The Growing Oncolytic Virus Therapy Market is driven by Increasing Cancer Prevalence
The global oncolytic virus therapy market is primarily driven by the increasing prevalence of various types of cancer across the globe. Oncolytic virus therapy involves the use of engineered viruses to selectively target and destroy cancer cells while leaving normal cells unharmed. Oncolytic viruses can be used to treat a variety of cancers including breast cancer, lung cancer, prostate cancer, and colorectal cancer. The market is witnessing significant growth owing to the advantages offered by oncolytic virus therapy such as higher efficacy and specificity compared to traditional cancer therapies.
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 in the oncolytic virus therapy market
Key players operating in the oncolytic virus therapy market are Amgen, Biovascular, Epeius Biotechnologies, Genelux Corporation, Lokon Pharma, Oncolytics Biotech, PsiOxus Therapeutics, Rallybio Corporation, SillaJen, and Sorrento Therapeutics. These players are focusing on research and development activities to develop more effective and targeted oncolytic virus therapies for the treatment of various cancers.
Growing demand for cancer therapies
The growing prevalence of cancer and increasing demand for effective targeted therapies is a major factor driving the demand for Oncolytic Virus Therapy Market Demand . According to the WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. This rising burden of cancer indicates a growing need for novel treatment approaches like oncolytic virus therapy.
Increasing focus on global expansion
Key players in the market are focusing on the global expansion of their oncolytic virus therapy products to expand their geographical presence and strengthen their revenue base. Companies are focusing on regions with high cancer incidence like North America, Europe, and Asia Pacific by entering into strategic partnerships with regional pharmaceutical players. This is expected to support the growth of the global oncolytic virus therapy market during the forecast period.
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