Published On : Jun 09, 2020
Neuroblastoma is among the most commonly found type of cancers that affects infants below the age of one. The cancer nearly accounts for 6% of all types of cancers found in children, particularly in the developed nations such as the US. Additionally, a projected 800 new instances of neuroblastoma emerge annually in the US alone. The growing burden of the situation is projected to drive the demand for the treatment of the disease. With the current coronavirus pandemic still at large, the healthcare workers and professionals are exercising immense caution and stepping up the process of treatment in order to protect these cancer affected infants and children from the infection.
New Therapeutics to Gain Regulatory Approvals
Growing designation of orphan drugs for the treatment of cancer such as neuroblastoma is projected to drive the growth of the global pediatric neuroblastoma treatment market in the near future. For example, in 2018, Cellectar Bioscience announced that the company has received an orphan drug designation from the US Food and Drug Administration (FDA). The FDA provided the designation for its CLR 131 Phospholipid Drug Conjugate (PDC) that can help in the treatment of pediatric neuroblastoma patients. Presently, the drug is in the Stage 1 of its development. Such developments are expected to provide a much needed impetus to the overall growth rate of the global pediatric neuroblastoma treatment market in the near future. It is projected that the global market will showcase a massive CAGR of 9.2% for a forecast period ranging from 2020 to 2026.
Chemotherapy to Capture Half of the Entire Global Market Share
Of the different segments of the global pediatric neuroblastoma treatment market, the segment of chemotherapy is expected to come out to be the most dominant one. There are different factors that are helping to drive the growth of the segment such as making symptoms bearable, reducing growth of the cancer, and in some cases completely eradicating the cancer. In addition to this, certain chemotherapy products for the treatment of neuroblastoma such as Doxorubicin, Carboplatin, and Cyclophosphamide are found to have considerably improve health conditions in infants and children. The segment is expected to showcase a highly promising rate of growth in coming years and is further projected to capture around half of the overall share of the global pediatric neuroblastoma treatment market.
The segment of immunotherapy is also a rapidly developing segment of the global neuroblastoma treatment market. Improved chances of survival without any form of relapse or progression of the disease is the key driving factor for the development of this segment. The segment will account for nearly a quarter of the entire share of the global neuroblastoma treatment market over the course of the mentioned period of forecast. In addition to this, with the current Covid-19 pandemic, the children are expected to get even better and more careful treatment.
On the regional front, the global neuroblastoma treatment market is segmented into five key regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, the regional segments of Europe and North America are the leading ones in the global market. North America has been the predominant region with the presence of an established healthcare infrastructure and key players in the market. Europe is next in lines with similar factors driving its overall growth.
Some of the key companies operating in the global pediatric neuroblastoma treatment market are United Therapeutics Corporation, APEIRON Biologics AG, Baxter, Bayer AG and Pfizer Inc.