The Global "Oncolytic Virus Therapy Market" is expected to grow at a CAGR of 19.32% in the forecast period (2022-2029).
An oncolytic virus is a genetically engineered or naturally occurring virus that can imitate in selected terms and kill cancer cells without harming the normal tissues. Oncolytic Virus therapy is a new therapeutic approach for treating cancer and shown promising results globally.
The rising prevalence of cancer cases and increasing development of cancer-treating therapies such as an oncolytic virus is driving the market growth globally.
Technological developments such as natural killer cells and the use of combination therapies are also driving the market growth. Further ongoing development of virus therapies globally, which are in the pipeline will further enhance the growth of the oncolytic virus therapy market in the forecast period.
The immune reaction to the virus-based therapies by repeated administration of therapeutics for treating cancer is a critical restraint that hampering the market growth.
The high cost of oncolytic virus therapy is further affecting market growth, especially in developing countries.
Global Oncolytic Virus Therapy Market is segmented by application type, drug class, and therapy type.
By application, the market is segmented into Prostate cancer, Melanoma, Ovarian Cancer, Breast Cancer, and others. Melanoma is accounted for the largest share as most of the cancer therapies are developed for Melanoma cancers. They are increasing prostate cancer cases also leading to a steady growth rate in prostate cancer therapies in recent years.
By Drug class the market is segmented into Onyx-15, Talimogene laherparepvec, Reolysin, RIGVIR. Talimogene laherparepvec is the most significant drug class that accounted for a significant share in the market and is mainly due to its large penetration in cancer treatment.
By Geography the market is segmented into North America, South America, Europe, Asia Pacific, and the Rest of the World. North America is the leading market globally and is mainly due to increased cancer cases associated with hectic lifestyles. Well-developed healthcare infrastructure is further supported by the growth in the region.
Oncolytic Virus Therapy is highly concentrated among a few key players such as Amgen, Shanghai Sunway Biotech Co. Ltd, and RIGVIR. Companies in the industry operate on low-profit margins, which are likely to worsen further during the forecast period. Industry players are focusing on implementing inorganic growth strategies to expand their presence in the market.
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