Oncolytic virus therapy is the utilization of engineered viruses to selectively target and kill cancer cells while leaving normal cells unharmed. This therapy represents a promising approach for cancer treatment owing to its capability to induce both direct oncolytic effects and stimulate anti-tumor immune responses. Oncolytic viruses function by selectively replicating in and destroying cancer cells without harming normal cells. Some key advantages of oncolytic virus therapy include targeted delivery to the tumor, amplification within the tumor allowing the whole mass to be treated, and stimulation of systemic anti-tumor immunity. The global need for new safe and effective cancer therapies has been driving considerable research interests in developing oncolytic virus based approaches.
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 operating in the Oncolytic Virus Therapy are Albea, Amcor, Essel Propack, Huhtamaki, Montebello Packaging, Sonoco Products, ALLTUB, Linhardt, Auber Packaging, Antilla Propack, Universal Metal Products, D.N.Industries, Perfect Containers, Jiujiang Deshun Adhesives, Andpak, CONSTRUCT Packaging, Adelphi Healthcare Packaging, IntraPac International, Hubei Xin Ji Pharmaceutical Packaging, World Wide Packaging.
There is growing demand for combination therapy using Oncolytic Virus Therapy Market Demand with chemotherapeutics, targeted therapies, or immunotherapies to achieve synergistic anti-tumor effects. Such combination trials have shown promising outcomes with manageable safety profiles.
Major players are actively focusing on global expansion through collaborations and partnerships to develop and commercialize oncolytic virus therapies around the world. For instance, Amgen and SillaJen entered clinical collaboration to evaluate an oncolytic virus candidate Pexa-Vec in combination with a novel immunotherapy drug candidate.
Market Key Trends
One of the key trends gaining traction in the oncolytic virus therapy market is the increasing combination therapy trials. There is a growing focus on combining oncolytic viruses with chemotherapeutics, targeted therapies or immunotherapies to achieve synergistic anti-tumor effects. Such combination approaches have shown potential for improved clinical outcomes by harnessing multiple anticancer mechanisms. This provides opportunities for improved efficacy along with potential for overcoming resistance. Ongoing and planned combination trials are expected to further validate the clinical utility of oncolytic virus therapies particularly in combination settings.
Porter’s Analysis
Threat of new entrants: The Oncolytic Virus Therapy Market requires high R&D investments and capital requirements pose significant barriers for new entrants. Significant efficiencies of scale also favor established players.
Bargaining power of buyers: Buyers have moderate bargaining power as oncolytic virus therapy products have considerable differentiation and switching costs. The bargaining power is expected to reduce over the forecast period as more targeted therapies emerge in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the differentiated nature of inputs and technologies required for oncolytic virus therapy production. Established relationships between buyers and suppliers also reduce the bargaining power.
Threat of new substitutes: Threat of substitutes is low as oncolytic virus therapy offers a unique mechanism of action for cancer treatment with minimal side effects compared to other available treatment options.
Competitive rivalry: The market is highly competitive with increasing collaborations and partnerships among key players. Focus on R&D and product differentiation are some of the factors influencing competitive rivalry.
Geographical Regions:
Currently, North America dominates the oncolytic virus therapy market in terms of value, accounting for a significant share. This is attributed to well-established healthcare infrastructure, presence of major market players, and higher adoption of advanced cancer treatment therapies in the region.
Asia Pacific is poised to exhibit the fastest growth over the forecast period. This can be credited to factors such as increasing healthcare spending, large patient population, and growing awareness regarding innovative cancer treatment options. Countries like China and India are expected to drive substantial market opportunities.
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.