The recent COVID-19 pandemic has stalled important businesses across the world, attributed to a shortage in workforce within organizations and increased work-from-home directives. A recent survey, conducted by News Wise, of 1,300 patients with chronic illnesses, including cancer, revealed that their vulnerability to the COVID-19 has increased due to their condition. This increased vulnerability is only anticipated to broaden prospects for cancer treatments especially in children.
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The same is applicable for the global pediatric neuroblastoma treatment market. As the number of cases of neuroblastoma rise, so does the demand for its diagnosis and treatment. Doctors are taking precautions to protect cancer afflicted children from the onslaught of COVID-19.The approval of orphan drugs such as CLR 131 Phospholipid Drug Conjugate (PDC), developed by Cellectar Biosciences shall leverage the market during the forecast period (2020-2026), at a staggering CAGR of 9.2%.
Companies are also authorizing streamlining of the production and manufacturing process of important drugs to combat COVID-19. Pfizer, Inc., for example has increased production, shifted demand to the most critical products, and authorized overtime at many sites to meet patient needs.
Key Takeaways of Global Pediatric Neuroblastoma Treatment Market Study:
- By therapy type, the chemotherapy segment is anticipated to account for more than half of the global pediatric neuroblastoma treatment market. Increased usage of chemotherapy drugs such as such as cyclophosphamide, carboplatin and Doxorubicin for neuroblastoma is an important growth driver. Projected CAGR for the segment is a whopping 9.2% during the forecast period.
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- Immunotherapy procedures are set to surpass the chemotherapy segment. This is attributed to increased survival rates without relapse or disease progression among children. Moreover, immunotherapy procedures shall be increasingly adopted as they also offer protection from other diseases such as COVID-19. The segment shall expand impressively at a CAGR of 9.9%, accounting for more than a quarter of the market.
- By distribution channel, hospitals shall continue dominating the global pediatric neuroblastoma market, capturing more than three-fifths of the market. High preference given to hospital pharmacies for dispensing specialty medicines owing to presence of trained and experienced health professionals shall leverage the segment’s prospects.
- By region, North America shall dominate the global pediatric neuroblastoma treatment market, growing at an impressive CAGR of 9.0% and capturing over half of the market share. Development of technologically-enhanced products and rising approval of orphan drugs for treatment are attributed as key growth drivers.
- Europe is projected to grow the fastest, owing to increased approval for new drugs, presence of important market players, rising incidences of neuroblastoma and rising awareness of good health. Projections indicate a market share of more than one-fourth of the global pediatric neuroblastoma treatment market.
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- In the wake of the COVID-19 pandemic, companies are increasingly leveraging their production capacities to ensure that patients suffering from neuroblastoma do not undergo complications as a result of being infected by the virus. Studies have shown that, fortunately, the COVID-19’s impact is restricted to adults. However, practitioners have urged manufacturers to conduct in-depth research on the virus’s impact on pediatric patients in order to develop a response mechanism should an infection arise.
- APEIRON Biologics, an important market player, has initiated phase II of its APN01 drug for treating the COVID-19 disease. The drug candidate is designed to imitate human ACE2 used by the virus to enter host cells to inhibit infection and reduce lung injury. Likewise, Pfizer Inc., another neuroblastoma player, has collaborated with BioNTech to develop the BNT162 mRNA vaccine for eradicating COVID-19.
“The global pediatric neuroblastoma treatment market is set to embark on a positive growth journey. In spite of the prevalence of the COVID-19 pandemic, the incidence of cancers is not anticipated to reduce in the future, thus prompting key players to continue investing in novel treatment methods,” concludes a Fact.MR analyst.
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Global Pediatric Neuroblastoma Treatment Market Prospects to Remain Positive
The global pediatric neuroblastoma treatment market consists of the following market players: United Therapeutics Corporation, APEIRON Biologics AG, Baxter, Bayer AG and Pfizer Inc. Their principal marketing strategy is to invest in the development of new products. Although the COVID-19 pandemic has compelled major companies to downsize their operations, given the fact that most of the staff is now forced to work from home, the prospects for oncological players shall remain positive.
United Therapeutics Corporation, for instance, has entered into separate non-exclusive distribution agreements with Accredo and Caremark to distribute Remodulin, Tyvaso and Orientram in the U.S. Its product portfolio includes Unituxin (Dinutuximab) which is a chimeric monoclonal antibody used to treat severe pediatric neuroblastoma conditions.
Another market player, Baxter manufactures the Cyclophosphamide for Injection USP 500 mg Single Dose. Cyclophosphamide for Injection USP is a sterile white powder containing cyclophosphamide monohydrate. When injected, the powder gets converted into metabolites which inhibit the growth of susceptible rapidly proliferating malignant cells.
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