Research Nester released a report titled “Oncolytic Virotherapy Market: Global Demand Analysis & Opportunity Outlook 2029″ which delivers detailed overview of the oncolytic virotherapy market in terms of market segmentation by cancer type, application and 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 oncolytic virotherapy marketis projected to grow with a high CAGR during the forecast period, i.e., 2021-2029 on account of the increase in research and development on cancer treatment using oncolytic virotherapy and the rising prevalence of cancer. According to the data collected from International Agency for Research on Cancer (IARC), in 2020, the projected new cases and deaths from cancer globally were 19.3 million and 10 million, respectively.
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The market is segmented by cancer type into melanoma, prostate cancer, breast cancer, ovarian cancer and others. Among these, the breast cancer segment is anticipated to hold the largest share by the end of 2021 in the oncolytic virotherapy marketas it is the most common kind of cancer worldwide. It is also gaining worldwide recognition for having increased treatment efficacy for advanced breast cancer and thus, provides a unique platform for personalized treatments in such patients. On the basis of application, the market is divided into general medical & surgical hospitals, speciality hospitals, clinics, and others. On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the oncolytic virotherapy market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to the presence of leading healthcare providers in the region, especially in the United States, who are extensively involved in the research and development for innovative cancer treatment procedures.
Increasing Prevalence of Cancer and Increased Research and Development on Cancer Treatment using Oncolytic Virotherapy
According to International Agency for Research on Cancer (IARC), it is projected that by 2040, the number of new cancer cases per year is likely to rise to 29.5 million and the number of cancer related deaths to 16.4 million.
Unhealthy lifestyle is one of the most predominant risk factors for any kind of cancer. It has been observed that individuals who consume tobacco or alcohol on a regular basis possess a high risk of having cancer. Additionally, the increased focus on research for cancer treatment in recent years is also expected to boost the market growth in upcoming years. However, a number of oncolytic virotherapy treatments are currently in clinical trial phase and along with this, there is a lack of awareness about the disease in low income economies which is estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the oncolytic virotherapy market which includes company profiling of Amgen, Inc. (NASDAQ: AMGN), Oncolytics Biotech (TSE: ONC), Viralytics Ltd., Transgene SA (EPA; TNG), Shanghai Sunway Biotech Co. Ltd., Replimune Group, Inc., Sorrento Therapeutics, Inc. (NASDAQ: SRNE), SillaJen, Inc., and Oncorus, Inc.
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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 oncolytic 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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