Oncolytic Virus Therapy Market

Oncolytic Virus Therapy Market is segmented By Application (Prostate cancer, Melanoma, Ovarian Cancer, Breast Cancer, Other), By Drug Class (Onxy-15, Talimogene laherparepvec, Reolysin, RIGVIR, Others), By Therapy Type (HSV-based Oncolytic Viruses, Adenoviruses-based Oncolytic Viruses, Vaccinia virus-based Oncolytic Viruses, Vesicular Stomatitis Virus-based Oncolytic Viruses, Newcastle Disease Virus-based Oncolytic Viruses), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Oncolytic Virus Therapy Market is expected to grow at a CAGR of 19.32% in the forecast period (2022-2029).

Oncolytic Virus Therapy Market

Metrics	Details
Market CAGR	19.32%
Segments Covered	By Drug Class, By Therapy Type, By Application, and By Region
Report Insights Covered	Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.
Fastest Growing Region	Asia Pacific
Largest Market Share	North America

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An oncolytic virus is a genetically engineered or naturally occurring virus that can imitate selected terms and kill cancer cells without harming normal tissues. Oncolytic Virus therapy is a new therapeutic approach for treating cancer and has shown promising results globally.

Market Dynamics

The rising prevalence of cancer cases and increasing development of cancer-treating therapies such as an oncolytic virus is driving the market growth globally.

The increasing number of cancer cases and clinical research propel the global oncolytic virus therapy market growth.

The growing cases of cancer and increasing clinical research on oncolytic virus therapy fuel the global market growth. For instance, according to the Clinical Trials. Gov, 10 interventional clinical studies are active; a few of them are Phase II window of opportunity trial of stereotactic body radiation therapy and in situ oncolytic virus therapy in metastatic triple-negative breast cancer and metastatic non-small cell lung cancer followed by Pembrolizumab sponsored by The Methodist Hospital Research Institute and estimated to be finished by November 2023, a phase I/II study of Pexa-Vec oncolytic virus in combination with immune checkpoint inhibition in refractory colorectal cancer sponsored by National Cancer Institute (NCI) and expected to be finished by June 2023 and a phase 1b & 2 study with GL-ONC1 oncolytic immunotherapy in patients with recurrent or refractory ovarian cancer (VIRO-15) sponsored by Genelux Corporation and completion date estimation is December 2022.

Furthermore, per the WHO statistics, cancer accounted for 10 million deaths in 2020, about 1 in 6 deaths from cancer. Out of which, around 70% of deaths occurred in low- and middle-income countries; the most common type of cancer are breast (2.26 million cases in 2020), lung (around 2.21 million cases in 2020), and colon & rectum cancers (1.93 million cases in 2020).

The high cost and immune reaction restrain the growth of the market.
The immune reaction to the virus-based therapies by repeated administration of therapeutics for treating cancer is a critical restraint hampering the market growth. The high cost of oncolytic virus therapy further affects market growth, especially in developing countries.

COVID-19 Impact

COVID-19 had a positive impact on the market by creating improved opportunities. For instance, COVID-19 has steered our focus towards biotechnologically modified products to achieve better results. Amidst the pandemic, many biopharmaceutical industries developed different biotechnologically modified vaccines to treat and diagnose SARS-CoV-2 to win over the pandemic. Moreover, biotechnological devices have helped in the various stages of fighting the pandemic; the COVID-19 pandemic has made us look at biotechnological solutions for a better healthcare system, which had an affirmative effect on the immunotoxin market.

Segment Analysis

The melanoma segment is assumed to command the global market throughout the forecast period (2022-2029).

Melanoma is expected to dominate the global market during the forecast period (2022-2029) owing to the growing burden of skin melanoma and new product approvals, such as FDA currently approved an oncolytic virus therapy for the treatment of skin melanoma, T-VEC (Imlygic), a modified herpes simplex virus (HSV) that infects tumor cells and promotes their destruction. Also, as per the WHO, annually 2 to 3 million non-melanoma skin cancers and 132,000 melanoma skin cancers occur globally. One in every three cancers diagnosed is a skin cancer; according to Skin Cancer Foundation Statistics, one in every five Americans will develop skin cancer in their lifetime. As the ozone levels are depleted, the atmosphere loses more and more of its protective filter function, and more solar UV radiation reaches the Earth's surface. An estimated 10 percent decrease in ozone levels will result in an additional 300,000 non-melanoma and 4,500 melanoma skin cancer cases. According to the World Cancer Research Fund International, skin melanoma is the 17th most common cancer worldwide; there were more than 150,000 new melanoma cases in 2020. In reference to the Skin Cancer Foundation, in the U.S., more than 9,500 people are diagnosed with skin cancer every day.

Geographical Analysis

The North American region holds the largest global oncolytic virus therapy market.

North America dominated the global oncolytic skin cancer market in 2021. It is estimated to dominate throughout the forecast period (2022-2029) since there is a growing burden of cancer in this region, along with the increased focus and spending on research and development and the presence of key market players in North America. According to the National Cancer Institute, in 2020, 1,806,590 new cases were diagnosed, with 606,520 deaths registered of cancer. In addition, in 2021, around 1.9 million were diagnosed, and 608,570 deaths were confirmed of cancer, as per the American Cancer Society. According to the projection by CDC, new cancer cases per year will rise to 29.5 million by 2040. Moreover, North America has the most robust and advanced healthcare infrastructure, along with better healthcare cost reimbursement policies, which helps North America to dominate the global market during the forecast period.

Competitive Landscape

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. For instance, on 11 January 2022, Amgen and Arrakis Therapeutics collaborated to identify novel RNA degrader small molecule therapeutics.

Amgen Inc.

Overview:

Amgen Inc. is a leading multinational biopharmaceutical company founded in 1980 and headquartered in Thousand Oaks, California.  Amgen Inc. is focused on research and manufacturing molecular biology and biochemistry products; its goal is to provide a healthcare business based on recombinant DNA technology.

Product Portfolio:

 The product portfolio of Amgen Inc. for oncolytic virus therapy has IMLYGIC (talimogene laherparepvec) is a weakened form of Herpes Simplex Virus Type 1.

The global oncolytic virus therapy market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.

Frequently asked questions

Q. Who are the leading players in the Oncolytic Virus Therapy Market?
A. Amgen, Shanghai Sunway Biotech Co. Ltd, and RIGVIR.

Q. At what CAGR is the Oncolytic Virus Therapy Market anticipated to augment?
A. The Oncolytic Virus Therapy Market is projected to strike CAGR of 19.32%

Q. Which region holds major market share?
A. North America is the leading market globally and is mainly due to increased cancer cases associated with hectic lifestyles.

Q. What is the key driving factors of the Oncolytic Virus Therapy Market?
A. The rising prevalence of cancer cases and increasing development of cancer-treating therapies such as an oncolytic virus is driving the market growth globally.

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