ALBANY, N.Y., Aug. 3, 2021 /PRNewswire/ -- Oncolytic viruses are being increasingly used in cancer immunotherapy. A number of oncolytic viruses have been extensively studied in clinical trials the world over. Thus, many of them are in clinical and preclinical development stage, encouraged by favorable safety and tolerability outcomes in the past several decades. Moreover, in the treatment of many advanced cancers, these viruses have shown optimal results, along with enhanced antitumor efficacy. They have also exhibited systematic anti-tumor immune responses. The TMR report on the oncolytic virus immunotherapy market finds oncolyitc viruses to hold vast therapeutic potential for cancers apart from melanomas.
The relentless pursuit for better therapies to complement the existing therapies in oncology is a key factor that will continue to drive the oncolytic virus immunotherapy market, which is expected to expand at CAGR of 32.3% during the forecast period of 2020–2030. The market is projected to reach cross the valuation of US$ 2.36 Bn by 2030.
Regulatory Approvals Boost Market Growth: The global burden of cancer has spurred research in immunotherapy treatments in oncology. Past few years have witnessed oncolytic viruses (OVs) being combined with cancer immunotherapies for targeting a wide range of cancers. Thus, a number of OVs has been approved by regulatory agencies, notably by the US Food and Drug Administration (FDA), European Medicines Agency (EMA), and Japan's Ministry of Health, Labour and Welfare (MHLW). A case in point is approval of OV for unresectable stage III and IV melanoma by the US FDA.
Intensive Translational and Clinical Efforts to Offer New Opportunities in Modern Oncology Care: The conventional therapy landscape has seen the prevalent use of chemotherapy, hormonal therapies, and radiation therapies. Translational and clinical efforts on immunotherapies in various developing and developed countries have driven efforts to develop novel therapies that enable tumor cell targeting. Furthermore, these studies have led to a better understanding of tumor microenvironment (TME) for improving therapeutic responses due to rising incidence and mortality rate of cancer.
Players Exploring Potential in Containing Novel Coronavirus Spread: The global health community has also refocused its efforts on the development of vaccines based on oncolytic viruses (OVs) for fighting the spread of the coronavirus (SARS-CoV-2). This has opened new areas of research on oncolytic viruses.
Oncolytic Virus Immunotherapy Market: Drivers
Growing incidence of advanced cancers is a key driver for the development of newer therapies to overcome the limitations of present treatment options. A number of oncolytic viruses has exhibited efficacy in cancer immunotherapy.
Rising collaborations among research institutes and academia are expanding the oncolytic virus immunotherapy market landscape
Adoption of newer therapies to improve patient outcomes to propel the global market
North America led the global oncolytic virus immunotherapy market in 2019, due to the presence of some well-established players engaged in relentless research for improving the efficacy of available therapies
Oncolytic virus immunotherapy market in Asia Pacific is expected to expand at moderate rate during the forecast period. The regional market is likely to be driven by the unmet needs in targeted cancer therapies.
Oncolytic Virus Immunotherapy Market: Key Industry Players
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