The global Oncolytic Virus Cancer Therapy (OVT) market is expected to be valued at USD 22.86 million in 2023, with projections indicating a remarkable compound annual growth rate (CAGR) of 27% from 2023 to 2033. The market is anticipated to reach a total valuation of approximately USD 250 million by 2033, reflecting significant advancements in cancer treatment methodologies.
Oncolytic viruses (OVs) have emerged as a promising anticancer strategy. These specialized viruses selectively replicate within tumor cells, inhibiting their growth and ultimately leading to cancer cell destruction. OVT harnesses the power of these engineered viruses to specifically target and eliminate cancerous cells while sparing healthy tissue, offering a novel approach to cancer treatment.
Key Market Insights:
- Projected Market Value for 2023: US$ 22.86 million
- Anticipated CAGR (2023-2033): 27%
- Projected Market Value by 2033: US$ 250 million
The growth of the oncolytic virus cancer therapy market is driven by increasing research and development efforts focused on engineering new OVs, alongside rising awareness of their potential benefits in cancer treatment. Various virus species can be adapted to become oncolytic viruses, though not all can be engineered effectively. This ongoing innovation is crucial for expanding treatment options for patients facing various forms of cancer.
As the industry continues to evolve, the potential for oncolytic virus therapies to revolutionize cancer treatment and improve patient outcomes becomes increasingly apparent. The combination of advanced research, clinical trials, and emerging technologies positions the OVT market for substantial growth in the coming years.
The percentage of cancer cases worldwide has increased exponentially as a result of poor lifestyle decisions and visibility to carcinogens in various forms. This has prompted pharmacological companies to increase their investments in advanced therapeutics. Oncolytic virus cancer therapy has been a market forerunner. Considering the aforementioned facts and figures, the market is projected to exhibit a good rate of growth.
Market Competition
Key players in the Oncolytic Virus Cancer Therapy 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. and ViroCure.
- In August 2022, Amgen, based in the United States, agreed to spend $3.7 billion for the biopharma firm ChemoCentryx. Amgen will allow access to Tavneos, the firm’s crucial therapy that has obtained therapy confirmation in the EU and Japan, as a result of this strategic initiative. With this procurement, Amgen can expand its reach and develop itself in regions such as Europe and the Asia Pacific.
- Bristol Myers Squibb and PsiOxus Therapeutics expanded their collaboration in April 2021 to research PsiOxus Therapeutics’ cancer-killing virus. The collaboration will integrate Bristol’s checkpoint reagent Opdivo and novel resource NG-641 in various types of tumors, based on the contract. NG-641 is based on the oncolytic virus ‘enadenotucirev’ developed by PsiOxus.
- Enara Bio and Boehringer Ingelheim entered into a strategic partnership and licensing contract for the development of a novel aimed at cancer immunotherapy in January 2021. The new partnership merges Boehringer’s strategy for cancer treatment, which integrates science with innovative platforms like oncolytic viruses and cancer, with Enara’s competence in cancer antigen recognition.
Key Companies Profiled
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
Key Segments Profiled in the Oncolytic Virus Cancer Therapy Market Industry Survey
By Virus Type:
- Genetically Engineered Oncolytic Viruses
- Herpes Simplex Virus
- Adenovirus
- Vaccinia Virus
- Oncolytic Wild-type Viruses
- Reovirus
- Newcastle Disease Virus
- Vesicular Stomatitis Virus
By Application:
- Solid Tumor
- Breast Cancer
- Prostate Cancer
- Lung Cancer
- Glioblastoma
- Melanoma
- Hematological Malignancies
- Lymphoma
- Leukemia
- Myeloma
By End Use:
- Hospitals
- Specialty Clinics
- Cancer Research Institutes
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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