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Global Oncolytic Virus Therapy Market Size By Application(Melanoma, Lung Cancer, Breast Cancer), By Type(Monoclonal Antibodies, Cancer Vaccines, Checkpoint Inhibitors), By End User(Hospitals, Specialty Clinics, Cancer Research Institutes), By Geographical Scope and Forecast
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Oncolytic Virus Therapy Market Size And Forecast
Oncolytic Virus Therapy Market size was valued at USD 146.82 Million in 2020 and is projected to reach USD 892.63 Million by 2028, growing at a CAGR 25.33% from 2021-2028.
The successful clinical trials and successful combination of oncolytic virus therapy with chemotherapy agents are expected to drive the market. The latest technological advancements in cancer treatments and the development of new therapies will foster market growth. The market report provides a holistic evaluation of the market. The report offers comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
What is Oncolytic Virus Therapy?
Oncolytic Virus (OV) Therapy is one of the promising successful virus therapies used for the treatment of cancer patients. In a treatment using OV therapy, the virus infects and breaks down the cancer cell making it easier for other therapies such as chemotherapy. It is also known as targeted therapy as OV drugs are directly injected into the tumor area. The OV therapy market is at a very initial stage as clinical trials are going on to make it useful for all types of cancers. It has been successful for melanoma cancer, breast cancer, prostate cancer, and a few other cancer treatments. Combining this OV therapy with other cancer treatment therapies has been the most effective way as it helps in reducing the harmful effects of other therapies.
Global Oncolytic Virus Therapy Market Overview
The growing usage of target therapy over traditional therapy, emergence of biosimilars, rising demand for mAbs, growing prevalence of cancer are the factors driving the oncolytic virus therapy market. The successful clinical trials and successful combination of oncolytic virus therapy with chemotherapy agents are expected to drive the market. The latest technological advancements in cancer treatments and the development of new therapies will foster market growth.
Furthermore, the growing adoption of advanced cancer therapeutic options coupled with rising cancer incidence, R&D activities in the cancer treatments are positively anticipated to boost the global oncolytic virus therapy market. There are certain restraints and challenges faced which will hinder the overall market growth such as high cost of treatment and therapy. This brings a financial burden on low- and middle-income cancer patients.
Moreover, challenges faced in the development of safe and effective therapies along with the limited availability of drugs are the potential restraining factors hampering the overall growth of the oncolytic virus therapy market.
Global Oncolytic Virus Therapy Market: Segmentation Analysis
The market is segmented based on Application, Type, End User, and Geography.
Oncolytic Virus Therapy Market by Application
• Melanoma• Lung Cancer• Breast Cancer• Others
Based on Application, the market is bifurcated into Melanoma, Lung Cancer, Breast Cancer, and Others. The lung cancer segment holds the largest market share. The factors can be attributed to the increasing number of patients suffering from lung diseases, and growing consumption of smoking and drinking.
Oncolytic Virus Therapy Market by Type
• Monoclonal Antibodies• Cancer Vaccines• Checkpoint Inhibitors• Immunomodulators
Based on Type, the market is bifurcated into Monoclonal Antibodies, , Checkpoint Inhibitors, Immunomodulators. The checkpoint inhibitors segment is estimated to witness the highest CAGR for the forecast period. The factors can be attributed to the increasing adoption of target therapy, high prevalence of cancer, and benefits offered by this therapeutic drug.
Oncolytic Virus Therapy Market by End User
• Hospitals• Specialty Clinics• Cancer Research Institutes
Based on End User, the market is bifurcated into Hospitals, Specialty Clinics, Cancer Research Institutes. The Cancer Research Institutes holds the largest market share. The factors can be attributed to the rising number of cancer patients demanding treatments with the latest types of equipment, and the development of new cancer therapies in institutes.
Oncolytic Virus Therapy Market by Geography
• North America• Europe• Asia Pacific• Rest of the world
On the basis of regional analysis, the market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America holds the largest market share due to the rising incidence of the disease, increasing ease of access to modern therapeutics, coupled with expanding geriatric population has propelled the oncolytic virus therapy in the region.
Key Players
The market study report will provide a valuable insight with an emphasis on the global market. The major players in the market are
• Amgen Inc.• Merck• Vyriad Inc.• Genelux Corporation
The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
Mergers and Acquisitions
• Merck & Co. bought Viralytics in February 2018 for a considerable sum of roughly USD 400 million, allowing them to expand their oncolytic virus immunotherapy business.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period |
2017-2028 |
| Base Year |
2020 |
| Forecast Period |
2021-2028 |
| Historical Period |
2017-2019 |
| Unit |
Value (USD Million) |
| Key Companies Profiled |
Amgen Inc., Merck, Vyriad Inc., and Genelux Corporation. |
| Segments Covered |
|
| Customization Scope |
Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Oncolytic Virus Therapy Market Infographic
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Research Methodology of Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
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