Oncolytic Virus Therapy Market: Embracing Size Expansion with 25.14% CAGR Surge by 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Oncolytic Virus Therapy Market- by Product (Herpes Simplex Virus (HSV), Adenoviruses, Vaccinia Virus, Vesicular Stomatitis Virus and Newcastle Disease Virus), Application (Melanoma, Prostate Cancer, Breast Cancer, Ovarian Cancer and Others), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

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According to the latest research by InsightAce Analytic, the global Oncolytic Virus Therapy market will be valued at US$ 125.39 Million in 2021. It is expected to reach US$ 1146.40 Million by 2031, with a CAGR of 25.14 % during a forecast period of 2023-2031.

Oncolytic viruses (OVs) are naturally occurring or genetically modified viruses that only target and kill cancer cells, sparing healthy cells. This therapy, a novel therapeutic method for cancer patients, has demonstrated encouraging global results. Targeting DNA or RNA inside or outside the body, oncolytic virus therapies are overlapping biomedical research disciplines with comparable therapeutic objectives. These treatments try to treat a disease by altering genetic material. Oncolytic virotherapy is a gene therapy that locates and eliminates cancerous cells using a natural virus. Oncolytic virus treatment is an innovative strategy for treating, curing, or ultimately preventing disease by altering a person's gene expression. It is a gene therapy that locates and eradicates cancerous cells using natural elements (virus).

The market is expanding primarily due to the necessity to treat such chronic diseases and the increased prevalence of cancer. Worldwide population growth, ageing, and rising exposure to cancer risk factors have increased cancer incidences. The need for sophisticated cancer diagnosis and treatment methods is being driven by the increased concern for such situations, which is anticipated to fuel market expansion over the forecast period. Additionally, it is anticipated that the market will rise more quickly in the upcoming years due to the increased demand for targeted cancer therapies, supported by the rapid advancements in cancer research and the spike in immuno-oncology drug approvals by the medical community. The market is also expected to develop due to rising healthcare costs, another critical reason. Governments in developing nations are raising awareness about various cancer causes. Technology advancement makes creating affordable treatments and pipeline projects easier, propelling the oncolytic viral therapy market. However, there are a few frequent side effects of the medication, such as discomfort at the injection site, chills, nausea, exhaustion, and fever. Oncolytic virus therapy market revenue growth is hampered as a result.

North America is anticipated to contribute to the Oncolytic Virus Therapy market. Due to the substantial financing provided for clinical trials by private businesses and the government, the U.S., the primary provider, is anticipated to experience rapid expansion. Growth in research and development initiatives to create treatment alternatives for chronic diseases, simple approval for clinical studies, and highly advanced research infrastructure drive the market for oncolytic virus medicines. In addition, the Asia Pacific Oncolytic Virus Therapy market is expected to register significant growth due to an increase in the number of patients with various malignancies, including ovarian, lung, breast, and other cancers. The market expansion in the region is also being driven by an increase in research efforts to create efficient treatments for the condition.
Major market players operating in the Oncolytic Virus Therapy market include
Provectus Biopharmaceuticals, Inc., Takara Bio Inc., SillaJen, Inc., Oncorus, Inc., Amgen, OncoMyx Therapeutics, Inc., Replimune Inc., Oncolytics Biotech, Vyriad, Inc., Viralytics, Transgene SA, OncolysBioPharma, Unleash ImmunoOncolytics, Inc., TargovaxPsiOxus Therapeutics, Sorrento Therapeutics, Lokon Pharma AB, Genelux Corporation, TILT Biotherapeutics, Cold Genesys and Western Oncolytics.

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Recent collaborations and agreements in the market:
• In April 2021, to research PsiOxus Therapeutics' cancer-killing virus, Bristol Myers Squibb and PsiOxus Therapeutics increased their collaboration. Opdivo, a checkpoint inhibitor from Bristol, and NG-641, a novel asset, will be used in combination in several tumor types, according to the agreement. Enadenotucirev, an oncolytic virus developed by PsiOxus, is the foundation of NG-641.
• In January 2021, the development of innovative targeted cancer immunotherapy will be supported by a strategic partnership and licensing agreement between Enara Bio and Boehringer Ingelheim. The newly formed partnership combines Enara's proficiency in cancer antigen identification with Boehringer's approach to treating cancer and blends research with cutting-edge platforms like oncolytic viruses and cancer vaccines.

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Market Segments
Global Oncolytic Virus Therapy Market, by Product, 2023-2031 (Value US$ Mn)
• Herpes Simplex Virus (HSV)
• Adenoviruses
• Vaccinia Virus
• Vesicular Stomatitis Virus
• Newcastle Disease Virus

Global Oncolytic Virus Therapy Market, by Application, 2023-2031 (Value US$ Mn)
• Melanoma
• Prostate Cancer
• Breast Cancer
• Ovarian Cancer
• Others

Global Oncolytic Virus Therapy Market, by Region, 2023-2031 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

North America Oncolytic Virus Therapy Market, by Country, 2023-2031 (Value US$ Mn)
• U.S.
• Canada

Europe Oncolytic Virus Therapy Market, by Country, 2023-2031 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe

Asia Pacific Oncolytic Virus Therapy Market, by Country, 2023-2031 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand

Latin America Oncolytic Virus Therapy Market, by Country, 2023-2031 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa Oncolytic Virus Therapy Market, by Country, 2023-2031 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa

Why should buy this report:
 To receive a comprehensive analysis of the prospects for the global Oncolytic Virus Therapy market
 To receive an industry overview and future trends of the Oncolytic Virus Therapy market
 To analyze the Oncolytic Virus Therapy market drivers and challenges
 To get information on the Oncolytic Virus Therapy market value (US$ Mn) forecast to 2030
 Significant investments, mergers & acquisitions in the Oncolytic Virus Therapy market industry

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