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Description
Oncolytic Virus Therapy Market size was valued at USD 96.5 million in 2021 and is expected to grow at a CAGR of 23.5% during the forecast period 2022 to 2028. The global market provides a detailed overview of the Oncolytic Virus Therapy market, and that can be segmented by application, by type, and by end-user. Oncolytic Virus (OV) Therapy is one of the gifted effective virus therapies used to treat patients suffering from cancer. In a process using OV therapy, the virus infects and disrupts the cancer cell making it useful for other treatments such as chemotherapy. It is also called targeted therapy because OV drugs are injected into the tumor cells directly. The OV therapy market is at a very early stage as clinical trials are ongoing so as to make it beneficial for all types of cancers. It has been positive for breast cancer, melanoma cancer, prostate cancer, and some other cancer diseases. By application, the Oncolytic Virus Therapy market has been segmented into Melanoma, Lung Cancer, Breast Cancer, and Others. The melanoma segment is likely to be the largest and fastest-growing segment in terms of application. The rise of this segment is mainly because most cancer therapies are designed to combat melanoma cancers. There are growing prostate cancer cases also causing a steady progress rate in prostate cancer treatments in recent times. Based on Type, the Oncolytic Virus Therapy market is segmented into Monoclonal antibodies, Cancer vaccines, Checkpoint inhibitors, and Immunomodulators. Among these, the monoclonal antibodies segment is expected to have a significantly growing market during the forecast period 2022-2028. Based on the End user, the Oncolytic Virus Therapy market is segmented into Smart Hospitals, Specialty Clinics, and Cancer Research Institutes. The hospital segment is expected to have a significant share in 2021. The rise of this segment is mainly because of the existence of skilled staff and accessibility of modern equipment along with the growing number of cancer-affected patients in the hospitals.
Key Developments:
In June 2021, Daiichi Sankyo Co Ltd launched the world’s first oncolytic virotherapy for brain cancer.
In December 2021, Synthetic Biologics acquired VCN Biosciences; the creator of a new oncolytic virus stage targeting pancreatic and other solid tumors.
