Oncolytic Virus Cancer Therapy Market growing at a whopping 27% CAGR: FMI Report
According to a recent study published by Future Market Insights, the market for oncolytic virus cancer therapy is forecast to reach a valuation of US$ 22.86 Million by 2023-end, and will eventually reach US$ 250 Million by 2033, growing at an astronomical CAGR of 27%. Governments in various emerging economies have captured steps to raise awareness about various cancer causes.
Government agencies in developed and developing countries are conducting education programs to encourage people to seek early cancer diagnosis, which is expected to increase the number of patients who will be eligible for numerous new therapies. Due to a significant increase in the number of companies that produce cancer medications, the Asia Pacific region will have the highest ownership stake in the oncolytic virus cancer market. The oncolytic virus therapy market is growing in revenue and earnings as countries such as China and Japan introduce breakthroughs into the market.
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Because of the region’s high incidence of cancer, particularly melanoma cancer, North America is expected to be the most valuable region for the global oncolytic virus cancer market. Increased cancer incidences around the world are creating a positive outlook for the market. In line with this, the therapy’s widespread use in the treatment of a wide range of melanomas, including haematological malignancies, lymphoma, leukaemia, and myeloma, is boosting overall growth.
Key Takeaways from the Market Study
- The number of articles on oncolytic virus therapy studies has increased by 395% in the last decade.
- In 2022, Japan’s total oncolytic virus cancer market share was US$ 2 Million, and it is expected to rise during the study period.
- North America is expected to grow at the fastest rate during the forecast period, with a CAGR of 29.5%.
- In the United States in 2021, the market value for oncolytic virus therapies was US$ 8.5 Million
- The global oncolytic virus cancer market is expected to be worth US$ 250 Million.
“As oncology takes a turn for the better, healthcare practitioners are implementing highly advanced ways of diagnosing and treating some of the most debilitating cancers, paving way for enhanced adoption of oncolytic virus cancer therapies,” remarks an FMI analyst.
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Key players in the Oncolytic Virus Cancer market are Oncolytics Biotech Inc, Amgen Inc., Sorrento Therapeutics, Transgene SA, Daiichi Sankyo Company, Shanghai Sunway Biotech Co, Ltd, Takara Bio Inc., PsiOxus Therapeutics, SillaJen Inc., ViroCure.
- Amgen, based in the United States, agreed to pay $3.7 billion for the biopharma firm ChemoCentryx in August 2022. As a result of this strategic initiative, Amgen will provide access to Tavneos, the company’s critical therapy that has received therapy confirmation in the EU and Japan. Amgen will be able to expand its reach and develop in regions such as Europe and Asia Pacific as a result of this acquisition.
- In April 2021, Bristol Myers Squibb and PsiOxus Therapeutics enlarged their partnership to investigate PsiOxus Therapeutics’ cancer-killing virus. According to the contract, the collaboration will incorporate Bristol’s checkpoint reagent Opdivo and novel resource NG-641 in various types of tumors. PsiOxus’ oncolytic virus ‘enadenotucirev’ is the basis for NG-641.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Embolization Coils market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of virus type (genetically engineered oncolytic viruses and wild-type viruses), application (solid tumour and melanoma), and end use (hospitals, specialty clinics and cancer research institutes) & across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About the Healthcare Division at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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Key Segments Profiled in the Oncolytic Virus Cancer Therapy Market Industry Survey
By Virus Type:
- Genetically Engineered Oncolytic Viruses
- Herpes Simplex Virus
- Vaccinia Virus
- Oncolytic Wild-type Viruses
- Newcastle Disease Virus
- Vesicular Stomatitis Virus
- Solid Tumor
- Breast Cancer
- Prostate Cancer
- Lung Cancer
- Hematological Malignancies
By End Use:
- Specialty Clinics
- Cancer Research Institutes
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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