Global Pediatric Cancer Treatment Drugs Market Highlights Over 2022 - 2031
The global pediatric cancer treatment drugs market is estimated to garner a large amount of revenue by growing at a significant CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing occurrence of cancer among children, and rising prevalence of childhood obesity across the globe. According to the World Health Organization (WHO), as of December 2021, every year, an estimated 400,000 children and adolescents of 0-19 years old in the world develop cancer. Along with these, there is an extensive launch of initiatives to spread awareness about pediatric cancer, especially in developed nations, coupled with growing investments by government to develop the medical infrastructure in the pediatric section. These, are in turn are expected to drive market growth significantly in the upcoming years. Furthermore, escalating product launches and development of novel cancer treatments by pharmaceutical companies are projected to offer ample growth opportunities to the market in the near future.
The market is segmented by indication into leukemia, bone tumors, brain cancers, retinoblastoma, lymphoma, and others, out of which, the leukemia segment is anticipated to hold the largest share in the global pediatric cancer treatment drugs market. This can be accounted to the high occurrence of cancers of bone marrow and blood among children all around the world. Additionally, on the basis of treatment, the chemotherapy segment is predicted to grab the largest share during the forecast period, which can be credited to the high effectiveness of chemotherapy drugs in pediatric cancer treatment. Apart from this, chemotherapy, along with radiotherapy are used as a first-line radical therapy in a number of pediatric oncology, which is also assessed to boost the market segment growth in the future. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Pediatric Cancer Treatment Drugs Market Regional Synopsis
Regionally, the global pediatric cancer treatment drugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing government investments to enhance the medical infrastructure, and rising awareness about different treatment options in pediatric oncology. As per the World Bank, the health expenditure of China stood at 5.351% of the total GDP in the year 2018, up from 5.151% and 4.982% in 2017 and 2016 respectively.
Moreover, the market in North America is expected to occupy the largest share during the forecast period owing to the favorable reimbursement from public and private health insurance firms in the region. In addition, increase in the number of research partnerships among companies is also projected to drive market growth in the region in the coming years.
The global pediatric cancer treatment drugs market is further classified on the basis of region as follows:
Our in-depth analysis of the global pediatric cancer treatment drugs market includes the following segments:
By End User
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FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing occurrence of cancer among children, and rising prevalence of childhood obesity worldwide.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2031.
The major players in the market are Bristol Myers Squibb Company, Epizyme, Inc., Eisai Co., Ltd., Recordati Rare Diseases Inc., Merck & Co., Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by indication, treatment, end user, and by region.
The leukemia segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
High cost of pediatric cancer treatment is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing government investments to enhance the medical infrastructure, and rising awareness about different treatment options in pediatric oncology.
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