The Oncolytic Virus Immunotherapy Market will witness a CAGR of 12% by reaching ~ US$ 214 Million from 2019 to 2029. The new-fangled healthcare electronic technologies like 3D printing, GPS tracking, and wearable biometric devices are being tested concerning clinical use. Cutting-edge technology is expected to be one of the driving forces in the healthcare industry in the subsequent decade.
The new study report by Persistence Market Research (PMR) reveals that the oncolytic virus immunotherapy market value is all set to reach US$ ~67 Mn, by 2019-end. As per the PMR’s report, the oncolytic virus immunotherapy market is estimated to grow at a CAGR of ~12% over the period of assessment, 2019-2029.
Increasing adoption of adjuvant therapy in developed economies has been fueling the demand for new treatments such as oncolytic virus immunotherapy. For instance, the launch of first FDA approved oncolytic virus, IMLYGIC™ (talimogene laherparepvec) by the leading pharmaceutical manufacturer Amgen has offered oncologists and patients a wider and more targeted treatment approach for overcoming cancer. Amgen’s IMLYGIC™ remains the only FDA approved oncolytic virus immunotherapy drug that is prescribed for melanoma cancer.
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Favorable reimbursement for oncolytic virus immunotherapy is poised to offer new growth opportunities for the market players. Additionally, Affordable Care Act in the U.S. is paving the way for successfully increasing insurance coverage for cancer treatment, and the result is likely to lead to increased demand for oncological therapies.
Such factor along with several favorable policies for cancer treatment is anticipated to contribute immensely towards the growth of the oncolytic virus immunotherapy industry during the forecast period.
Growing Prevalence of Metastatic Cancer Bringing in Massive Competition in the Oncolytic Virus Immunotherapy Landscape
According to PMR, growing prevalence of metastatic cancer and rising demand for adjuvant therapy drugs and cancer relapses during cancer treatment have created opportunities for key market players to come up with oncolytic virus immunotherapy products at competitive rates by combining new viruses.
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Apart from the top global market players such as BioVex, Inc. (Amgen, Inc.) and Shanghai Sunway Biotech Co. Ltd. (China), there are several other players in the regional oncolytic virus immunotherapy market that are constantly focusing on discovering new drug candidates in oncolytic virus immunotherapy.
Most of the drugs in the pipeline are in various stages of clinical trials awaiting market approvals. For example, oncolytic viruses from Transgene/Sillajen, Oncolytic Biotech and other players are in the late phase III stage of clinical trials, and are expected to enter the oncolytic virus immunotherapy market in the coming years.
According to the PMR’s report, the adoption of oncolytic virus immunotherapy in hospitals will continue to account for relatively high market share, while stakeholders are targeted towards capitalizing on specialty clinics. A significant rise in demand for oncolytic virus immunotherapy drugs in developed countries will further work to the advantage of the market players.
A remarkable shift has been observed in the new drug development and product launch in cancer treatment drugs as the blockbuster drug model is dead.
Key players are now adopting new strategies to develop adjuvant therapies and supportive therapies that can help irradiate cancer at the maximum level, such as oncolytic virus immunotherapy combined with chemotherapy. Such developmental trends are likely to remain instrumental to the growth of the oncolytic virus immunotherapy market.
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Increasing Immunotherapy Research Will Offer New Growth Prospects
According to the PMR study, increasing importance of R&D in oncology medicines and immunotherapies for cancers such as colorectal, lung, multiple myeloma, prostate, and melanoma is expected to create immense growth opportunities for the oncolytic virus immunotherapy market.
Besides this, collaborations among the key players in the pharmaceutical industry, funding programs and reimbursement policies to meet the unmet diagnostic and treatment needs of the patients suffering from life-threatening diseases such as cancer are also expected to fuel the growth of the oncolytic virus immunotherapy market.
Growing interest of biopharmaceutical industries in the development of biologics for various cancers, will further expand the pipeline for the treatment of cancer. Various major players are concentrating on the research for the available treatment and development of specific oncolytic virus for cancer, which will boost the market for oncolytic virus immunotherapy during the forecast period.
Further, growing acceptance of oncolytic drugs among patient pool is also high due to treatment effectiveness of the medication. Hence, companies operating in oncolytic virus immunotherapy are expected to mostly derive profit from the development of adoptive immune viruses.
The funding for cancer research and investments in cancer therapy and oncolytic virus immunotherapy have increased, which has increased the number of personnel employed and projects undertaken. The major sources of research and development spending include governments, private funding, venture capitalists or commercial organizations.
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