Oncolytic Virus Therapy Market Is Anticipated To Witness High Growth Owing To Increasing Cancer Prevalence

Oncolytic Virus Therapy Market

Oncolytic virus therapy involves the use of genetically engineered viruses to selectively infect and kill cancer cells. It aids in destroying tumor cells by releasing progeny virus to infect neighboring cancer cells until all tumor cells are eliminated. Cancer remains one of the leading causes of mortality worldwide with over 10 million new cases reported annually. Rising cases of cancer along with advancements in genetic engineering technologies is fueling the demand for oncolytic virus therapy.

The Global Oncolytic Virus Therapy Market is estimated to be valued at US$ 10.82 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 To 2031.

Key advantages of oncolytic virus therapy over conventional cancer therapies include targeted destruction of cancer cells, ability to train the immune system to recognize and eliminate cancer cells, and synergistic effects when combined with chemotherapy or radiotherapy. Additionally, successful clinical trials proving oncolytic virus therapy's safety and efficacy in treating various cancers like melanoma, breast cancer, and head & neck cancer is boosting market growth.

Key Takeaways

Key players operating in the Oncolytic Virus Therapy are Albea, Amcor, Essel Propack, Huhtamaki, Montebello Packaging, Sonoco Products, ALLTUB, Linhardt, Auber Packaging, Antilla Propack, Universal Metal Products, D.N.Industries, Perfect Containers, Jiujiang Deshun Adhesives, Andpak, CONSTRUCT Packaging, Adelphi Healthcare Packaging, IntraPac International, Hubei Xin Ji Pharmaceutical Packaging, World Wide Packaging. Majority of these players are focused on R&D investments for developing and commercializing new oncolytic virus therapy, especially genetically modified oncolytic viruses.

Further, rising funding from government and private investors for conducting clinical trials related to Oncolytic Virus Therapy Market Demand presents lucrative growth opportunities. Several big pharma companies are also partnering with biotech startups focused on oncolytic virus therapy to commercialize potential candidates.

Globally, North America dominated the oncolytic virus therapy market in 2020. However, Asia Pacific region is expected showcase high growth rate during the forecast period owing to increasing healthcare expenditure, large cancer patient pool and improving research infrastructure in countries like China and India. Key market players are focusing their expansion strategies in emerging Asian countries.

Market Drivers and Restraints

The major drivers boosting oncolytic virus therapy market growth include rising prevalence of cancer, successful clinical trials proving its safety and efficacy, targeted approach of oncolytic virus therapy over conventional cancer therapies. Additionally, synergistic effects of oncolytic viruses in combination with chemotherapy and radiotherapy is further fueling their demand.

However, high manufacturing cost of genetically engineered oncolytic viruses remains a major challenge. Also, stringent regulations for clinical trials and product approvals ultimately increases the cost and time required for commercialization. Patent litigations between manufacturers is another factor negatively impacting the market growth.

Segment Analysis

The oncolytic virus therapy market can be segmented based on type and application. By type, genetically engineered viruses have the largest market share as they offer more control in directing the virus towards cancer cells only. These viruses are modified to attack cancer cells while sparing normal cells. In terms of application, melanoma is the dominating sub segment as melanoma is highly immunogenic cancer and oncolytic viruses boost anti-tumor immunity, which makes them very effective against melanoma. The other applications include breast cancer, lung cancer, prostate cancer etc. but melanoma accounts for over 30% of market share due to higher success rate of oncolytic virus therapy in melanoma treatment.

Global Analysis

North America holds the largest share in the oncolytic virus therapy market due to high awareness levels, well developed healthcare infrastructure and presence of key market players in the region. The United States alone captures over 50% of the global market share. Europe is the second largest regional market due presence of independent healthcare system, availability of funds for research and rising cases of cancer. Asia Pacific is the fastest growing regional market due to rising healthcare expenditure, increasing pollution levels causing rise in cancer cases and growing medical tourism industry in countries like India and China. Some of the major players operating in the oncolytic virus therapy market are Albea, Amcor, Essel Propack, Huhtamaki, Montebello Packaging, Sonoco Products, ALLTUB, Linhardt, Auber Packaging, Antilla Propack, Universal Metal Products, etc.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)