Oncolytic Virus Therapy Market Report
The report on the Global Oncolytic Virus Therapy Market is segmented By Commercialized Therapy (Imlygic, Oncorine, RIGVIR), Product Type (Vaccinia Virus-based Oncolytic Viruses, HSV-based Oncolytic Viruses, Adenoviruses-based Oncolytic Viruses, Newcastle Disease Virus-based Oncolytic Viruses, Vesicular Stomatitis Virus-based Oncolytic Viruses), Application (Breast Cancer, Lung Cancer, Prostate Cancer, Melanoma, Brain Tumor, Blood Cancer), End-User (Hospitals, Specialty Clinics, Cancer Research Institutes) and Region. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Oncolytic Virus Therapy market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The report on the Global Oncolytic Virus Therapy Market is segmented By Commercialized Therapy (Imlygic, Oncorine, RIGVIR), Product Type (Vaccinia Virus-based Oncolytic Viruses, HSV-based Oncolytic Viruses, Adenoviruses-based Oncolytic Viruses, Newcastle Disease Virus-based Oncolytic Viruses, Vesicular Stomatitis Virus-based Oncolytic Viruses), Application (...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Global Oncolytic Virus Therapy Market is expected to grow from USD 101.2 million in 2020 to USD 356.7 million by 2026 at a CAGR of over 23.7% during the forecast period.
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.
Key players operating in the global Oncolytic Virus Therapy Market are-
The growth of the global oncolytic virus therapy market is primarily driven by increasing cancer prevalence among consumers.
Based on end user, 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 segment growth can be attributed to presence of skilled staff and availability of modern equipment coupled with increasing number of cancer patients in the hospitals.
Geographically, the market in North America accounted for the largest market share in 2020 and is expected to continue its dominance over the forecast period owing to 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 healthy CAGR during the review period on account of increasing prevalence of cancer and rising awareness about the available cancer treatment methods.
The covid-19 outbreak posed significant challenges to the health care 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 having cancer were at risk of becoming severely ill. Also, supply chain disruptions due to the imposition of lockdown affected the installation of equipment in the hospital and thus, affected the market growth.
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The oncolytic virus therapy market is expected to witness an impressive growth of 23.7% CAGR in the foreseeable years.
Amgen Inc. (The U.S), Oncolytics Biotech, Inc. (Canada), Merck & Co., Inc. (The U.S), Transgene SA (France), Oncolys BioPharma Inc. (Japan), Targovax ASA (Norway), Vyriad Inc. (The U.S), Genelux Corporation (The U.S), Sorrento Therapeutics, Inc. (The U.S) and Lokon Pharma AB (Sweden) are among the key players in the oncolytic virus therapy market.
The oncolytic virus therapy market size is expected to reach USD 356.7 million in the coming years.
North America is expected to remain dominant in the oncolytic virus therapy market in the coming five years.
The hospital segment accounted for the largest share in the oncolytic virus therapy market in 2020.
Increasing cancer prevalence among consumers, growing preference for oncolytic virus therapies over traditional therapies to cure various types of cancer, growing emphasis on technological advancement are the factors driving the growth of oncolytic virus therapy market.
Oncolytic virus therapy manufacturers, Oncolytic virus therapy suppliers, Oncolytic virus therapy distributors, Organizations, Government bodies are the target audience in the oncolytic virus therapy market.