The global HSV based virotherapy market is estimated to garner a notable CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the growing prevalence of rare kinds of cancer, and the growing demand for better and more effective treatments for cancer. According to the data by the World Health Organization (WHO), cancer is the second leading cause of death and caused over 10 million deaths in 2020. The virotherapy is a new approach for treatment of various diseases which do not have any existing cures. In HSV based virotherapy, herpes simplex virus is mutated in a controlled environment and is used to destroy the cancerous cells in the patient’s body. Moreover, increasing research and development in medical science, along with mounting investment by major pharmaceutical companies to develop new treatment approach, is estimated to boost the market growth.
The global HSV based virotherapy market is segmented by type into anti-cancer oncolytic viruses, viral vectors gene therapy and viral immunotherapy, out of which, the anti-cancer oncolytic viruses segment is anticipated to hold the largest share in the market during the forecast period on account of growing investment in developing treatment methods for cancer backed by mounting cases of cancer. As per other report by the WHO, in 2020, Lung cancer was the cause of 1.80 million deaths, whereas 935 000 deaths were caused by colon and rectum cancer; liver cancer was responsible for 830 000 deaths of the total deaths and breast cancer caused 685000 deaths. Furthermore, increasing government funding to increases cancer screening, and curb the cases of cancer mortality, is estimated to boost the market growth. On the basis of end-user, the market is segmented into hospital, research center, specialty clinics, and others. Out of these, the research center segment is estimated to garner the major share over the forecast period owing to the ongoing clinical research on virotherapy with HSV. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global HSV based virotherapy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of efficient healthcare sector, supported by the high government investment in this sector, along with the presence of leading pharmaceutical companies conducting innovative clinical experiments. According to other report of the WHO, per capita healthcare expenditure in North America valued around USD 10,050.279 in the year 2018. Moreover, rising demand for advanced treatment options and growing R&D investment for medical research, are estimated to further boost the market growth in the region. The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period owing to the high prevalence of cancer, and other chronic disease, backed by the growing geriatric population and advancing medical facilities.
The global HSV based virotherapy market is further classified on the basis of region as follows:
Our in-depth analysis of the global HSV based virotherapy market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising demand for effective treatment methods backed by increasing prevalence of the cancer is one of the major factors driving the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022-2030.
Various risks associated with the use of virotherapy is one of the major factors estimated to hamper the market growth.
The market in the North America is estimated to provide most growth opportunities owing to the efficient healthcare sector, high government investment, and growing medical R&D activities.
The major players in the market are Sorrento Therapeutics, Inc., Replimune Group Inc., Shanghai Sunway Biotech Co., Ltd, Merck & Co, Inc., Amgen Inc., Oncolytics Biotech Inc., Transgene SA, PSIOXUS Therapeutics Limited and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-user, and by region.
The research center segment is anticipated to hold largest market size over the forecast period on the back of increasing investment for clinical trials to test the success rate of this method.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization