Dublin, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The "Global Oncolytic Virus Therapy Market 2023" report has been added to ResearchAndMarkets.com's offering.
The global oncolytic virus therapy market is on a significant growth trajectory, with a compound annual growth rate (CAGR) of 26.7% expected to drive it from $120 million in 2022 to $150 million in 2023. By 2027, the market is projected to reach $360 million, growing at a CAGR of 24.6%. Several key factors are contributing to this substantial growth.
Increasing Cancer Prevalence Driving Market Growth
The rising incidence of cancer worldwide is a primary driver of the oncolytic virus therapy market's growth. In 2022, there were approximately 19.29 million new cancer cases, and this number is expected to surge to 50.55 million over the next five years. This escalating prevalence of cancer is set to fuel the demand for oncolytic virus therapy, making it a crucial treatment option for the future.
Product Innovations as a Prominent Trend
Innovations in oncolytic virus therapy products are gaining traction, with leading companies focusing on introducing cutting-edge solutions to maintain their market positions. For instance, in November 2021, Daiichi Sankyo Company Limited introduced DELYTACT, the first oncolytic virus approved for primary brain cancer. This innovative product utilizes genetically engineered oncolytic herpes simplex virus type 1 (HSV-1) to selectively replicate and target tumor cells while sparing normal tissues.
North America Leading the Market
In 2022, North America dominated the oncolytic virus therapy market, and it is expected to be the fastest-growing region in the forecast period. The market report covers various regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa. The countries featured in the report encompass Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, the USA, Italy, Spain, and Canada.
Key Players in the Market
Major players in the oncolytic virus therapy market include Pfizer Inc., Johnson & Johnson, Sorrento Therapeutics Inc., AbbVie Inc., AstraZeneca plc, Amgen Inc., Boehringer Ingelheim Group, Regeneron Pharmaceuticals, Daiichi Sankyo Company Limited, Eurofins Scientific SE, Recipharm AB, and many others. Notable developments in the market include Recipharm AB's acquisition of Vibalogics in April 2022, expanding its global presence and strengthening its capabilities in manufacturing oncolytic viruses, viral vaccines, and gene therapies.
Conclusion
In conclusion, the global oncolytic virus therapy market is set for substantial growth in the coming years, driven by the increasing prevalence of cancer cases and a focus on innovative product offerings. With North America leading the way, key players in the market are poised to shape the future of oncolytic virus therapy, making it a promising segment within the broader healthcare industry. For comprehensive insights and detailed analysis, the full market report is recommended.
Key Topics Covered
1. Executive Summary
2. Oncolytic Virus Therapy Market Characteristics
3. Oncolytic Virus Therapy Market Trends and Strategies
4. Oncolytic Virus Therapy Market - Macro Economic Scenario
4.1. Impact of High Inflation on Online Therapy Services Market
4.2. Ukraine-Russia War Impact on Online Therapy Services Market
4.3. COVID-19 Impact on Online Therapy Services Market
5.1. Global Oncolytic Virus Therapy Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
5.2. Global Oncolytic Virus Therapy Forecast Market Size and Growth, 2022 - 2027, 2032F, Value ($ Billion)
5.3. Global Oncolytic Virus Therapy Market Drivers and Restraints
5.3.1. Drivers of the Market
5.3.2. Restraints of the Market
6. Oncolytic Virus Therapy Market Segmentation
6.1. Global Oncolytic Virus Therapy Market, Segmentation by Therapy Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- HSV-Based Oncolytic Virus Therapy
- Adenovirus-Based Oncolytic Virus Therapy
- Reovirus
- Poxviruses
- Newcastle Disease Virus (NDV)
- Other Therapy Types
6.2. Global Oncolytic Virus Therapy Market, Segmentation by Virus Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Genetically Engineered Oncolytic Viruses
- Oncolytic Wild-Type Viruses
6.3. Global Oncolytic Virus Therapy Market, Segmentation by Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Melanoma
- Brain Tumor
- Blood Cancer
6.4. Global Oncolytic Virus Therapy Market, Segmentation by End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hospitals
- Specialty Clinics
- Cancer Research Institutes
7. Oncolytic Virus Therapy Market Regional and Country Analysis
7.1. Global Oncolytic Virus Therapy Market, Split by Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Oncolytic Virus Therapy Market, Split by Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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