Research Nester published a report titled “HSV Based Virotherapy Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global HSV based virotherapy market in terms of market segmentation by type, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global HSV based virotherapy market is anticipated to garner a notable CAGR over the forecast period, i.e., 2022–2030. The market is segmented on the basis of type, into anti-cancer oncolytic viruses, viral vectors gene therapy and viral immunotherapy, out of which, the anti-cancer oncolytic viruses segment is estimated to garner the largest share in terms of revenue, throughout the forecast period. This can be attributed to the growing demand for effective treatment for cancer, long with increased cancer screening, to curb the mortality rate. On the basis of end-user, the market is segmented into hospital, research center, specialty clinics, and others, out of which, the research center segment is estimated to garner a major share during the forecast period on account of the up-surge in funding and investment for the ongoing clinical trials of virotherapy using HSV.
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The market is estimated to grow on the back of increasing demand for new treatment methods to treat rare diseases, such as, cancer, immunodeficiency diseases, and genetic diseases. HSV based virotherapy uses herpes simplex virus to treat the cancerous and tumor cells to treat cancer. This practice is not very widely used as a treatment for cancer, however, backed by the ongoing clinical trials, the treatment method is anticipated to gain prominence over the forecast period. Moreover, increasing investment in the medical R&D activities by major pharmaceutical companies, as well as, government, is anticipated to boost the market growth.
Regionally, the global HSV based virotherapy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is anticipated to garner the largest share over the forecast period on the back of advanced research and development in the healthcare sector in the region, along with increasing government funding for public healthcare system. As per other report of the WHO, North America spent around USD 10,050.279 per individual for healthcare in the year 2018. The market in the Asia Pacific region is projected to witness highest CAGR over the forecast period on account of increasing prevalence of cancer, along with the developing healthcare sector and economic development in the region.
Increasing Prevalence of Cancer Likely to Boost the Market Growth
According to the statistics by the World Health Organization (WHO), cancer is the second leading cause of untimely death and is responsible for over 10 million deaths in 2020, up from 9.6 million in 2018.
Increasing prevalence of cancer, among other chronic and rare diseases, has led to a massive rise in demand for better and more effective treatment methods. Increasing investment in R&D activities, to develop new treatment approaches, is estimated to positively influence the market growth.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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However,risks associated with the virotherapy treatment are expected to operate as key restraint to the growth of global HSV based virotherapy market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global HSV based virotherapy market which includes company profiling of Oncorus, Inc., SillaJen, Inc., Sorrento Therapeutics, Inc., Replimune Group Inc., Shanghai Sunway Biotech Co., Ltd, Merck & Co, Inc., Amgen Inc., Oncolytics Biotech Inc., Transgene SA, PSIOXUS Therapeutics Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global HSV based virotherapy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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