Oncolytic Virus Therapy Market Analysis | 2021-2026

“The Oncolytic Virus Therapy Market was estimated at US$ 101.2 million in 2020 and is expected to grow at a CAGR of 23.7% during 2021-2026 to reach US$ 356.7 million by 2026.”

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Market Dynamics

Introduction

Oncolytic virus therapy is a type of immunotherapy that involves the usage of the virus in cancer treatment to infect and destroy cancer cells. Some of the commercialized therapy types include imlygic, oncorine, and rigvir. These natural viruses are engineered to deliver therapeutic payloads to tumors and produce immune-boosting molecules after infecting tumor cells.

Market Dynamics

The growth of the global oncolytic virus therapy market is primarily driven by increasing cancer prevalence among consumers.

• Growing preference for oncolytic virus therapies over traditional therapies to cure various types of cancer including prostate cancer, breast cancer, lung cancer, blood cancer, and brain tumor, is likely to propel the market growth at a significant rate during the review period.

• Growing emphasis on technological advancement in the treatment methods providing improved efficacy and few side effects is expected to create lucrative opportunities for the market players during the review period.

COVID-19 Impact

The COVID-19 outbreak posed significant challenges to the healthcare system across geographies. It affected the growth of the oncolytic virus therapy market negatively as patients postponed their treatment due to a rapid surge in COVID-19 cases across geographies. Additionally, people who have cancer are at risk of becoming severely ill. Also, supply chain disruptions due to the imposition of the lockdown affected the installation of equipment in the hospital and thus affected market growth.

Segments Analysis

End User Trends

“The hospitals segment dominates the market during the forecast period.”

The market has been segmented into hospitals, specialty clinics, and cancer research institutes. The hospitals segment accounted for the largest market share in 2020. The growth of segments can be attributed to the presence of skilled staff and the availability of modern equipment coupled with the increasing number of cancer patients in the hospitals.

Regional Analysis

“The market in North America dominates the region during the forecast period.”

North America accounted for the largest market share in 2020 and is expected to continue its dominance over the forecast period owing to the increasing incidence of cancer disease.

Additionally, high spending on R&D activities to develop advanced therapies to treat cancer is likely to add to the market growth significantly. The market in Asia-Pacific is expected to register a healthy CAGR during the review period on account of the increasing prevalence of cancer and rising awareness about the available cancer treatment methods.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. 

The following are the key players in the global oncolytic virus therapy market (arranged alphabetically).

• Amgen Inc. (The U.S),
• Genelux Corporation (The U.S),
• Lokon Pharma AB (Sweden),
• Merck & Co., Inc. (The U.S),
• Oncolys BioPharma Inc. (Japan),
• Oncolytics Biotech, Inc. (Canada),
• Sorrento Therapeutics, Inc. (The U.S),
• Targovax ASA (Norway),
• Transgene SA (France),
• Vyriad Inc. (The U.S).

Note: The above list does not necessarily include all the top players in the market.

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Report Features

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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Company Profiling

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Market Segmentation

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Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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