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Retinoblastoma Treatment Market 2024: Global Insights, Trends, and Forecast
Retinoblastoma Treatment Market
According to The Business Research Company's, The retinoblastoma treatment market size has grown strongly in recent years. It will grow from $1.93 billion in 2023 to $2.03 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to increasing number of funding, chance of recurrence of retinoblastoma, early diagnosis and treatment of retinoblastoma, growing awareness regarding different type of cancers, considerable growth in cancer research.
The retinoblastoma treatment market size is expected to see strong growth in the next few years. It will grow to $2.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to increasing demand for ophthalmic treatment and surgeries, increasing incidence of retinoblastoma, increasing research and development activities, growing awareness pertaining to retinoblastoma treatment, increasing healthcare expenditure. Major trends in the forecast period include advancements in medical technology, improved diagnostic capabilities, augmented investments in pediatric oncology, new product approval, improvements in medical infrastructure.
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Market Drivers and Trends:
The increasing demand for ophthalmic treatment and surgeries is expected to propel the growth of the retinoblastoma treatment market going forward. Ophthalmic treatment and surgeries encompass medical interventions and procedures to diagnose, manage, and correct disorders and conditions affecting the eyes and visual system. Ophthalmic treatment and surgeries are increasing due to an aging population, a higher prevalence of conditions such as cataracts and age-related macular degeneration, advancements in technology allowing for more effective and accessible treatments, and growing awareness leading to earlier detection and intervention. Retinoblastoma treatment is required for ophthalmic surgeries to address the presence of cancerous growths within the eye(s) and to prevent metastasis or recurrence while preserving vision and eye function. For instance, in September 2023, according to a report published by the Office for Health Improvement and Disparities, a UK-based government unit, cataract surgery admissions in England totaled over 4.09 million, equating to a rate of 3,803 (3,789 to 3,816) per 100,000 population in the financial year ending 2022. Additionally, there were over 10,900 admissions for rhegmatogenous retinal detachment surgeries and over 677,000 intravitreal injection therapy procedures performed in the same period, with rates of 23.4 (22.9 to 24.0) and 4,796 (4,769 to 4,823) per 100,000 population, respectively. Therefore, the increasing demand for ophthalmic treatment and surgeries is driving the growth of the retinoblastoma treatment market.
Major companies operating in the retinoblastoma treatment market are developing innovative solutions, such as oncolytic adenovirus, to serve customers with advanced features better. An oncolytic adenovirus is a virus that has been genetically modified to infect and destroy cancer cells while sparing normal cells selectively. For instance, in February 2022, VCN Biosciences, a Spain-based biotechnology company, received orphan drug designation by the U.S. Food and Drug Administration for VCN-01, a genetically engineered oncolytic adenovirus designed to treat retinoblastoma. The unique feature of VCN-01 lies in its oncolytic adenovirus nature, which is under investigation in clinical trials targeting cancers with no definitive cure, such as pancreatic carcinoma and retinoblastoma (RB). VCN-01 has undergone scrutiny in four phase 1 clinical trials thus far. Moreover, it is being explored as a standalone treatment option for RB patients who have previously undergone unsuccessful chemotherapy. Notably, the intravitreal administration of VCN-01 has led to complete remission and tumor reduction in several patients, serving as the foundation for its approved orphan drug status.
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Major Key Players of the Market:
Johnson & Johnson Services Inc., F. Hoffmann-La Roche AG, Merck & Co. Inc., Sanofi S.A., Bristol-Myers Squibb Company, Novartis AG, Pfizer Inc., GlaxoSmithKline Plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Baxter International Inc., Regeneron Pharmaceuticals Inc., Astellas Pharma Inc., Otsuka Pharmaceutical, Daiichi Sankyo Company, Taiho Pharmaceutical Co. Ltd., Icon Bioscience Inc., Ono Pharmaceutical Co. Ltd., Nippon Shinyaku Co. Ltd., Cadila Pharmaceuticals, Arcus Biosciences Inc., Sheba Medical Center, Cellceutix Corporation, Phio Pharmaceuticals Inc.
Retinoblastoma Treatment Market 2024 Key Insights:
• The retinoblastoma treatment market size is expected to see strong growth in the next few years. It will grow to $2.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Ophthalmic Treatment Demand Fuels Growth In Retinoblastoma Treatment Market
• Innovative Oncolytic Adenovirus Products Revolutionize Retinoblastoma Treatment Market
• North America was the largest region in the retinoblastoma treatment market in 2023
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