by Oncolytic virus therapy involves the use of engineered viruses that selectively replicate in and kill cancer cells while sparing healthy cells. It is considered a promising treatment option for various cancer types due to its advantages over conventional therapies. Oncolytic viruses destroy cancer cells through viral replication and immune stimulation to treat localized and metastatic cancers.
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 steady growth of the Oncolytic Virus Therapy Market can be attributed to the increasing incidence of cancer worldwide. According to the World Health Organization (WHO), cancer is a growing burden, with an estimated 19.3 Mn new cancer cases in 2025. Advances in virus engineering technology have enabled the development of targeted oncolytic virus therapies with enhanced selectivity and reduced toxicity. In addition, continuous funding for research on novel oncolytic viruses offers promising therapeutic options. For instance, in March 2022, Virios Therapeutics received a $6.5 Mn grant from Cancer Prevention and Research Institute of Texas to support the development of its oncolytic virus program in combination with checkpoint inhibitors.
SWOT Analysis
Strength: Oncolytic virus therapy targets cancer cells selectively without harming healthy cells. It offers targeted treatment with lesser side effects compared to other therapies.
Weakness: High costs associated with research and development of oncolytic viruses. Challenges in manufacturing and storage of these viruses.
Opportunity: Growing prevalence of cancers worldwide presents high opportunity. Increasing focus on personalized medicine also presents scope to expand.
Threats: Stringent regulations for approval and commercialization of oncolytic virus therapies. Competition from other novel cancer therapies.
Key Takeaways
The Global Oncolytic Virus Therapy Market Size is expected to witness high growth. The global Oncolytic Virus Therapy Market is estimated to be valued at US$ 9.39 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
Regional analysis reveals that North America currently dominates the market. Increased funding for research and presence of key players in the region drive the market. Europe and Asia Pacific regions are also growing at a noteworthy rate on account of rising burden of cancer patient pool.
Key players operating in the oncolytic virus therapy market are Amgen, Bexion Pharmaceuticals, Ebeerhold Pharma, Transgene SA, Oncorus, DNAtrix, Imcasynapse, Oncolytics Biotech, Merck, and SillaJen. Companies are increasingly investing in R&D to expand their product portfolios. Collaborations between pharmaceutical industries and research institutes are also being witnessed.
Key players are focused on expanding manufacturing facilities and distribution networks globally. Regulatory approvals for expanded applications of existing products also present scope for market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
