Global Oncolytic Virus Therapy Market 2022-2028

Global Oncolytic Virus Therapy Market 2022-2028

Global oncolytic virus therapy market was $94.7 million in 2021 and is projected to grow at a CAGR of 15.8% during the forecast period (2022-2028). The factors that are driving the growth of the market include the higher incidence and prevalence rate of cancer. Melanoma is one of the cancers that have been prevalent across the US region. The first oncolytic virus success over chemotherapy and radiotherapy has paved the way for developing them for other cancers. Further, the side effects associated with conventional cancer therapies will also drive the growth of the market. Chemotherapy and radiation therapy cause certain side effects such as prolonged exposure to radiation may cause skin cancer.

Melanoma is considered a serious type of skin cancer. As the prevalence of melanoma has been increasing, the demand for better and advanced treatment is increasing.Negative effects associated with conventional treatments such as chemotherapy are also shifting the market towards oncolytic virus therapy. As the demand for oncolytic virus therapy increases, biopharmaceutical companies are extensively adopting various strategies in order to commercialize a new oncolytic virus drug. Further, the companies are providing funding in order to boost research and development (R&D) in the field of oncolytic virus therapy.

However, some factors that are restraining the market growth include long complex clinical trials increase time to commercialization. A large number of oncolytic virus drugs in the pipeline is expected to create growth opportunities for the oncolytic virus therapy market across the globe.

Segmental Outlook

The global oncolytic virus therapy market is segmented on the basis of product, and application. On the basis of product, the market is further diversified into HSV-based oncolytic viruses, adenoviruses-based oncolytic viruses, and others. Further, adenoviruses-based drugs have the least market share as these drugs are only commercialized in China. On the basis of application, the global oncolytic virus therapy market is further sub-divided into melanoma and others.

Regional Outlooks

The global oncolytic virus therapy market is segmented into four major regions that include North America (the US and Canada), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of the World (RoW). Among these, North America is estimated to hold a significant share in the oncolytic virus therapy market globally. The market growth is attributed to the extensive R&D in oncolytic virus therapy and the government support for innovative cancer therapies in this region.

Market Players Outlook

Many companies are investing in oncolytic virus therapy such as Amgen Inc., Merck KGaA, Oncolytic Biotech, PsiOxus Therapeutics, Boehringer Ingelheim International GmbH, F. Hoffmann-La Roche AG, and Viralytics, among others. Various strategies are adopted by these market players to stay competitive in the market. For instance, in November 2021, Daiichi Sankyo Company, Limited announced that it has launched DELYTACT (teserpaturev/G47∆)*1, an oncolytic virus developed by the company in collaboration with Professor Tomoki Todo (hereinafter, Dr. Todo) of the Institute of Medical Science, The University of Tokyo.