Despite limited increase in demand for pediatric neuroblastoma treatments in 2020, preventive healthcare initiatives by governments and healthcare organizations support development in the sector.
ROCKVILLE, MD / ACCESSWIRE / May 26, 2020 / Preference as a precautionary healthcare procedure for immunocompromised children continue to bolster the growth of pediatric neuroblastoma treatment market. reveals Fact.MR. High incidences of neuroblastoma in children below the age of one year and high burden of the ailment remain the critical factors driving demand for pediatric neuroblastoma treatment. The rising designation of orphan medications also remains a major contributor to market growth. The pediatric neuroblastoma treatment market is projected to expand with an impressive 9.2% CAGR during the forecast period (2020-2026).
"The global pediatric neuroblastoma treatment market is set on a positive trajectory despite the COVID-19 pandemic, as cancer rates are not likely to fall in the future, thus encouraging key players to continue investments for innovative treatment methods," says the FACT.MR analyst.
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Pediatric Neuroblastoma Treatment Market - Key Takeaways
- Chemotherapy as a pediatric neuroblastoma treatment is anticipated to remain highly popular, accounting for a large portion of revenue streams.
- Immunotherapy procedures will continue to remain in high demand, surpassing chemotherapy, owing to applications for combating ailments such as COVID-19 as well.
- Hospitals and hospital pharmacies will remain essential for distribution owing to the presence of trained health professionals and access to specialty medications.
- North America will hold the lead, in major market share, while Europe will generate highly lucrative opportunities driven by higher health awareness and neuroblastoma cases.
Pediatric Neuroblastoma Treatment Market - Key Driving Factors
- Streamlining of authorizations for manufacturing processes by market players is supporting market growth.
- The rising healthcare burden of neuroblastoma on the system remains a key influencer.
- The frequent advances in immunotherapy applications for cancer treatment also support overall market growth.
- Rising adoption rate for tech advancements, and favorable reimbursement scenarios are also drivers for global market growth.
Pediatric Neuroblastoma Treatment Market - Key Constraints
- The high costs associated with research and development activities towards cancer therapy is adversely affecting the development in the pediatric neuroblastoma treatment market.
- Despite changes from regulatory authorities, approval of novel treatments remains slow, which is also anticipated to significantly hinder the growth of the market.
The Anticipated Impact of Coronavirus
With the rapid spread of the COVID-19 pandemic, healthcare organizations are being cautious to safeguard child cancer patients from being infected. While the effects of the virus on children have been minimal, pediatric patients could be more susceptible. Immunocompromised children afflicted by cancer have greater morbidity and mortality from COVID-19.
Consequently, major players in the market are taking advantage of research to prevent infection, including clinical trials for COVID-19, including vaccines and cures. Companies are also ramping up production and moving demand to priority products to keep up with patient requirements. However, major companies have been forced to downsize, with large numbers of the workforce working from home.
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Competition Landscape
Key players in the pediatric neuroblastoma treatment market are Pfizer Inc., United Therapeutics Corporation, Bayer AG, APEIRON Biologics AG, and Baxter. Majority of these players are investing in the development of new product offerings. Strategic collaborations for distribution operations are also gaining traction among major players.
More About the Report
FACT.MR's market research report of 300 pages offers comprehensive insights on pediatric neuroblastoma treatment market. The market is analyzed on the basis of therapy type (immunotherapy, chemotherapy, and others) and distribution channel (hospital pharmacies and retail pharmacies & drug stores) across three key regions (North America, Europe, and Rest of the World).
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SOURCE: FactMR