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Oncolytic Virus Therapy: The New Wave in Cancer Treatment
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According to The Business Research Company's, The oncolytic virus therapy market size has grown exponentially in recent years. It will grow from $0.15 billion in 2023 to $0.19 billion in 2024 at a compound annual growth rate (CAGR) of 26.2%. The growth in the historic period can be attributed to improved genetic engineering technique, increased understanding of tumor microenvironment, clinical successes and regulatory approvals, rise of immunotherapy in cancer treatment, advancements in gene delivery systems.
The oncolytic virus therapy market size is expected to see exponential growth in the next few years. It will grow to $0.44 billion in 2028 at a compound annual growth rate (CAGR) of 23.9%. The growth in the forecast period can be attributed to expansion of oncolytic virus platforms, combination therapies with immune checkpoint inhibitors, personalized medicine approaches, expansion of clinical trial landscape, regulatory support and guidelines. Major trends in the forecast period include technological advances in delivery systems, advancements in synthetic biology, collaborations and partnerships in biopharmaceutical industry, advancements in virology and immunology, focus on pediatric oncology.
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Market Drivers and Trends:
The increasing prevalence of cancer cases is expected to propel the growth of the oncolytic virus therapy market going forward. Cancer is a term used to describe a group of diseases characterized by the uncontrolled growth and spread of abnormal cells in the body. Oncolytic virus therapy offers the potential to selectively target and destroy cancer cells while stimulating an immune response against the tumor, providing a dual mechanism of action for effective cancer treatment. For instance, in January 2023, according to the American Cancer Society Inc., a US-based non-profit organization, it is anticipated that there will be 609,820 cancer deaths and 1,958,310 new cancer cases in the US during 2022. Therefore, the increasing prevalence of cancer cases is driving the growth of the oncolytic virus therapy market.
Product innovations are a key trend gaining popularity in the oncolytic virus therapy market. Major companies operating in the oncolytic virus therapy market are focused on introducing innovative products to sustain their position in the market. For instance, in November 2021, Daiichi Sankyo Company Limited, a Japan-based pharmaceutical company, launched DELYTACT in Japan. This is the first oncolytic virus approved for primary brain cancer in any region, including genetically engineered oncolytic herpes simplex virus type 1 (HSV-1). The virus selectively replicates and kills tumor cells without affecting normal tissues.
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Major Key Players of the Market:
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, Kissei Pharmaceutical Co. Ltd., Takara Bio Inc., Oncorus Inc., Replimune Inc., Vyriad Inc., Genelux Corporation, Oncolys BioPharma Inc., Adze Biotechnology, Oncolytics Biotech Inc., TILT Biotherapeutics Ltd., Transgene SA, Circio Holding ASA, Lokon Pharma AB, Provectus Biopharmaceuticals Inc., Vibalogics, SillaJen Inc.
Oncolytic Virus Therapy Market 2024 Key Insights:
• The oncolytic virus therapy market size is expected to see exponential growth in the next few years. It will grow to $0.44 billion in 2028 at a compound annual growth rate (CAGR) of 23.9%.
• Rising Cancer Prevalence Drives Growth In The Oncolytic Virus Therapy Market
• Innovation Redefines Oncolytic Virus Therapy For Primary Brain Cancer
• North America was the largest region in the oncolytic virus therapy market in 2023, and is expected to be the fastest-growing region in the forecast period
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2.2 Approaches for Targeting Tumor Cells
2.2.1 Pro Apoptotic Targeting
2.2.2 Translational Targeting
2.2.3 Transcriptional Targeting
2.2.4 Transductional Targeting
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