The global oncolytic virus therapy market size was valued at USD 96.5 million in 2021 and is expected to grow at a CAGR of 23.5% during the forecast period 2022 to 2028. Oncolytic Virus (OV) Therapy is one of the most promising and effective virus therapeutics for cancer patients. The virus infects and breaks down the cancer cell in an OV therapy treatment, making it easier for other medicines like chemotherapy to work. Because OV medicines are directly injected into the tumour region, it is also termed as targeted therapy. The market for OV treatment is still in its early stages, with clinical trials underway to see if it can be used to treat a variety of tumours. Melanoma cancer, breast cancer, prostate cancer, and a few other cancer treatments have all been successful. Combining this OV therapy with other cancer treatment methods has proven to be the most effective method because it reduces the negative effects. Across the globe, the covid-19 pandemic caused substantial obstacles to the health-care system. Patients postponed treatment because to a significant increase of covid-19 cases across regions, which harmed the growth of the oncolytic viral therapy market. Furthermore, cancer patients were at risk of becoming gravely unwell. In addition, supply chain bottlenecks caused by the lockdown hampered the installation of equipment in the hospital, limiting market expansion.
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The market is projected to be driven by effective clinical trials and the successful combination of Oncolytic Virus Therapy with chemotherapeutic drugs. Oncolytic Virus Therapy is one of the most cutting-edge cancer therapy methods employed by doctors and healthcare professionals. This approach slows the growth of tumour cells, infects them, and multiplies them till they burst. Many experiments are ongoing, despite the fact that the first FDA-authorized viral therapy has been approved. Over the projected timeframe, the industry's hurdles in developing safe and effective medicines are projected to slow the market's growth pace. Clinical trials and drug development/approvals are still ongoing for oncolytic virus therapy, which is still in its early stages. The FDA has approved two to three medications, however due to limited availability, these drugs are substantially more expensive than alternative therapy. Many healthcare specialists and clinical organisations are testing these OV medications in conjunction with other cancer therapeutic approaches, but because they are still in the experimental stage, healthcare/cancer treatment institutes cannot rely on these drugs for patient care.
The global oncolytic virus therapy market segmentation:
1) By Application; Melanoma, Lung Cancer, Breast Cancer, Others.
2) By Type: Monoclonal antibodies, Cancer vaccine, Checkpoint inhibitor and Immunomodulators.
3) By End-Users: Hospitals, Specialty Clinics, Cancer Research Institutes.
Due to the general increased frequency of the disease, the increasing ease of access to contemporary treatments, and the growing senior population, North America has dominated the market for oncolytic viral therapy.
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Some of the major key players in the Oncolytic Virus Therapy Market are Amgen, Oncolytics Biotech, Viralytics, Transgene SA, Oncolys BioPharma, Sorrento Therapeutics
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