Oncolytic virus therapy is widely used for treating various cancer types such as lung cancer, breast cancer, and colorectal cancer. Oncolytic viruses selectively infect and kill tumor cells and leave normal cells unharmed. They activate the immune system's anti-tumor response and induce immunogenic cell death. The preference for oncolytic virus therapy over chemotherapy is the minimal side effects of the former.
The global oncolytic virus therapy market is estimated to be valued at US$ 9.39 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing incidence of cancer has been a major factor driving the growth of the oncolytic virus therapy market. Around 9.6 million deaths occur globally every year due to cancer. Moreover, genes in oncolytic viruses can be modified to enhance their anti-tumor activity. Researchers are conducting extensive R&D on oncolytic viruses to make them more tumor-specific and less immunogenic. Viral product development with immune-stimulating properties and clinical efficacy is expected to boost the adoption of oncolytic virus therapy. Collaborations between biotech companies and research institutes for conducting clinical trials will also propel the market growth over the forecast period.
Segment Analysis
Adenoviral vector-based oncolytic viruses currently dominate the oncolytic virus therapy market. This is because adenoviruses can effectively infect both dividing and non-dividing tumor cells. They also have a natural tropism for respiratory epithelial cells, making them well suited for treating lung cancers through inhalation therapy. Due to their ability to effectively infect a wide range of tumor cells, adenoviral vectors are being increasingly researched for a variety of cancer types like breast cancer, ovarian cancer, melanoma, and others.
Key Takeaways
The Global Oncolytic Virus Therapy Market Size is expected to witness high growth over the forecast period of 2023-2030. The global oncolytic virus therapy market is estimated to be valued at US$ 9.39 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
Regional analysis - North America currently dominates the market due to presence of major key players and strong healthcare infrastructure to support clinical trials and research activities. The Asia Pacific region is expected to grow at the fastest rate owing to growing cancer incidence, increasing healthcare spending, and rising awareness.
Key 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, D.N.Industries, Perfect Containers, Jiujiang Deshun Adhesives, Andpak, CONSTRUCT Packaging, Adelphi Healthcare Packaging, IntraPac International, Hubei Xin Ji Pharmaceutical Packaging, World Wide Packaging. These players are focused on developing innovative oncolytic virus therapies through extensive R&D activities to expand their footprint in the market.
For More Insights, Read: https://www.newswirestats.com/oncolytic-virus-therapy-market-demand-growth-and-regional-outlook-by-2030/
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