Research Nester published a report titled “Oncolytic Virus Therapy Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global oncolytic virus therapy market in terms of market segmentation by therapy type, virus type, indication, demography, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global oncolytic virus therapy market is estimated to grow with a CAGR of 27.29% over the forecast period, i.e., 2021 – 2028. The market is segmented by therapy type into HSV-based oncolytic virus therapy, adenovirus-based oncolytic virus therapy, reovirus, poxviruses, Newcastle disease virus (NDV), and others, out of which, the adenovirus-based oncolytic virus therapy segment held the highest market share of 30.2% in the year 2019. Further, this segment is expected to garner a significant market share by the end of 2028.
The global oncolytic virus therapy market is anticipated to garner a revenue of USD 1062.7 Million by the end of 2028, up from a revenue of USD 160.4 Million in the year 2019. The market is expected to grow on account of the growing incidences of cancer worldwide, increasing healthcare expenditure, and the rising advancements in cancer research. Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of World, out of which, the market in North America is projected to hold the highest market share during the forecast period, and further attain a market revenue of USD 509.4 Million by the end of 2028, up from USD 68.5 Million in 2019.
Growing Concerns for the Rising Cancer Cases Worldwide to Drive Market Growth
The World Health Organization (WHO), in one of its statistics, stated that in the year 2020, cancer disease, which is a leading cause of deaths worldwide, accounted for about 10 Million deaths.
Cancer incidences has surged massively in the recent years. Backed by the increasing cases of cancer globally, there is a rising need for different detection and treatment procedures, which is anticipated to drive the growth of the global oncolytic virus therapy market during the forecast period. Further, increasing focus on targeted therapies and the growing approval of immune-oncology drugs are also expected to create numerous opportunities for market growth.
However, the high cost of cancer drug development is expected to operate as key restraint to the growth of global oncolytic virus therapy market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global oncolytic virus therapy market which includes company profiling of Amgen Inc., Shanghai Sunway Biotech Co., Ltd., Oncolys BioPharma Inc., TILT Biotherapeutics Ltd., Oncorus, Inc., Takara Bio Inc., Vyriad, Transgene sa, Lokon Pharma AB, Pfizer Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global oncolytic virus therapy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.