PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1629250
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1629250
Neuroblastoma Drugs Market size was valued at USD 815.5 Million in 2023, expanding at a CAGR of 5.80% from 2024 to 2032.
The most prevalent kind of cancer among newborns is neuroblastoma. The sympathetic nervous system's embryonic malignancy, which arises from the neuroblasts, is what causes the cancer. The malignancy spreads to the spinal cord, chest, or adrenal nerve tissues. Neuroblastoma is diagnosed before the age of five in over 90% of cases. In rare instances, prenatal ultrasounds may reveal the malignancy. The increased incidence of neuroblastoma and childhood cancer are the main causes of the neuroblastoma drug market's expansion. According to estimates, as of 2023, over 700 children in the US will receive a neuroblastoma diagnosis annually. Additionally, the neuroblastoma drugs market is expected to develop as a result of people's increased awareness of cancer diagnosis and treatment. In the upcoming years, it is anticipated that the growing number of incident instances that are age- and gender-specific will spur industry expansion.
Neuroblastoma Drugs Market- Market Dynamics
Rising Incidence of Neuroblastoma
One of the main driver driving the market expansion for neuroblastoma drugs is the rise in the disease's occurrence. Neuroblastoma diagnoses have increased noticeably in recent years, especially in juvenile populations. The need for sophisticated and successful therapeutic strategies has increased as a result of this incidence trend. Pharmaceutical firms and researchers are encouraged to step up their efforts in creating novel neuroblastoma medications as more cases are discovered due to enhanced diagnostic capabilities and more awareness, which supports the neuroblastoma drug market's expansion.
Neuroblastoma Drugs Market- Key Insights
As per the analysis shared by our research analyst, the global Neuroblastoma Drugs Market is estimated to grow annually at a CAGR of around 5.80% over the forecast period (2024-2032)
Based on the route of administration segmentation, the injectable category was predicted to show maximum market share in the year 2023
Based on end-user segmentation, the hospitals were the leading segment in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Neuroblastoma Drugs Market is segmented on the basis of Route of Administration, Type, End-user, and Region.
Based on the route of administration, the neuroblastoma drugs market is segregated into Oral and Injectable. In 2023, the injectable category held a dominant market position in the worldwide neuroblastoma drugs market due to its effectiveness, ease, and capacity to administer precise amounts of neuroblastoma pharmaceuticals. Further bolstering the category growth are injectable formulations, which provide a dependable and straightforward administration route, guaranteeing quick absorption and bioavailability-particularly important in pediatric oncology.
By type, the market is divided into Chemotherapy, Immunotherapy, Bone Marrow Transplantation, Retinoid therapy, Surgery, and Others. Due to growing knowledge and research developments, immunotherapy shows promise for more lasting and effective results, and it is anticipated to record the highest compound annual growth rate (CAGR) during the neuroblastoma drugs market forecast period. Immunotherapy currently holds the largest market share worldwide. Furthermore, the segment is growing as a result of continuous clinical trials and cooperative efforts that strengthen immunotherapy's momentum and establish it as a game-changing strategy in the changing field of neuroblastoma treatment.
Neuroblastoma Drugs Market- Geographical Insights
Geographically, the Neuroblastoma Drugs Market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
North America held the greatest market share for neuroblastoma drugs in 2023. This increase is ascribed to both the rise of neuroblastoma cases and the development of technologically advanced medications. According to estimates, the United States spent more than USD 190 billion on cancer treatment in 2015, and that amount is expected to rise to over USD 200 billion in 2020. Additionally, the neuroblastoma drugs market is expanding due to rising healthcare sector spending and the approval of orphan drugs for the neuroblastoma treatment. The industry is expected to rise as more people receive chemotherapy and medication therapies to prevent more complications from the illness.
The market for neuroblastoma drugs in Europe is anticipated to hold the second-largest share. The rising incidence of childhood cancer and rising cancer treatment costs are the main factors driving the market's expansion. Additionally, due to its site-specific activity and lack of cytotoxic effects on the body, anti-GD2, the first medication licensed for the treatment of neuroblastoma, is seeing tremendous demand. Furthermore, the region's growing infant population and the creation of cutting-edge, innovative treatments for neuroblastoma are driving the neuroblastoma drugs market expansion. In addition, greater knowledge about neuroblastoma diagnosis and treatment has made it possible to concentrate on novel tumour targets for the development of cancer medications using cell-mediated immunotherapy.
The presence of various competitors operating on a worldwide and regional scale, such as Y-mabs Therapeutics, Inc., Bristol-Myers Squibb Company, MacroGenics Inc., AstraZeneca plc, Eli Lilly and Company, and others are the main reason for the high degree of fragmentation in the neuroblastoma drugs market. A wide range of businesses that each contribute to the overall dynamics of the market defines the competitive landscape. The competition for market share among existing industry giants, newcomers, and specialist solution providers is the cause of this fragmentation. The market for neuroblastoma drugs has seen major players use acquisition, collaboration, agreement, and product approval as important developmental tactics to expand their product portfolio. For instance, in May 2023, The Brazilian Health Regulatory Agency approved the commercialization of DANYELZA (naxitamab-gqgk) 40mg/10mL injection, according to Y-mAbs Therapeutics, Inc., a commercial-stage biopharmaceutical business. In Brazil, Adium Pharma S.A., a partner of Y-mAbs, will sell DANYELZA.
February 2023: The European Medicines Agency approved the proposed pediatric investigation plan for naxitamab, according to a statement released by commercial-stage biopharmaceutical startup Y-mAbs Therapeutics, Inc. The Pediatric Committee expressed a favourable judgment, which led to the conclusion. The indication addressed by the PIP, relapsed/refractory high-risk neuroblastoma, as well as osteosarcoma, are the conditions for which Y-mAbs is developing naxitamab.