Emergen Research

The global oncolytic virus therapies market size is expected to reach USD 609.7 Million at a steady CAGR of 26.2% in 2028,

SURREY, BRITISH COLUMBIA, CANADA , May 16, 2022 /EINPresswire.com/ -- The global oncolytic virus therapies market size is expected to reach USD 609.7 Million at a steady CAGR of 26.2% in 2028, according to latest analysis by Emergen Research. Rise in prevalence of cancer, increase in number of clinical trials and investment in research & development for cancer therapies are driving the growth of oncolytic virus therapies market.

Exponential rise in cancer across the globe and increased investment in research and development of effective therapies is driving the growth of oncolytic virus therapies market.

Oncolytic Virus Therapies Market Size – USD 94.7 Million in 2020, Market Growth – at a CAGR of 26.2%, Market Trends – Rise in the number of cancer research institutes.

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Oncolytic virus is a virus which infects and kills cancer cells and as these cancer cells are destroyed by oncolysis, they release new infectious particles which destroy remaining tumor. Cancer mortality rate is 158.3 per 100,000 people per year. Estimated national expense for cancer in the U.S. was USD 150.8 billion in 2018. This cost is likely to increase as population ages and need for development of new effective therapies will fuel oncolytic virus therapies market growth.

Key players in the market include Oncolytics Biotech, Inc., Amgen Inc., Sorrento Therapeutics, Inc., Transgene SA, Daiichi Sankyo Company, Limited, Shanghai Sunway Biotech Co., Ltd., Takara Bio Inc., PsiOxus Therapeutics, SillaJen, Inc., and ViroCure.

Governments in developing countries are taking initiatives to create awareness regarding different causes of cancer. Advancement in technology facilitates development of cost-effective therapies and pipeline projects, which is driving the growth of oncolytic virus therapies market. Various awareness campaigns are being conducted to encourage people to opt for early diagnosis which will increase the patient pool of oncolytic virus therapy. However, there are some common side-effects of the therapy, which include chills, nausea, fatigue, fever, flu-like symptoms, and injection site pain. This hinders oncolytic virus therapies market revenue growth.

Some Key Highlights in the Report

In January 2021, Enara Bio and Boehringer Ingelheim announced a strategic collaboration and licensing agreement for R&D of novel targeted cancer immunotherapy. The new collaboration combines Boehringer’s approach to treat cancer through pairing science with innovative platforms such as oncolytic virus and cancer vaccines, with Enara’s expertise in cancer antigen identification.

Breast cancer is among the second most diagnosed cancer across the globe and current treatments are insufficient to cure metastatic breast cancer often associated with severe side effects which destroys patient’s quality of life. Oncolytic virus therapies has emerged as a relevant tool to target different kinds of cancer such as breast cancer. For instance, Pelareorep is an unmodified and intravenously delivered oncolytic virus which primes an immune response among patients with breast cancer.

Rise in number of research institutes for development of effective therapies and drugs to treat and study cancer, particularly in developing countries, is driving the growth of cancer research institute segment. Increased investment by private and government sectors into these institutions is driving segment growth.

North America accounted for the largest revenue share in 2020. The U.S. is the primary contributor and is expected to witness high growth due to the large amount of funding by the private firms and government for clinical trials. Other factors driving the oncolytic virus therapies market are an increase in research and development initiatives to develop therapeutic options for chronic diseases, easy approval for clinical trials, and availability of highly sophisticated research infrastructure.

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Market Dynamics:

The report offers insightful information about the market dynamics of the Oncolytic Virus Therapies market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Oncolytic Virus Therapies market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Oncolytic Virus Therapies market.

Emergen Research has segmented the global oncolytic virus therapies market on the basis of virus type, application, end-use, and region:

Virus Type Outlook (Revenue, USD Million; 2018–2028)
Genetically Engineered Oncolytic Viruses
Herpes Simplex Virus
Adenovirus
Vaccinia Virus
Oncolytic Wild-Type Viruses
Reovirus
Newcastle Disease Virus
Vesicular Stomatitis Virus

Application Outlook (Revenue, USD Million; 2018–2028)
Solid Tumors
Breast Cancer
Prostate Cancer
Lung Cancer
Glioblastoma
Melanoma
Hematological Malignancies
Lymphoma
Leukemia
Myeloma

End-use Outlook (Revenue, USD Million; 2018–2028)
Hospitals
Specialty Clinics
Cancer Research Institute

The current COVID-19 pandemic is expected to have an effect on the growth of the Oncolytic Virus Therapies industry majorly attributable to the movement restrictions and impact on the supply and demand due to the lockdowns. The COVID-19 pandemic has affected several sectors of the global market, and the Oncolytic Virus Therapies sector is expected to feel the impact of the pandemic. The economic slowdown and dynamic changes in the demands will further affect the growth of the industry. The report covers the impact analysis of the COVID-19 pandemic on the overall Oncolytic Virus Therapies industry.

Radical Highlights of the Oncolytic Virus Therapies Market Report:

Comprehensive overview of the Oncolytic Virus Therapies market along with analysis of the changing dynamics of the market

Growth Assessment of various market segments throughout the forecast period

Regional and global analysis of the market players, including their market share and global position

Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market

Impact of the technological developments and R&D advancements on the Oncolytic Virus Therapies market

Information about profit-making strategies and developmental strategies of major companies and manufacturers

Insightful information for the new entrants willing to enter the market

Details and insights about business expansion strategies, product launches, and other collaborations

The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis

Key questions addressed in the report:

Who are the leading players dominating the global Oncolytic Virus Therapies Market?

Which factors could potentially hamper the global market growth during the forecast period?

Which regional market offers the most attractive growth opportunities to the companies operating in this market?

How is the raw material availability affecting the demand for Oncolytic Virus Therapies in this industry vertical?

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