The global oncolytic virus therapy market is estimated to be valued at US$ 9.39 million in 2023 and is expected to exhibit a CAGR of 25.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Oncolytic virus therapy involves the use of viruses to selectively target and destroy cancer cells, while sparing healthy cells. This therapy offers several advantages such as high specificity, reduced systemic toxicity, and the ability to stimulate the immune system. With the growing incidence of cancer globally, there is an increasing need for innovative and effective treatment options. Oncolytic virus therapy holds promise in providing a targeted and personalized approach to cancer treatment, driving the demand for this market.
Market Key Trends:
One key trend in the oncolytic virus therapy market is the use of combination therapy. Oncolytic viruses are often used in combination with other cancer treatment modalities such as chemotherapy, radiation therapy, and immune checkpoint inhibitors. This combination approach has shown improved therapeutic outcomes by enhancing tumor targeting, promoting tumor cell death, and boosting the immune response against cancer cells. The use of combination therapy is expected to gain traction in the coming years, as it offers synergistic effects and improves overall treatment efficacy in cancer patients.
Threat of new entrants: The oncolytic virus therapy market has a high threat of new entrants due to its potential for significant growth and profitability. However, barriers to entry, such as high research and development costs, strict regulatory requirements, and the need for specialized knowledge, limit the number of new entrants.
Bargaining power of buyers: The bargaining power of buyers in the oncolytic virus therapy market is relatively low. Since this market is highly specialized, there are limited alternative treatment options available for buyers. Additionally, oncolytic virus therapy has shown promising results in the treatment of various cancers, giving the suppliers an advantage.
Bargaining power of suppliers: The bargaining power of suppliers is moderate in the oncolytic virus therapy market. The market is currently dominated by a few key players that have proprietary technology and established distribution networks. However, as the market continues to grow, the bargaining power of suppliers may decrease as more competitors enter the market.
Threat of new substitutes: The threat of new substitutes in the oncolytic virus therapy market is relatively low. The unique mechanism of action of oncolytic viruses, which selectively target and destroy cancer cells, makes it difficult for other treatment modalities to replicate their effectiveness.
Competitive rivalry: The competitive rivalry in the oncolytic virus therapy market is high. There are several key players in the market, including Amgen Inc., Merck & Co., Inc., and Oncolytics Biotech Inc., competing for market share. These companies invest heavily in research and development to enhance the efficacy and safety of their products, driving intense competition.
The global Oncolytic Virus Therapy Market Growth is expected to witness high growth, exhibiting a CAGR of 25.1% over the forecast period of 2023-2030. This growth is primarily attributed to the increasing prevalence of cancer worldwide and the growing acceptance of oncolytic virus therapy as a potential treatment option.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the oncolytic virus therapy market. This can be attributed to factors such as the presence of major pharmaceutical companies, advancements in healthcare infrastructure, and favorable reimbursement policies.
Key players operating in the oncolytic virus therapy market include Amgen Inc., Merck & Co., Inc., Oncolytics Biotech Inc., Targovax, PsiOxus Therapeutics Ltd., Vyriad, Inc., SillaJen Biotherapeutics, Cold Genesys Inc., Sorrento Therapeutics, Inc., Takara Bio Inc., Replimune Group Inc., Genelux Corporation, Transgene SA, VCN Biosciences, and Lokon Pharma AB. These key players are extensively investing in research and development activities and strategic collaborations to gain a competitive edge in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it