Global Oncolytic Virotherapy Market is valued at approximately USD 20.15 million in 2023 and is anticipated to grow with a healthy growth rate of more than 26.92% over the forecast period 2024-2032. Oncolytic virotherapy is a pioneering approach to cancer treatment that utilizes genetically engineered viruses to selectively infect and obliterate cancer cells while preserving healthy tissues. These modified viruses proliferate within cancer cells, causing cell lysis and eliciting an immune response against the tumor. By leveraging the innate ability of viruses to invade and eradicate cells, oncolytic virotherapy presents a novel strategy for cancer therapy, potentially amplifying the efficacy of existing treatments and offering new hope to patients with hard-to-treat cancers.
The market is driven by several factors, including the rising incidence of cancer, growing approvals for oncolytic therapies in the treatment of rare cancers, and increasing investments in the development of new oncolytic virotherapies. Moreover, the growing emphasis on combination therapies is further propelling the market forward. The increasing prevalence of cancer necessitates innovative treatments such as oncolytic virotherapy. Additionally, strategic investments by key market players and research institutions are fostering advancements in this field. However, the challenges related to scaling up clinical-grade oncolytic viruses and the high investments required for clinical research might hinder market growth during the forecast period.
Regionally, North America held the largest market share in 2023, attributed to its robust research infrastructure. Leading pharmaceutical companies, academic institutions, and research centers in the region are actively contributing to the development and commercialization of oncolytic virotherapy. Early adoption of innovative therapies, including oncolytic virotherapy, is supporting revenue growth in the region. The presence of an advanced healthcare ecosystem and a proactive approach to new treatments among cancer patients, driven by rising awareness of the high efficacy of viral therapies, is increasing the adoption of oncolytic virotherapy in North America. Furthermore, the Asia Pacific market is anticipated to grow remarkably in the coming years. The increasing prevalence of cancer, coupled with growing governmental support for developing advanced cancer care capabilities, is driving revenue growth in this region.
Major market players included in this report are:
Amgen Inc.
BioVex, Inc.
Circio Holding ASA
Daiichi Sankyo Company
DNAtrix
Lokon Pharma AB
Medigene AG
Oncolytics Biotech Inc.
PsiOxus Therapeutics
Shanghai Sunway Biotech Co., Ltd.
SillaJen, Inc.
Sorrento Therapeutics
The detailed segments and sub-segment of the market are explained below:
By Virus Type:
Genetically Engineered Oncolytic Viruses
Oncolytic Wild-Type Viruses
By Application:
Solid Tumors
Melanoma
By End-User:
Hospitals
Specialty Clinics
Cancer Research Institutes
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market
