The oncolytic virotherapy market is estimated to grow with a high CAGR during the forecast period, i.e., 2022-2030. Extensive research associated with cancer treatment in western countries, along with the rising prevalence of cancer on a global level are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as gradual rise in interest of researchers towards oncolytic virotherapy due to successful results of its use as a part of immunotherapy in cancer treatment. According to the data collected from International Agency for Research on Cancer (IARC), in 2020, the projected new cases and deaths from cancer globally were 19.3 million and 10 million, respectively.
The market is segmented based on cancer type into melanoma, prostate cancer, breast cancer, ovarian cancer and others, out of which, the breast cancer segment is anticipated to grab the largest share by the end of 2022 on account of being the most common kind of cancer worldwide. Moreover, oncolytic virotherapy is widely being used for increased treatment efficacy for advanced breast cancer and thus, provides a unique platform for personalized treatments in patients.
On the basis of application, the specialty hospitals segment in the oncolytic virotherapy market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that a large section of population choose this segment for cancer treatment as specialty hospitals have well trained healthcare providers specialized for this treatment. CLICK TO DOWNLOAD SAMPLE REPORT
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing awareness about cancer and the need to develop innovative cancer treatment solutions in the region. Furthermore, in 2022, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing investment of governmental and non-governmental agencies in cancer research, accompanied by the presence of leading healthcare service providers in the region. Along with this, the North America also leads in terms of ongoing clinical trials, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the oncolytic virotherapy market on account of its success in terms of clinical trials and a high prevalence of cancer in the region. As per the analysis of World Health Organization, Europe has only one eighth of the total global population but has around one fourth of the world’s total number of cancer cases with around 3.7 million new patients every year.
The oncolytic virotherapy market is further classified on the basis of region as follows:
Our in-depth analysis of the global oncolytic virotherapy market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Extensive research associated with cancer treatment in western countries, along with the rising prevalence of cancer on a global level are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
A number of oncolytic virotherapy treatments are currently in clinical trial phase and lack of awareness about cancer therapies in lower economic regions are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about cancer and the need to develop innovative cancer treatment solutions in the region.
The major players dominating the oncolytic virotherapy market are Amgen, Inc., Oncolytics Biotech, Viralytics Ltd., and Transgene SA among others.
The company profiles are selected on the basis of 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 cancer type, application and region.
With respect to application, the speciality hospitals segment is anticipated to hold the largest market share owing to the fact that a large section of population choose this segment for cancer treatment as speciality hospitals have well trained healthcare providers specialized for this treatment.
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