by Oncolytic virus therapy involves the use of engineered viruses to specifically infect and kill cancer cells while sparing normal cells. This therapy holds potential in the treatment of various cancers such as colorectal cancer, prostate cancer, ovarian cancer, glioblastoma, and others. The growing rate of cancer incidence, availability of late-stage clinical trial products, and rising adoption of targeted therapies are driving the demand for oncolytic virus therapy products and services.
The Global Oncolytic Virus Therapy Market is estimated to be valued at US$ 10.82 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Oncolytic Virus Therapy are Amgen, Bristol-Myers Squibb, Merck, Pfizer, Roche, and others. These companies are focused on developing novel oncolytic viruses and expanding their product portfolios.
The market offers significant growth opportunities owing to the strong product pipeline, increasing R&D investments, and growing focus on combination therapies. Many companies are engaged in clinical trials to evaluate the efficacy and safety of Oncolytic Virus Therapy Market Demand in combination with immune checkpoint inhibitors and other anticancer drugs.
Globally, North America dominates the oncolytic virus therapy market due to supportive regulations, availability of advanced healthcare facilities, and high healthcare spending. However, Asia Pacific is expected to exhibit the fastest growth over the forecast period due to the improving healthcare infrastructure, rising cancer incidence, and increasing focus of global players on emerging Asian markets.
Market Drivers
The primary driver boosting the oncolytic virus therapy market growth is the increasing prevalence of cancer worldwide. According to the World Health Organization (WHO), cancer is one of the leading causes of death globally, with around 10 million deaths in 2020. Other major market drivers include growing R&D investments by pharmaceutical companies, availability of late-stage clinical trial products, supportive regulatory environment, and rising adoption of targeted therapies among cancer patients.
PEST Analysis
Political: Oncolytic Virus Therapy Market requires approvals from regulatory bodies for its research and development activities. Stringent regulations and lengthy approval processes can hinder the growth of the market. However, supportive government initiatives and funding encourage the development of advanced cancer treatments.
Economic: Rising healthcare expenditure, increasing cancer incidence, growing geriatric population are key factors driving the demand for effective cancer treatments including oncolytic virus therapy. However, high R&D costs associated with developing oncolytic viruses can restrain the market growth.
Social: Growing awareness about various types of cancer and available treatment options raises patient demand for advanced therapies. Increased acceptance of virus-based therapies among patients and physicians also supports the market.
Technological: Advances in genetic engineering enable researchers to modify viruses for targeting specific cancer cells. Ongoing clinical trials investigate the safety and efficacy of various oncolytic viruses either alone or in combination with other therapies. Adoption of artificial intelligence and big data analytics aid in precision drug development.
Geographical regions where market in terms of value is concentrated: North America region currently dominates the oncolytic virus therapy market in terms of value owing to high healthcare spending, established research infrastructure, and presence of key market players in the region.
The fastest growing region for oncolytic virus therapy market: Asia Pacific region is expected to witness the highest growth over the forecast period attributed to rising cancer prevalence, growing geriatric population, increasing healthcare expenditure in developing countries, and expanding research activities in the region.
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
