Pediatric Oncology Therapeutics Market
Number of pages: 100 | Report Format: PDF | Published date: May 23, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 40.69 billion |
|
Revenue Forecast in 2031 |
US$ 91.35 billion |
|
CAGR |
9.4% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Indication, Treatment, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global pediatric oncology therapeutics market was valued at US$ 40.69 billion in 2022 and is expected to register a revenue CAGR of 9.4% to reach US$ 91.35 billion by 2031.
Pediatric Oncology Therapeutics Market Fundamentals
The oncology field focuses on the analysis, therapy, and management of cancer. Neonatal, pediatric, and adolescent cancers are the focus of the field of pediatric oncology. Adult malignancies are not usually treated in the same manner as tumors in children. The treatment of children with cancer is the focus of the medical specialty known as pediatric oncology. Most children with cancer are cured and survive for at least five years following diagnosis. This achievement, however, has not been widespread, and many pediatric cancer survivors must deal with the long-term effects of their treatment. A series of clinical studies showed that the survival rate for children with acute lymphoblastic leukemia, the most prevalent pediatric cancer, increased from 10% to 90%.
The research study on the pediatric oncology therapeutics market overview thoroughly analyzes the market, along with the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion.
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide in-depth pediatric oncology therapeutics market forecast to the industry stakeholders.
Pediatric Oncology Therapeutics Market Dynamics
The rising prevalence of pediatric oncology patients with neuroblastoma and decreasing mortality rate drive the market. For instance, in the United States in 2023, it is anticipated that between birth and 14 years old, there will be 9,910 new cases of cancer diagnosed and around 1,040 pediatric cancer deaths. Cancer continues to be the most significant cause of disease-related death in children, even though the mortality rates for this age group have decreased by 70% from 1970 to 2020.
Growing awareness of available cancer treatment options and greater R&D expenditure are all factors driving market expansion. According to research conducted by the National Cancer Institute in February 2022, there will be one case of neuroblastoma for every 7,000 infants, and 10.54 out of every 1,000,000 children under the age of 15 will receive a diagnosis each year. 90% of patients receive their diagnosis before the age of five (median age is 19 months), and 37% are diagnosed before birth. Additionally, rising government investment in R&D to enhance the nation's child health care system and growing public knowledge of pediatric neuroblastoma therapy contribute to the market's revenue growth. For instance, the Rally Foundation donated US$ 3.4 million on March 30, 2022, to battle pediatric oncology. Rally's Medical Advisory Board, which comprises 60 distinguished pediatric cancer specialists, uses a competitive dual peer-review process to choose which grant proposals will be granted. These grants assist postdoctoral researchers at various stages of their careers, including postdoctoral fellows in their second and third years and emerging and seasoned scholars.
Pediatric Oncology Therapeutics Market Ecosystem
Pediatric Oncology Therapeutics Market, by Indication
Pediatric Oncology Therapeutics Market, by Treatment
Pediatric Oncology Therapeutics Market, by End User
Pediatric Oncology Therapeutics Market by Treatment
The chemotherapy segment is likely to dominate the market during the forecast period. The increasing growth rate of the segment is largely attributed to the efficacy of chemotherapeutic drugs in the treatment of pediatric cancer as well as the rising prevalence of the illness in the pediatric population.
Additionally, chemotherapy is the recommended course of treatment to minimize symptoms and stop the illness from spreading. It is also used with other treatments, such as radiation therapy or surgery, for better results. For instance, the Memorial Sloan Kettering Cancer Center funded clinical research in June 2021 to examine the efficacy and safety of N9 as a therapy for pediatric neuroblastoma. The three chemotherapy drug combinations that make up the N9 regimen (CDV) are cyclophosphamide, topotecan, and vincristine (CTV), ifosfamide, carboplatin, and etoposide (ICE), and cyclophosphamide, doxorubicin, and vincristine.
Before or after surgery, chemotherapy is used to treat certain pediatric patients. In certain other cases, chemotherapy is the main course of action, especially when the disease has advanced too far for surgery to effectively cure it. The market under investigation will also grow due to increased funding for studies examining chemotherapy's efficacy in managing pediatric neuroblastoma.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as indication, treatment, end user and region etc. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps in identifying potential pediatric oncology therapeutics market growth opportunities.
Pediatric Oncology Therapeutics Market by Region
The North American market had the largest revenue share, which may be due to various factors, such as the region's developed medical infrastructure and the incidence of pediatric neuroblastoma. The growth in scientific collaboration and helpful government measures are also responsible for the market growth. Due to its large patient population, enabling legislation, and sophisticated healthcare industry, the U.S. has the biggest share in this sector. Additionally, joint ventures, mergers, and acquisitions are all recent actions performed by significant market participants that will significantly contribute to the industry's total growth.
The Asia Pacific region shows the fastest growth of revenue CAGR of 9.8% during the forecast period. Rising cancer and childhood obesity incidence rates are both major contributors to the industry's rise, causing a surge in this market. Other contributing factors to the Asia Pacific market growth are increasing healthcare expenditure, the growing concentration of state-of-the-art healthcare infrastructure, and the burgeoning medical tourism industry.
Based on the regions, the global Pediatric Oncology Therapeutics market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding pediatric oncology therapeutics market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
Pediatric Oncology Therapeutics Market Competitive Landscape
The market competitive landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats keeping in mind the pediatric oncology therapeutics industry trends.
Pediatric Oncology Therapeutics Market Strategic Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
Pediatric oncology therapeutics refer to the diverse range of treatments used in treating pediatric cancers.
The total pediatric oncology therapeutics market size worldwide in 2022 will be US$ 40.69 billion.
North America region will have the largest pediatric oncology therapeutics market size during the forecast period from 2023 to 2031.
The revenue CAGR in the global pediatric oncology therapeutics market is expected to be 9.8%.
The resultant market size of the pediatric oncology therapeutics market in 2031 will be US$ 90.35 billion.
The high cost and side effects associated with cancer therapy is the key challenge hampering the growth of the global pediatric oncology therapeutics market.
The increasing burden of pediatric cancer, increasing R&D initiatives, and rising awareness of available cancer treatments drive the global pediatric oncology therapeutics market.
Some of the prominent market players in the global pediatric oncology therapeutics market include United Therapeutics Corporation, Pfizer, Inc., and Baxter.
The chemotherapy segment has the highest share in the global pediatric oncology therapeutics market.
*Insights on financial performance are subject to the availability of information in the public domain