According to MarkNtel Advisors’ research report, "Global Oncolytic Virus Therapy Market Analysis, 2021," the market is likely to grow at a CAGR of 20.3% in the forecast period of 2021-26. The market growth primarily attributes to the rapidly increasing prevalence of cancer, growing clinical trials, massive funding by market players in research, coupled with the growing use of target therapy over standard therapies.
In addition, the emergence of biosimilars entwined with the rising demand for monoclonal antibodies (mAbs) is also fueling market growth. Besides, advanced technological innovations for cancer treatment with a successful combination of oncolytic virus therapy with chemotherapy agents shall further drive the market in the forecast period.
Melanoma to Lead the Market with the Largest Share Through 2027
Melanoma is anticipated to dominate the market in the forecast years. It owes to the swift evolution of Melanoma treatment using engineered oncolytic viruses. FDA approved the first oncolytic virus therapy, Talimogene Laherparepvec (T-VEC), for the treatment of melanoma in 2015. In this therapy, T-Vec gets injected directly into the melanoma lesions, where it replicates inside cancer cells and kills them.
This approval has provided patients & health care providers with a novel melanoma treatment. However, it has not shown any improvement in the overall survival rate of patients with melanoma or those with melanoma that has spread to the bone, liver, brain, lungs, or other internal organs.
North America to Dominate the Market with the Largest Share in the Forecast Period
Based on the Geography, the Global Oncolytic Virus Therapy Market expands across:
Here, North America is expected to lead the market in the forecast period owing to superior healthcare infrastructure, increasing per capita income, and improvised reimbursement policies across the region. Besides, a well-established research environment for biotechnologies, the presence of leading healthcare providers, and massive investments in the R&D of cancer therapy, particularly across countries like the US & Canada, are other crucial aspects likely to boost the market in the forecast period, reveals MarkNtel Advisors in their research report, "Global Oncolytic Virus Therapy Market Analysis, 2021."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Global Oncolytic Virus Therapy Market are Amgen Inc., Daiichi Sankyo Company Limited, DNAtrix, Genelux Corporation, Oncolytics Biotech Inc., PsiOxus Therapeutics, RIGVIR Ltd., Shanghai Sunway Biotech Co. Ltd., SillaJen Inc., Sorrento Therapeutics Inc., Takara Bio Inc., Lokon Pharma AB, VCN Biosciences, ViroCure Inc., Viralytics Ltd. (Merck & Co. Inc.).
Key Questions Answered in the Study