Oncolytic virus therapy is used for the treatment of cancer. It involves the use of engineered viruses that selectively infect and kill cancer cells. These viruses are modified to inhibit their ability to replicate in normal, non-cancerous cells. Some of the commonly used oncolytic viruses include measles virus, herpes simplex virus, adenovirus, vaccinia virus, and reovirus. These viruses help stimulate the immune system and promote a systemic anti-tumor response. Oncolytic viruses are usually administered by direct injection into cancerous tumors or intravenous delivery. They replicate selectively in tumors and destroy cancer cells by causing their lysis.
The global Oncolytic Virus Therapy Market is estimated to be valued at US$ 9.39 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing prevalence of cancer globally is expected to be a major driver for the oncolytic virus therapy market during the forecast period. According to WHO, cancer is a leading cause of death worldwide and accounted for nearly 10 million deaths in 2020. The increasing incidence of various cancer types such as lung cancer, breast cancer, prostate cancer, colorectal cancer, and lymphoma will trigger the demand for effective treatment options like oncolytic virotherapy. Additionally, the therapy has minimal side effects compared to conventional treatment methods like chemotherapy and radiotherapy which will further contribute to higher market penetration. Ongoing clinical trials evaluating the safety and efficacy of various oncolytic viruses for different cancer indications are demonstrating encouraging results which is expanding the potential application areas of this therapy. This is providing momentum to pipeline development activities and new product approvals. Moreover, the emergence of combinations with checkpoint inhibitors and targeted therapies is proving to have synergistic anti-tumor responses which will augment market growth over the next few years.
Segment Analysis
The oncolytic virus therapy market can be segmented into product, application, end user and region. Based on product, the market is segmented into genetic recombination oncolytic viruses, oncolytic wild-type viruses and chimeric oncolytic viruses. Among these, genetic recombination oncolytic viruses dominate the market as they can be engineered to precisely target cancer cells.
PEST Analysis
Political: Governments worldwide are increasing funding for cancer research which is fueling the market growth. Some regulations regarding the use of genetically modified viruses in therapy can hinder the market.
Economic: Rising healthcare expenditure, growing prevalence of cancer and increased demand for effective targeted therapies are fueling market growth. High R&D costs associated with developing oncolytic virus therapies can hamper market growth.
Social: Growing awareness about advanced cancer treatment options, increasing adoption of targeted therapies and rising geriatric population susceptible to cancer are driving the market growth.
Technological: Advancements in virotherapy, targeted drug delivery and development of novel oncolytic viruses with improved specificity and therapeutic effect are providing opportunities for market growth.
Key Takeaways
The Global Oncolytic Virus Therapy Market Size is expected to witness high growth. The global Oncolytic Virus Therapy Market is estimated to be valued at US$ 9.39 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
North America dominates the market currently due to presence of advanced research infrastructure and increasing adoption of targeted therapies. Asia Pacific is expected to grow at fastest pace during the forecast period owing to rising healthcare expenditure, increasing prevalence of cancer and growing awareness.
Key players operating in the oncolytic virus therapy market are Albea, Amcor, Essel Propack, Huhtamaki, Montebello Packaging, Sonoco Products, ALLTUB, Linhardt, Auber Packaging, Antilla Propack, Universal Metal Products, D.N.Industries, Perfect Containers, Jiujiang Deshun Adhesives, Andpak, CONSTRUCT Packaging, Adelphi Healthcare Packaging, IntraPac International, Hubei Xin Ji Pharmaceutical Packaging, World Wide Packaging. Key players are focusing on R&D to develop novel oncolytic virus strains with improved therapeutic efficacy and safety profile.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
