Oncolytic Virus Therapy Market Is Estimated To Witness High Growth Owing To Increasing Investment In Research And Development

Ashish

posted on 11 months ago — updated on 1 second ago

85
views

Oncolytic virus therapy is a novel and innovative approach for cancer treatment that uses genetically engineered viruses to destroy cancer cells.

Oncolytic Virus Therapy Market Is Estimated To Witness High Growth Owing To Increasing Investment In Research And Development

Market Overview:
Oncolytic virus therapy is a novel and innovative approach for cancer treatment that uses genetically engineered viruses to destroy cancer cells. It offers several advantages over traditional cancer therapies, such as targeted and selective destruction of cancer cells, minimization of damage to healthy tissues, and activation of the immune system to fight against cancer. The need for effective and safe cancer treatments has created a significant demand for oncolytic virus therapy in the market.

The global Oncolytic Virus Therapy Market Demand 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.

Market Key Trends:
One key trend observed in the oncolytic virus therapy market is the increasing investment in research and development by pharmaceutical companies. Several leading players in the market, such as Amgen Inc., Merck & Co., Inc., and Oncolytics Biotech Inc., are actively investing in the development of innovative oncolytic virus therapies. This trend is driven by the growing recognition of the potential of oncolytic virus therapy as a promising treatment option for various types of cancer. The investment in research and development is expected to contribute to the growth of the market by bringing more advanced and effective therapies to the market.

PEST Analysis:

Political: The political factors impacting the oncolytic virus therapy market include government regulations and policies related to healthcare and drug development. Increased government funding for cancer research and favorable regulatory environments are expected to support the growth of the market.

Economic: The economic factors influencing the oncolytic virus therapy market include healthcare expenditure, insurance coverage, and pricing. The increasing prevalence of cancer and the rising demand for innovative treatments are driving the market growth. Additionally, favorable reimbursement policies and healthcare infrastructure are expected to contribute to market growth.

Social: The social factors that impact the oncolytic virus therapy market include the changing demographics, increasing awareness about cancer, and patient preferences for targeted therapies. The growing aging population and rising incidence of cancer are driving the demand for effective cancer treatments, including oncolytic virus therapy.

Technological: The technological factors influencing the oncolytic virus therapy market include advancements in biotechnology and genetic engineering. Ongoing research and development activities are focused on improving the efficacy and safety of oncolytic viruses, as well as developing personalized therapies based on genetic profiling.

Key Takeaways:

The global oncolytic virus therapy market is expected to witness high growth, exhibiting a CAGR of 25.1% over the forecast period (2023-2030). This growth can be attributed to increasing investments in cancer research, the rising incidence of cancer globally, and the growing acceptance of innovative therapies.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the oncolytic virus therapy market. The presence of well-established healthcare infrastructure, advanced research facilities, and favorable reimbursement policies in the region are contributing to its market dominance.

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 actively involved in research and development activities, collaborations, and mergers & acquisitions to strengthen their market presence and expand their product portfolio.