Oncolytic Virus Therapy Market to Surge to $865.01 Million by 2030 as Demand for Novel Cancer Treatments Increases

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 2030."

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$ 865.01 Million by 2030, with a CAGR of 24.29% during a forecast period of 2022-2030.

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Oncolytic viruses (OVs) are naturally occurring or genetically engineered viruses that selectively target and destroy cancer cells while preserving healthy tissue. This innovative therapeutic approach for cancer patients has shown promising outcomes globally. Oncolytic virus therapies target DNA or RNA within or outside the body, intersecting with other biomedical research fields that share similar therapeutic goals. These therapies aim to treat diseases by modifying genetic material. Oncolytic virotherapy functions as a gene therapy that identifies and eliminates cancerous cells using natural viruses, representing a novel strategy for treating, curing, or potentially preventing diseases through gene expression modification.

The market for oncolytic virus therapies is primarily expanding due to the increasing need for effective treatments for chronic diseases and the rising global incidence of cancer. Factors such as population growth, an aging demographic, and heightened exposure to cancer risk factors have significantly increased cancer prevalence. The growing demand for advanced cancer diagnosis and treatment solutions is expected to drive market growth over the forecast period. Additionally, increasing demand for targeted cancer therapies, supported by rapid progress in cancer research and the rise in immuno-oncology drug approvals, is anticipated to accelerate market expansion. Rising healthcare expenditures, particularly in developing regions where governments are actively raising awareness about cancer and its causes, are also contributing to market growth. Furthermore, technological advancements are facilitating the development of cost-effective treatments and strengthening the drug pipeline, thereby driving the oncolytic virus therapy market.

However, certain side effects associated with oncolytic virus therapies, such as injection site discomfort, chills, nausea, fatigue, and fever, may restrain market growth to some extent.

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North America is expected to be a key contributor to the oncolytic virus therapy market, with the United States anticipated to experience significant growth. This is primarily due to substantial funding for clinical trials from both private enterprises and government agencies. Market growth is being driven by increased research and development activities focused on developing treatment options for chronic diseases, streamlined approval processes for clinical trials, and the presence of a highly advanced research infrastructure.
Additionally, the Asia Pacific oncolytic virus therapy market is projected to witness notable growth, driven by a rising incidence of various cancers, including ovarian, lung, and breast cancers. The expansion of research initiatives aimed at developing effective treatments for these conditions is also contributing to market growth in the region.

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.

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, 2022-2030 (Value US$ Mn)
• Herpes Simplex Virus (HSV)
• Adenoviruses
• Vaccinia Virus
• Vesicular Stomatitis Virus
• Newcastle Disease Virus
Global Oncolytic Virus Therapy Market, by Application, 2022-2030 (Value US$ Mn)
• Melanoma
• Prostate Cancer
• Breast Cancer
• Ovarian Cancer
• Others
Global Oncolytic Virus Therapy Market, by Region, 2022-2030 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Oncolytic Virus Therapy Market, by Country, 2022-2030 (Value US$ Mn)
• U.S.
• Canada
Europe Oncolytic Virus Therapy Market, by Country, 2022-2030 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Oncolytic Virus Therapy Market, by Country, 2022-2030 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Oncolytic Virus Therapy Market, by Country, 2022-2030 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Oncolytic Virus Therapy Market, by Country, 2022-2030 (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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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.