Global Oncolytic Virus Therapy Market to Touch a Revenue of USD 1062.7 Million by 2028; Increasing Investments for Cancer Research and Rising Incidences of Cancer to Accelerate Market Growth
Key Companies Covered in the Oncolytic Virus Therapy Market Research Report Are Amgen Inc., Shanghai Sunway Biotech Co., Ltd., Oncolys BioPharma Inc., TILT Biotherapeutics Ltd., Oncorus, Inc., Takara Bio Inc., Vyriad, Transgene sa, Lokon Pharma AB, Pfizer Inc., and other key market players.
New York, Dec. 07, 2021 (GLOBE NEWSWIRE) — According to the statistics by the World Health Organization (WHO), cancer-related deaths recorded close to 10 Million in the year 2020. Moreover, amongst all the new cancer cases in the year 2020, breast cancer and lung cancer held the major share by recording 2.26 Million cases and 2.21 Million cases respectively. On the other hand, according to the statistics by the International Agency for Research on Cancer of the WHO, new cancer cases across all age groups in total, around the globe, is estimated to grow up to around 30.2 Million by the end of 2040, up from 19.3 Million in 2020.
A report on “Global Oncolytic Virus Therapy” has recently been added into the repository of market research reports of Research Nester. The report is studied for the forecast period, i.e., 2021-2028 and includes a detailed analysis of the key players operating in the market, along with the latest insights on the market trends, and the opportunities, along with the driving factors for the growth of the market in the coming years.
Cancer is a deadly disease that has claimed the lives of millions of people over the years around the globe. The rising concern for the disease has raised the necessity to develop advanced cancer detection and treatment procedures that can help to lower the number of deaths caused by the disease. Moreover, with the increasing healthcare expenditure, which according to the World Bank grew from 9.133% (as a share of GDP) in the year 2008 to 9.857% in the year 2018, the research in the field of diagnosis and prevention of cancer has witnessed new scope of growth. Amongst all the different types of researches going on in the field of cancer diagnostics and prevention, oncolytic virus therapy, which is the process of using viruses to treat cancer, has gained massive interest amongst researchers. Since the approval of the first oncolytic virus therapy named talimogene laherparepvec (T-VEC or Imlygic) on October 27, 2015, which is used to treat metastatic melanoma, there has been a rapid surge in the development of such therapies. The increasing research for the development of cancer treatments, surge in approvals related to cancer therapies from medical fraternities, and the increasing healthcare expenditure, are some of the major factors anticipated to drive the growth of the global oncolytic virus therapy market during the forecast period. The market which garnered a revenue of USD 160.4 Million in the year 2019, is further projected to touch USD 1062.7 Million by the end of 2028, by growing with a CAGR of 27.29% during the forecast period.
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The global oncolytic virus therapy market is segmented on the basis of region into North America, Europe, Asia Pacific, and the Rest of the World. Amongst these regions, the market in North America held the highest market share in the year 2019 and is anticipated to hold this position throughout the forecast period. The market in the region registered a market revenue of USD 68.5 Million in 2019 and is further expected to touch USD 509.4 Million by 2028. Further, the market in North America is also anticipated to grow with the highest CAGR of 29.22% during the forecast period. Increasing funding for research on different types of cancer in the region, followed by the presence of strong healthcare infrastructure in countries such as the United States, are some of the major factors anticipated to drive the growth of the market in the region. According to the statistics by the National Cancer Institute (NCI) of the U.S. Department of Health and Human Services, the budget provided by the NCI for research of breast cancer, colorectal cancer, leukemia, and lung cancer, grew from USD 559.2 Million, USD 239 Million, USD 235.3 Million, and USD 287.6 Million respectively in the year 2013 to USD 574.9 Million, USD 256 Million, USD 258.3 Million, and USD 350.1 Million respectively in the year 2018.
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On the other hand, the market in Europe is expected to hold the second-leading market share throughout the forecast period and further garner revenue of USD 295.5 Million in 2028, up from USD 46.4 Million in 2019. The market in the region is also expected to grow with a CAGR of 26.59% during the forecast period. The market in Europe is segmented by countries into Germany, the United Kingdom, France, Italy, Spain, and the Rest of Europe. Out of these countries, the market in the United Kingdom is projected to hold the highest market share by the end of 2028. In the year 2019, the market in the country garnered a revenue of USD 10.8 Million and is further projected to touch USD 83.1 Million by 2028.
The global oncolytic virus therapy market is segmented by therapy type into HSV-based oncolytic virus therapy, adenovirus-based oncolytic virus therapy, reovirus, poxviruses, Newcastle disease virus (NDV), and others. Out of these, the adenovirus-based oncolytic virus therapy segment registered the highest market share of 30.2% in the year 2019.
The market is also segmented on the basis of indication into head & neck cancer, lung cancer, kidney cancer, liver cancer, pancreatic cancer, breast cancer, colorectal cancer, sarcoma, melanoma, and others. Amongst these segments, the colorectal cancer segment garnered the highest share of 11.1% in the year 2019 and is expected to gain a significant market share by the end of 2028.
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The global oncolytic virus therapy market is also segmented on the basis of virus type, demography, and by end-user.
Global Oncolytic Virus Therapy Market, Segmentation by Virus Type
- Oncolytic Wild Type Viruses
- Genetically Engineered Oncolytic Viruses
Global Oncolytic Virus Therapy Market, Segmentation by Demography
- Adults
- Pediatric
Global Oncolytic Virus Therapy Market, Segmentation by End-User
- Hospitals
- Specialty Clinics
- Cancer Research Institutes
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Some of the leading market players in the global oncolytic virus therapy market are Amgen Inc., Shanghai Sunway Biotech Co., Ltd., Oncolys BioPharma Inc., TILT Biotherapeutics Ltd., Oncorus, Inc., Takara Bio Inc., Vyriad, Transgene sa, Lokon Pharma AB, Pfizer Inc., and others.
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