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Eye Melanoma Report 2024 - Market Share Analysis And Trends
Eye Melanoma Global Market Report 2024
According to The Business Research Company's, The eye melanoma market size has grown strongly in recent years. It will grow from $8.29 billion in 2023 to $9.1 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to increased awareness and early detection, aging population and sun exposure, rise in skin cancer incidence, development of targeted therapies, patient advocacy and support programs..
The eye melanoma market size is expected to see strong growth in the next few years. It will grow to $12.61 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to continued public health initiatives, research in genetic and molecular profiling, global aging population trends.. Major trends in the forecast period include integration of artificial intelligence (ai), emergence of targeted therapies, focus on rare disease drug development, patient-centric drug approval processes, advancements in diagnostic imaging, advancements in treatment modalities, technological innovations in imaging..
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Market Drivers and Trends:
The increasing prevalence of eye cancer is expected to propel the growth of the eye melanoma market going forward. Eye cancer refers to the development of abnormal and uncontrolled cell growth within the eye's structures. The growing recognition and effective management of early cases are creating a heightened need for specialized therapies and interventions, propelled by improved detection methods, increased awareness, and advancements in treatment options. For instance, in January 2023, according to the American Cancer Society, a US-based nonprofit cancer advocacy organization, the number of eye and orbital cancer cases increased to 3,490 in 2023, reflecting a growth of 5.12% from 3,320 in 2021. Therefore, the increasing prevalence of eye cancer will drive the growth of the eye melanoma market.
Major companies operating in the eye melanoma treatment sector are focused on developing innovative and specialized treatments, such as immunotherapies and targeted therapies, to enhance patient outcomes and quality of life. Immunotherapies and targeted therapies are novel treatment modalities that have recently begun to enter the oncology field. For instance, in January 2022, Immunocore Ltd., a UK-based biopharmaceutical company that focuses on research and development of biological drugs using soluble T-cell receptor technology, received approval from the U.S. Food and Drug Administration (FDA) for Kimmtrak (tebentafusp-tabn), a T-cell receptor therapeutic, which is the first therapy for individuals with unresectable or metastatic uveal melanoma (mUM). Kimmtrak is an immunotherapy that targets a specific protein called gp100, which is present on the surface of uveal melanoma (UM) cells. It activates the patient's immune system to eliminate melanoma by engaging specialized immune cells through engineered T-cell receptors, offering a precision-driven approach to cancer treatment.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd, Merck & Co. Inc, AbbVie Inc., Bayer AG, Novartis AG, Bristol-Myers Squibb Company, AstraZeneca PLC, Sanofi S.A., GlaxoSmithKline PLC, Eli Lilly and Company, Amgen Inc., Koninklijke Philips N.V., Carl Zeiss AG, Genentech Inc., Elekta Instrument AB, Brainlab AG, Optos Plc , Castle Biosciences Inc., Heidelberg Engineering, Nektar Therapeutics, RaySearch Laboratories AB, Nidek Co. Ltd, IDEAYA Biosciences, Immunocore Limited , Topcon Healthcare, Oraya Therapeutics Inc., Delcath Systems Inc.
Eye Melanoma Market 2024 Key Insights:
• The Eye Melanoma Market is expected to grow to $12.61 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Rising Prevalence Of Eye Cancer Boosts Growth Prospects For The Eye Melanoma Market
• Pioneering Advances In Eye Melanoma Treatment For Unresectable Or Metastatic Uveal Melanoma
• North America was the largest region in the eye melanoma market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the eye melanoma market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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