Global Oncolytic Virus Therapy Market Report 2022: Side Effects Associated With Conventional Cancer Therapies Driving Adoption & Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Oncolytic Virus Therapy Market Research and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.

Oncolytic virus therapy is based on the treatment through a virus that infects and kills cancer cells. The global oncolytic virus therapy market is anticipated to grow at a considerable CAGR of over 15% during the forecast period.

The factors that are driving the growth of the market include the higher incidence and prevalence rate of cancer. Melanoma is one of the cancers that have been prevalent across the US region. The first oncolytic virus success over chemotherapy and radiotherapy has paved the way for developing them for other cancers.

Further, the side effects associated with conventional cancer therapies will also drive the growth of the market. Chemotherapy and radiation therapy cause certain side effects such as prolonged exposure to radiation may cause skin cancer. Melanoma is considered a serious type of skin cancer.

As the prevalence of melanoma has been increasing, the demand for better and advanced treatment is increasing. Negative effects associated with conventional treatments such as chemotherapy are also shifting the market towards oncolytic virus therapy. As the demand for oncolytic virus therapy increases, biopharmaceutical companies are extensively adopting various strategies in order to commercialize a new oncolytic virus drug. Further, companies are providing funding in order to boost research and development (R&D) in the field of oncolytic virus therapy.

However, some factors that are restraining the market growth include long complex clinical trials increase time to commercialization. A large number of oncolytic virus drugs in the pipeline is expected to create growth opportunities for the oncolytic virus therapy market across the globe.

Segmental Outlook

The global oncolytic virus therapy market is segmented on the basis of product, and application. On the basis of product, the market is further diversified into HSV-based oncolytic viruses, adenoviruses-based oncolytic viruses, and others. Further, adenoviruses-based drugs have the least market share as these drugs are only commercialized in China. On the basis of application, the global oncolytic virus therapy market is further sub-divided into melanoma and others.

Regional Outlooks

The global oncolytic virus therapy market is segmented into four major regions that include North America (the US and Canada), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of the World (RoW). Among these, North America is estimated to hold a significant share in the oncolytic virus therapy market globally. The market growth is attributed to the extensive R&D in oncolytic virus therapy and the government support for innovative cancer therapies in this region.

Market Players Outlook

Many companies are investing in oncolytic virus therapy such as Amgen Inc., Merck KGaA, Oncolytic Biotech, PsiOxus Therapeutics, Boehringer Ingelheim International GmbH, F. Hoffmann-La Roche AG, and Viralytics, among others. Various strategies are adopted by these market players to stay competitive in the market. For instance, in February 2018, Merck announced to invest $394 million for Viralytics, which is a company based in Australia for the development of oncolytic viruses to further boost cancer immunotherapy pembrolizumab (Keytruda). The company's oncolytic drugs are in the clinical trial and once approved will change the cancer treatment market that in turn will significantly drive the growth of the oncolytic virus market.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global oncolytic virus therapy market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.

Key Topics Covered:

1. Report Summary

2. Market Overview and Insights

3. Competitive Landscape

4. Market Determinants

5. Market Segmentation

6. Regional Analysis

7. Company Profiles

Companies Mentioned

• Abbvie Inc.
• Amgen Inc.
• BenevirBiopharm, Inc.
• Boehringer Ingelheim International GmbH
• BioVex Inc.
• Bristol-Myers Squibb Co.
• Cold Genesys, Inc.
• Creative Biolabs Inc.
• Cynvec LLC
• DNAtrix Inc.

For more information about this report visit https://www.researchandmarkets.com/r/7i36m8