What is Oncolytic Virus Therapy Market?
An oncolytic virus is a virus that favorably infects & kills cancer cells. Since infected cancer cells are destroyed by oncolysis, they release new infectious virus particles or virions to help destroy the remaining tumour. Oncolytic viruses causes direct destruction of the tumour cells and also it stimulate host anti-tumour immune responses. A number of viruses including adenovirus, reovirus, measles, herpes simplex, Newcastle disease virus & vaccinia have now been clinically tested by oncolytic therapy and found good results. The increasing global prevalence of chronic diseases and lifestyle disorders is one of the major factors propelling this market. These diseases majorly include cardiovascular diseases, cancer, stroke, infectious diseases, lung disorders, diabetes, chronic kidney diseases, & liver diseases. There are almost 48 oncolytic virus therapy are available in the market that are used for treatment.
The market study is being classified by Type (Onxy-15, RIGVIR, Talimogene laherparepvec (T-VEC) and Reolysin), by Application (Lung Cancer, Prostate Cancer, Melanoma, Brain Tumor and Others) and major geographies with country level break-up.
Crusade Laboratories (United Kingdom), Genelux Corporation (United States), Oncolytics Biotech (Canada), Oncos Therapeutics (Finland), Jennerex Biotherapeutics (United States), Lokon Pharma (Sweden), Merck (United States), MultiVir (United States), Oncolys BioPharma (Japan), BioVex (United States), Cell Genesys (United States), PsiOxus Therapeutics (United Kingdom) and Shanghai Sunway Bioteh (China) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Takara Bio (Japan), VCN Biosciences (Spain), ViroTarg (Australia) and Vyriad (United States).
Key players are adopting numerous strategy to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnership to adopt certain technologies and acquiring small players to finish competition in the future. As well as investing money in R&D sector to make technical up-gradations in the product used. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Oncolytic Virus Therapy market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Oncolytic Virus Therapy market by Type, Application and Region.
On the basis of geography, the market of Oncolytic Virus Therapy has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing number of cancer patients
- Increasing awareness regarding very less toxic effect as compared to other conventional and chemotherapy
Market Trend
- 48 oncolytic virus therapy are available in the market
- Imlygic is an advanced therapy widely used
Restraints
- Knowledge of serious side effects of therapy
- High cost
Opportunities
- Increase in global warming
- Huge investment in research and development by key vendors
Key Target Audience
Therapy providers, Equipment supplier, Distributors/ traders/ dealers of equipment, Channel partners, Industry Association, Governments and investment communities and Research organizations and associations