Oncolytic Virus Therapy Market Size to Reach USD 866.1 Million by 2028 | Growing Awareness About Early Cancer Detection is a Significant Factor Driving Industry Growth, says Emergen Research

Vancouver, British Columbia, Feb. 23, 2021 (GLOBE NEWSWIRE) -- The global oncolytic virus therapy market size is expected to reach USD 866.1 Million at a steady CAGR of 23.9% in 2028, according to latest analysis by Emergen Research. Robust growth of the oncolytic virus therapy market can be attributed to growing geriatric population. Aging is a major factor accountable for cancer incidence, and prevalence increases drastically with age, particularly owing to rise in specific cancer associated risks that increase as individuals grow older and cellular repair mechanisms getting less effective. According to estimation for 2019, around 140,000 cancer cases were diagnosed in the US, and around 103,000 deaths occurred in individuals aged 85 years or above.

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Some Key Highlights in the Report

• In January 2021, Turnstone Biologics Corporation, which is a biotechnology firm focusing on cancer immunotherapies, announced the acquisition of Myst Therapeutics, which is a US-based private biotechnology firm engaged in innovative T-cell therapy advancements for solid tumors.
• Talimogene laherparepvec, which is a genetically engineered herpes simplex virus, is the only FDA approved oncolytic virus for treating melanoma.
• Immune checkpoint inhibitors provide various advantages such as greater survival time, commercial availability, and high potency against tumors. Various cancer types, including lung, breast, cervical, bladder, liver, stomach, colon, skin, and rectal cancer, have been found offer positive response when treated with checkpoint inhibitors. Checkpoint inhibitors function by blocking checkpoint proteins from binding with tumor cell proteins, thereby enabling the T cells to destroy cancer cells.
• According to a report published by the World Health Organization, in 2019, breast cancer was responsible for 2.09 million cancer cases and over 0.6 million deaths worldwide.
• Oncolytic virus therapy market revenue in Asia Pacific is expected to register the fastest growth rate as compared to that of other regional markets during the forecast period. This can be attributed to increasing healthcare expenditure in countries in the region, supportive government initiatives to raise awareness about cancer, and a large population and patient pool. In addition, rising disposable income and growing geriatric population are other factors causative of robust growth of the market in the region.

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Emergen Research has segmented the global oncolytic virus therapy market on the basis of type, application, end-use, and region:

• Type Outlook (Revenue, USD Million; 2021–2028)
  • Monoclonal Antibodies
  • Checkpoint Inhibitors
  • Cancer Vaccines
  • Immunomodulators
• Application Outlook (Revenue, USD Million; 2021–2028)
  • Melanoma
  • Lung Cancer
  • Breast Cancer
  • Others
• End-Use Outlook (Revenue, USD Million; 2021–2028)
  • Hospitals
  • Clinics
  • Research Institutes
  • Others     

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• Regional Outlook (Revenue, USD Million; 2021–2028)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. Italy
    5. Spain
    6. BENELUX
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Rest of MEA

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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