Market Size of Global Oncolytic Virotherapy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 22.87 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Oncolytic Virotherapy Market Analysis
The Oncolytic Virotherapy market is projected to grow with a CAGR of 22.87% during the forecast period (2022 - 2027).
COVID-19 pandemic had a dramatic impact on the nation's health sector. The fastest rate of growth experienced in the healthcare expenditure in 2020. The unprecedented pandemic at the initial stage resulted in the shutting down of the healthcare industry globally which resulted in the large-scale disruptions in manufacturing, supply, and demand activities resulting in the cancellation of the orders and decline in exports. However, the precautionary measures taken by governments like social distancing and restrictions have severely disrupted the patient's treatments in hospitals. As per the statistics published by the Centers for Medicare and Medicaid Services (CMS), Federal government spending for health care grew 36.0% in 2020, significantly faster than the 5.9% growth in 2019. This faster growth was largely in response to the COVID-19 pandemic. The pandemic and emergence of variants continue to cause a concern and sudden and drastic downturn in the economic activity of the countries.
Virotherapy is a new approach for the treatment of various diseases which do not have any existing cures. Increasing research and development on cancer treatment using oncolytic virotherapy and the rising prevalence of cancer are boosting the growth of oncolytic virotherapy market. According to the data published by International Agency for Research on Cancer (IARC), in 2020, 19.3 million new cases and 10 million deaths from cancer were projected globally, respectively.
The market's expansion can be ascribed to the rising occurrence of rare cancers and the need to cure them, as well as increased demand for better and more effective therapies and an increase in the geriatric population. According to the statistics by the World Health Organization (WHO), regions including Northern Africa and Western Asia, South America, the Caribbean, and Southeast Asia could face sharp increases of over 75% in the number of cancer deaths in 2020 as compared to 2000.
Increasing awareness of the oncolytic virus therapy and its benefits in treatments, advanced imaging technology, and rising adoption of advanced cancer treatments are the major factors expected to rise over the projected horizon. It has become a promising therapy in cancer treatment in the new era. Many pharmaceutical companies are conducting various clinical trials of oncolytic viruses in combination with radiotherapy, immune checkpoint inhibitors, and chemotherapeutic agents which are showing immense effects and progress in cancer treatments. In 2020, T-VEC, RIGVIR, and Oncorine oncolytic viral drugs have been approved for cancer treatments having good therapeutic effects.
Moreover, mounting investment by major pharmaceutical companies to develop new treatment approaches for cancer treatment and government funding to increase cancer screening and curb the cases of mortality due to cancer, rising approval of immuno-oncology drugs by the medical regulators are expected to boost the market growth.
However, the high medical cost, risks associated with therapies and stringent regulatory standards are some factors that are likely to restrain market growth over the forecast period.
