June 17, 2024
Oncolytic Virus Therapy Market

The Oncolytic Virus Therapy Market Embraces Therapies To Hone Immune Response Against Cancer

The oncolytic virus therapy market deals with therapies that utilize genetically engineered viruses to selectively infect and kill cancer cells. Oncolytic viruses have advantages as they improve antitumor immunity while sparing normal cells, and are emerging as a novel cancer treatment. The therapy aims to directly destroy cancer cells while triggering the patient’s immune system to identify and eliminate any remaining cancer cells and prevent future recurrence.

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: Key players operating in the oncolytic virus therapy market 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.

Growing demand: Increasing prevalence Oncolytic Virus Therapy Market Trends of cancer globally along with rising healthcare expenditure is driving the demand for novel cancer therapeutics like According to WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.

Global expansion: Leading players are expanding their product reach through collaborations and regional expansions to tap the growth opportunities in emerging markets. For instance, Amgen expanded in China through strategic deals to strengthen its oncology portfolio including oncolytic virus therapy candidates.

Market key Trends

The oncolytic virus therapy market is rapidly embracing cutting-edge therapies involving combination treatments. Ongoing research focuses on improving the efficacy of oncolytic viruses by combining them with immunotherapy, targeted therapies or chemotherapy. This helps trigger a stronger antitumor response. Further, novel engineering is helping develop armed oncolytic viruses loaded with immunostimulatory molecules to boost their therapeutic effects. Growing clinical successes and favorable regulatory reforms to expedite product approvals also augur well for the market.

Porter’s Analysis

Threat of new entrants: The biopharmaceutical industry requires significant R&D investment which acts as a barrier for new companies. Regulatory approvals also take significant time and cost acting as another entry barrier.

Bargaining power of buyers: Individual buyers have low bargaining power compared to pharma giants. However, larger players can negotiate on price and licensing terms due to their scale and market power.

Bargaining power of suppliers: Since oncolytic virus manufacturing is highly specialized, suppliers of virus strains and cell lines have some bargaining power over commercial developers and pharmaceutical companies.

Threat of new substitutes: Other cancer therapies offer substitutes but oncolytic virus therapy has potential advantages. Further R&D could discover new viruses offering improved safety and efficacy profiles.

Competitive rivalry: Competition is intensifying as large biopharma firms invest in research and acquire smaller players. Partnerships are also common to share risks and costs.

Geographical regions

North America dominates the oncolytic virus therapy market currently owing to availability of advanced healthcare facilities and presence of key market players in the US and Canada.

The Asia Pacific region is poised to be the fastest growing market during the forecast period due to increasing government focus on cancer treatment in countries such as China and India coupled with rising disposable incomes.

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