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Pediatric Neuroblastoma Treatment Market Trends, Demand, and Insights 2024-2033
Pediatric Neuroblastoma Treatment Market Trends
According to The Business Research Company's, The pediatric neuroblastoma treatment market size has grown rapidly in recent years. It will grow from $1.67 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to advancements in treatment modalities, increased awareness and early diagnosis, research and development initiatives, collaborative efforts, improved survival rates.
The pediatric neuroblastoma treatment market size is expected to see strong growth in the next few years. It will grow to $2.58 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to emerging therapies, personalized medicine, global health initiatives, expanded access to treatment, patient advocacy and support. Major trends in the forecast period include collaborative research initiatives, gene therapy breakthroughs, novel drug development, early diagnosis and screening, patient advocacy and support.
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Market Drivers and Trends:
The rising number of new cases of pediatric neuroblastoma is expected to propel the growth of the pediatric neuroblastoma treatment market going forward. The rising prevalence of neuroblastoma is increasing the demand for pediatric neuroblastoma treatment alternatives. As a result, pharmaceutical corporations and other stakeholders have boosted their investment in research and development, promoting innovation in the industry. Furthermore, the availability of new diagnostic technology and screening procedures has resulted in earlier neuroblastoma discovery, allowing for earlier treatments and better outcomes. For instance, in March 2023, according to an article published by the American Society of Clinical Oncology (ASCO), a US-based organization for oncology professionals and physicians, neuroblastoma affects approximately 700 to 800 youngsters in the United States each year. In the United States, neuroblastoma accounts for 6% of all childhood malignancies. Neuroblastoma affects around 90% of children under the age of five. Therefore, the rising number of new cases of pediatric neuroblastoma is driving the growth of the pediatric neuroblastoma treatment market.
Research and development are the key trend gaining popularity in the pediatric neuroblastoma treatment market. Major companies operating in the pediatric neuroblastoma treatment market are focusing on advance research and development to sustain their position in the market. For instance, in March 2021, Ascentage Pharma Group Inc., a US-based pharmaceutical company that develops novel cancer therapies, announced that the US Food and Drug Administration (FDA) had designated alrizomadlin (APG-115) as a rare pediatric disease (RPD) for the treatment of neuroblastoma. The FDASIA, which went into force in 2012, introduced the rare pediatric disease priority review voucher (PRV) program to reward sponsors for the discovery of innovative medicines for the treatment of rare pediatric disorders. Ascentage Pharma is developing alrizomadlin, an orally given, selective, small-molecule antagonist of the MDM2 protein. Alrizomadlin has a high affinity for MDM2 and is intended to stimulate p53's tumor suppressive activities by inhibiting the MDM2-p53 protein-protein connection.
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Major Key Players of the Market:
United Therapeutics Corporation; APEIRON Biologics AG; Baxter International Inc.; Cell Ectar Biosciences Inc.; Pfizer Inc.; MacroGenics Inc.; Bayer AG; Provectus Biopharmaceuticals Inc.; Sartorius AG; Y-mAbs Therapeutics Inc.; Amgen Inc.; Eli Lilly and Company; F. Hoffmann-La Roche AG; Clarity Pharmaceuticals; CureSearch for Children's Cancer; Novartis AG; LEO Pharma A/S; UCB SA; Johnson & Johnson Services Inc.; Abbott Laboratories; AbbVie Inc.; Merck & Co. Inc.; Sanofi SA; GlaxoSmithKline plc; Bristol-Myers Squibb Company; Takeda Pharmaceutical Company Limited; Astellas Pharma Inc.; Boehringer Ingelheim International GmbH; Daiichi Sankyo Company Limited; Eisai Co. Ltd.
Pediatric Neuroblastoma Treatment Market 2024 Key Insights:
• The pediatric neuroblastoma treatment market will grow to $2.58 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Surging Pediatric Neuroblastoma Cases Propel Advancements In Treatment Market A Focus On Research, Innovation, And Early Detection
• Advancements In Pediatric Neuroblastoma Treatment Focus On Research And Development Initiatives By Leading Companies
• North America was the largest region in the pediatric neuroblastoma treatment market in 2023
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