According to a recent study published by Future Market Insights, the Market for Oncolytic Virus Cancer Therapy forecast to reach a valuation of US$ 22.86 Million by 2023-end, and will eventually reach US$ 250 Million by 2033, growing at an astronomical CAGR of 27%. Governments in various emerging economies have captured steps to raise awareness about various cancer causes.
Oncolytic Virus Cancer Therapy is a cutting-edge strategy that harnesses the power of viruses to combat cancer. This innovative approach involves modifying viruses in a way that allows them to selectively infect and replicate within cancer cells, leading to their destruction while sparing normal, healthy cells. By taking advantage of the unique characteristics of cancerous tissues, such as altered receptors or dysfunctional signaling pathways, oncolytic viruses can specifically target and attack cancer cells. One of the significant advantages of Oncolytic Virus Cancer Therapy is its potential for personalized treatment. Each patient’s tumor can be analyzed to determine the most suitable virus or combination of viruses for maximum effectiveness. This tailored approach enhances the chances of success by optimizing the virus’s ability to infect and destroy the cancer cells.
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Another advantage of oncolytic virus therapy lies in its versatility and potential for combination with other treatments. The viruses can be genetically engineered to carry therapeutic genes that further enhance their anti-cancer effects. These genes can encode immune-stimulating molecules, helping to trigger a robust immune response against the tumor. Moreover, oncolytic viruses can be administered through various methods, including direct injection into the tumor site or systemic delivery. They can also be used in conjunction with other conventional cancer therapies, such as chemotherapy or radiation, to enhance overall treatment efficacy. This multimodal approach allows for a synergistic effect, potentially improving treatment outcomes and overcoming resistance mechanisms that cancer cells may develop. Although Oncolytic Virus Cancer Therapy is still in its early stages, it holds immense promise as a groundbreaking treatment strategy, offering a targeted and potentially more effective approach to fighting cancer.
Key Takeaways from the Market Study
- The number of articles on oncolytic virus therapy studies has increased by 395% in the last decade.
- In 2022, Japan’s total oncolytic virus cancer market share was US$ 2 Million, and it is expected to rise during the study period.
- North America is expected to grow at the fastest rate during the forecast period, with a CAGR of 29.5%.
- In the United States in 2021, the market value for oncolytic virus therapies was US$ 8.5 Million
- The global oncolytic virus cancer market is expected to be worth US$ 250 Million.
“As oncology takes a turn for the better, healthcare practitioners are implementing highly advanced ways of diagnosing and treating some of the most debilitating cancers, paving way for enhanced adoption of oncolytic virus cancer therapies,” remarks an FMI analyst.
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Market Competition
Key players in the Oncolytic Virus Cancer market are Oncolytics Biotech Inc, Amgen Inc., Sorrento Therapeutics, Transgene SA, Daiichi Sankyo Company, Shanghai Sunway Biotech Co, Ltd, Takara Bio Inc., PsiOxus Therapeutics, SillaJen Inc., ViroCure.
- Amgen, based in the United States, agreed to pay $3.7 billion for the biopharma firm ChemoCentryx in August 2022. As a result of this strategic initiative, Amgen will provide access to Tavneos, the company’s critical therapy that has received therapy confirmation in the EU and Japan. Amgen will be able to expand its reach and develop in regions such as Europe and Asia Pacific as a result of this acquisition.
- In April 2021, Bristol Myers Squibb and PsiOxus Therapeutics enlarged their partnership to investigate PsiOxus Therapeutics’ cancer-killing virus. According to the contract, the collaboration will incorporate Bristol’s checkpoint reagent Opdivo and novel resource NG-641 in various types of tumors. PsiOxus’ oncolytic virus ‘enadenotucirev’ is the basis for NG-641.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Embolization Coils market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of virus type (genetically engineered oncolytic viruses and wild-type viruses), application (solid tumour and melanoma), and end use (hospitals, specialty clinics and cancer research institutes) & across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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