Oncolytic Virus Therapy Market Size Forecasted to Reach Valuation of USD 866.1 Million by 2028

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Following a recent analysis, the global oncolytic virus therapy market size was valued at USD 154.5 Million in 2020 and is projected to exceed USD 866.1 Million in terms of revenue, at a CAGR of 23.9% during 2021-2028 The market growth is driven by rising cancer incidence globally.  Cancer is a leading cause of deaths across the globe. More than 1.8 million new cancer cases were diagnosed in the US in 2020 alone, while 0.6 Million deaths were registered for the same due to the disease.

Oncolytic virus therapy is an immunotherapy which utilizes engineered viruses to destroy cancer cells without having a negative impact on healthy cells in the human body. After a cancer cell is destroyed in the body, it releases cancer antigens which trigger immune responses to further destroy other tumor cells present in the body. Growing demand for effective treatment for hard-to-treat cancers, while also having minimal impact on the patient will boost oncolytic virus therapy market through 2028.

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Some Key Highlights in the Report

• In October 2020, Oncolytics Biotech, Inc., a developer of oncolytic virus therapy to target cancer, partnered with AIO and Roche to commence a Phase ½ clinical trial for gastrointestinal cancer.
• Based on type, the monoclonal antibodies segment is expected to contribute significantly to the global oncolytic virus therapy market on account of their capability to block the connection between the cellular growth promoting cancer cells, thereby exterminating cancer cells.
• Based on application, the lung cancer segment is expected to exhibit fastest growth through 2028. Estimates suggests that more than over 0.2 million adults in the United States were diagnosed with lung cancer, which accounted for nearly 13% of the total number of people diagnosed with cancer in the same year. Oncolytic virus therapy in extensively used to treat lung cancer as its delivers specific therapeutic genes or immunomodulatory to destroy cancer cells. The segmental growth is expected to be driven by significant potential of the therapy to improve tumor cell oncolysis and circumvent resistance mechanisms of tumor cells.
• In the regional landscape, North America accounted for a major chunk of the global oncolytic virus therapy market share in 2020 and is forecast to observe considerable growth on account of rising incidence of cancer in elderly population. In addition, major investments in cancer immunotherapy leading oncolytic virus therapy firms in the region will favour industry growth.
• Key players operating in the global oncolytic virus therapy market include Lokon Pharma AB, Oncolytics Biotech Inc., PsiOxus Therapeutics, CG Oncology Inc., Sorrento Therapeutics Inc., ORYX GmbH & Co. KG, DNAtrix, VCNBiosciences, SillaJen Inc., and Targovax, among others.

For the purpose of this study, 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; 2018–2028)
  • Monoclonal Antibodies
  • Checkpoint Inhibitors
  • Cancer Vaccines
  • Immunomodulators
• Application Outlook (Revenue, USD Million; 2018–2028)
  • Melanoma
  • Lung Cancer
  • Breast Cancer
  • Others
• End-Use Outlook (Revenue, USD Million; 2018–2028)
  • Hospitals
  • Clinics
  • Research Institutes
  • Others
• Regional Outlook (Revenue, USD Million; 2018–2028)
  • 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

To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/oncolytic-virus-therapy-market