 6. Who are the key players/companies in the global oncolytic virus therapies market?