(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The "Pediatric Neuroblastoma treatment Global market Report 2024" report has been added to ResearchAndMarkets's offering.
The global pediatric neuroblastoma treatment market has grown rapidly in recent years. It will grow from $1.67 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 10%. North America was the largest region in the pediatric neuroblastoma treatment market in 2023. The growth observed in the historical period can be attributed to several factors, including advancements in treatment modalities, increased awareness leading to early diagnosis, ongoing research and development initiatives, collaborative efforts among healthcare professionals and organizations, and improved survival rates in the management of pediatric neuroblastoma.
The pediatric neuroblastoma treatment market size is expected to see strong growth in the next few years. It will grow to $2.58 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period can be attributed to factors such as the emergence of new therapies, the implementation of personalized medicine approaches, global health initiatives, increased access to treatment, and the active involvement of patient advocacy and support. Noteworthy trends expected in the forecast period include collaborative research initiatives, breakthroughs in gene therapy, developments in novel drug treatments, emphasis on early diagnosis and screening, and a continued focus on patient advocacy and support.
The anticipated increase in the number of new cases of pediatric neuroblastoma is poised to drive the growth of the pediatric neuroblastoma treatment market. The rising prevalence of neuroblastoma is fueling the demand for treatment alternatives for pediatric patients. Consequently, pharmaceutical corporations and other stakeholders are intensifying their investments in research and development, fostering innovation in the industry. Additionally, the advent of new diagnostic technology and screening procedures has facilitated the early detection of neuroblastoma, enabling prompt treatment and improved outcomes. For instance, a March 2023 article from the American Society of Clinical Oncology (ASCO) revealed that neuroblastoma affects approximately 700 to 800 youngsters in the United States each year, constituting 6% of all childhood malignancies. Moreover, neuroblastoma impacts around 90% of children under the age of five. Therefore, the increasing incidence of new cases of pediatric neuroblastoma is a significant driver of the pediatric neuroblastoma treatment market.
The ongoing improvement in healthcare infrastructure is expected to contribute to the growth of the pediatric neuroblastoma treatment market. For instance, in March 2022, the Department of Health and Aged Care in Australia announced a record investment of $132 billion in 2022-23 for healthcare infrastructure, with plans to increase it to $140 billion in 2025-26, totaling $537 billion over the next four years. Therefore, the ongoing enhancement of healthcare infrastructure is propelling the pediatric neuroblastoma treatment market.
Research and development emerge as a key trend gaining popularity in the pediatric neuroblastoma treatment market. Major companies in this sector are directing their efforts toward advanced research and development to maintain their positions. For instance, in March 2021, Ascentage Pharma Group Inc., a US-based pharmaceutical company specializing in novel cancer therapies, disclosed that the US Food and Drug Administration (FDA) had granted alrizomadlin (APG-115) a rare pediatric disease (RPD) designation for treating neuroblastoma. Alrizomadlin, an orally administered, selective, small-molecule antagonist of the MDM2 protein, aims to stimulate the tumor-suppressive activities of p53 by inhibiting the MDM2-p53 protein-protein interaction.
Major companies in the pediatric neuroblastoma treatment market are adopting a strategic partnership approach to develop novel drugs for high-risk neuroblastoma. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits and success. For instance, in August 2023, Renaissance Pharma Ltd., a UK-based biopharmaceutical company, entered into a license agreement with St. Jude Children's Research Hospital for Hu14.18, a humanized antibody developed for managing newly identified high-risk neuroblastoma. Hu14.18, a humanized anti-GD2 monoclonal antibody, demonstrated promising outcomes in a Phase II study, and the licensing agreement grants Renaissance Pharma exclusive development, production, and commercialization rights in various regions, including the United States, Canada, Europe, China, Japan, and Turkey. St. Jude Children's Research Hospital is a renowned US-based research institution.
In March 2022, Recordati S.p.A., an Italy-based pharmaceutical group, acquired EUSA Pharma (UK) Ltd. for $824.28 million. The acquisition is expected to provide Recordati with an expanded portfolio of pharmaceuticals for rare diseases, including treatments for pediatric neuroblastoma. EUSA Pharma (UK) Ltd. is a UK-based specialty pharmaceutical company specializing in pediatric neuroblastoma treatment.
Report Scope
Markets Covered:
By Treatment Type: Immunotherapy; Chemotherapy; Radiation Therapy; Other Treatment Types. By Risk Group: Low Risk; Intermediate Risk; High Risk. By End User: Hospitals; Specialty Clinics; Other End Users.
Key Companies Mentioned: United Therapeutics Corporation; APEIRON Biologics AG; Baxter International Inc.; Cell Ectar Biosciences Inc.; Pfizer Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa.
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
A selection of companies mentioned in this report includes:
United Therapeutics Corporation APEIRON Biologics AG Baxter International Inc. Cell Ectar Biosciences Inc. Pfizer Inc. MacroGenics Inc. Bayer AG Provectus Biopharmaceuticals Inc. Sartorius AG Y-mAbs Therapeutics Inc. Amgen Inc. Eli Lilly and Company F. Hoffmann-La Roche AG Clarity Pharmaceuticals CureSearch for Children's Cancer Novartis AG LEO Pharma A/S UCB SA Johnson & Johnson Services Inc. Abbott Laboratories AbbVie Inc. Merck & Co. Inc. Sanofi SA GlaxoSmithKline plc Bristol-Myers Squibb Company Takeda Pharmaceutical Company Limited Astellas Pharma Inc. Boehringer Ingelheim International GmbH Daiichi Sankyo Company Limited Eisai Co. Ltd.
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