June 25, 2024
Oncolytic Virus Therapy Market

Oncolytic Virus Therapy Market Is Estimated To Witness High Growth Owing To Advancements In Virotherapy

Paragraph: Oncolytic virus therapy involves the use of genetically engineered viruses that specifically infect and kill cancer cells by replicating inside them. It offers several advantages over other cancer therapies like chemotherapy as it selectively destroys cancer cells while leaving healthy cells unharmed. The therapy allows delivery of anti-cancer agents directly to tumors through replication of the viruses thereby avoiding systemic toxicity. Rising prevalence of cancer worldwide and need for more effective targeted treatment options is boosting the demand for oncolytic virus therapy.

The Global Oncolytic Virus Therapy Market is estimated to be valued at US$ 10.82 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Oncolytic Virus Therapy 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.

Rising prevalence of cancer worldwide represents a key opportunity for growth of Oncolytic Virus Therapy Market Trends Advancements in virotherapy including development of armed oncolytic viruses that can carry therapeutic transgenes is encouraging wider adoption of the treatment modality.

Development of targeted viruses with improved safety and ability to replicate selectively in tumor cells while sparing normal cells is a major technological advancement driving the market. Armed oncolytic viruses being researched allow delivery of anti-angiogenic factors, immune stimulatory molecules and prodrug-converting enzymes directly inside tumors.

Market drivers: The main driver for oncolytic virus therapy market is growing clinical evidence of its safety and efficacy against different types of cancers. Approval of talimogene laherparepvec, the first oncolytic virus drug has boosted confidence in the approach. Increasing R&D investments by pharmaceutical companies and academic institutes is another factor fueling the market growth.

Challenges in Oncolytic Virus Therapy Market

The oncolytic virus therapy market faces various challenges such as low efficacy and specificity of viral therapies, lack of effective tumor targeting, and potential toxicities of viral therapies. Achieving effective tumor targeting and increasing the specificity of viral therapies for cancer cells while reducing toxicity for normal cells is a major challenge. There are issues with proper delivery of viruses to tumor sites and generation of an anti-viral immune response. Developing therapies with improved efficacy and safety profiles is key to overcoming these challenges and realizing the full potential of virus-based cancer therapies.

SWOT Analysis

Strengths: Growing research and development investments from pharmaceutical companies and government agencies. Superior efficacy of targeted virus therapies compared to chemotherapy and radiotherapy.

Weaknesses: Lengthy drug development and approval timelines. Significant costs associated with clinical trials. Potential safety issues and regulatory hurdles.

Opportunities: Emerging partnerships between pharma companies and biotech firms. Increasing adoption in combination therapies. Untapped growth prospects in developing markets.

Threats: Strong pipeline of competing monoclonal antibody and immunotherapies. Stringent regulations around viral vectors and gene therapies. Risk of viral resistance reducing therapeutic efficacy.

Geographical Regions

North America currently accounts for the largest share of the global oncolytic virus therapy market in terms of value, followed by Europe. This is due to growing R&D activities by major players, increasing cancer incidence, favorable reimbursement policies and rising healthcare spending in the region. Asia Pacific is expected to be the fastest growing regional market during the forecast period owing to large patient pools, lower development and manufacturing costs, and improving access to healthcare in developing countries.

Fastest Growing Region

Asia Pacific region is poised to exhibit the highest growth in the oncolytic virus therapy market during 2024-2031. Factors such as rapid economic development, increasing healthcare expenditure, rising acceptance of advanced treatments, and growing clinical research outsourcing to the region will drive market growth. Moreover, the presence of many generics manufacturers and emerging biotech firms is attracting pharmaceutical investments to Asia Pacific countries. This will augment the volume of clinical trials and new product launches, thereby propelling the regional market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.