Pediatric Neuroblastoma Treatment Market by Treatment Type [Chemotherapy, Immunotherapy, Targeted Therapy, and Radiation Therapy], Risk Group [Low Risk, Intermediate-Risk, and High Risk], End User [Hospital and Cancer Specialty Center] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global pediatric neuroblastoma treatment market was pegged at ~US$ 759.5 million in 2020. The market is expected to witness a CAGR of ~8.5% from 2021 to 2031.
The rising prevalence of neuroblastoma, strong product pipeline, increasing awareness programs, and growing public and private funding for R&D activities are some of the key factors propelling the growth of the pediatric neuroblastoma treatment market. However, the expensive nature of neuroblastoma therapy and its adverse effects are likely to restrain the market growth to a certain extent.
Faster approvals for neuroblastoma therapies would further help in the rapid adoption of the products and turn, boost the market growth. For instance, in November 2020, the FDA granted accelerated approval to naxitamab (DANYELZA, Y-mAbs Therapeutics, Inc.) in combination with granulocyte-macrophage colony-stimulating factor (GM-CSF) for pediatric patients aging one year and above and adult patients with relapsed or refractory high-risk neuroblastoma in the bone or bone marrow demonstrating a partial response, minor response, or stable disease to prior therapy.
Partnerships and collaborations among companies, clinical institutes, and research organizations are being formed in order to propel the R&D activities for novel neuroblastoma treatment. For instance, in October 2019, Tmunity Therapeutics, Inc., a private clinical-stage biotherapeutics company announced an exclusive license and research collaboration agreement with Children’s Hospital of Philadelphia (CHOP) to advance a glypican 2 (GPC2) chimeric antigen receptor T-cell (CAR-T) therapy for the treatment of neuroblastoma. Such partnerships are likely to prove healthy for the market growth in the forecast period.
However, the high cost of neuroblastoma treatment is expected to restraint the market to a certain extent. As cancer survival rates rise, so do the price tags of life-saving treatments. Pediatric cancer patients have higher treatment costs than adult patients. The patient has to undergo several rounds of intensive & complex chemotherapy treatments. Many patients’ family struggles with the physical and emotional effects of high out-of-pocket medical costs.
The Asia-Pacific region is projected to be the fastest-growing pediatric neuroblastoma treatment market. The high growth of the region can be attributed to the developing healthcare infrastructure, increasing number of R&D activities owing to less stringent regulation, and rising awareness among the people about early diagnosis & treatment of the diseases.
The prominent players operating in the global pediatric neuroblastoma treatment market are Bayer AG, Pfizer Inc., Apeiron Biologics AG., United Therapeutics Corporation, Y-mAbs Therapeutics, Inc., Cellectar Biosciences, Inc., Clarity Pharmaceuticals, Provectus Biopharmaceuticals, Inc., and Scorpion Therapeutics, among others.