Neuroblastoma Drugs Market to Reach $1.3 Billion, Globally, by 2032 at 6.2% CAGR: Allied Market Research

Rise in the prevalence of neuroblastoma, growth in awareness and initiatives taken by the government for neuroblastoma, and rise in R&D activities drive the growth of the global neuroblastoma drugs market. 

PORTLAND, Ore., Feb. 26, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Neuroblastoma Drugs Market Size, Share by Type (Chemotherapy, Immunotherapy, and Others), Route of Administration (Oral and Injectable), and Distribution Channel, (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global neuroblastoma drugs industry generated $0.7 billion in 2022 and is anticipated to generate $1.3 billion by 2032, witnessing a CAGR of 6.2% from 2023 to 2032. 

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Prime determinants of growth

Surge in the prevalence of neuroblastoma, growth in awareness and initiatives taken by the government for neuroblastoma and increase in R&D activities for neuroblastoma drugs are the factors that drive the growth of the global neuroblastoma drugs market. However, adverse effects and safety concerns for neuroblastoma drugs restrict the market growth. Moreover, growth opportunities in emerging markets and rise in the number of pipeline products are expected to present new opportunities in the coming years. 

Report coverage & details: 

Recession Impact 

• During a recession, individuals and governments might tighten their budgets, leading to reduced healthcare spending. This can affect patients' ability to access and afford neuroblastoma drugs, potentially leading to decreased demand for neuroblastoma drug products. 
• However, the surge in prevalence and incidences of neuroblastoma, rise in the number of pipeline drugs, and growth in awareness about early diagnosis & treatment boost the need for neuroblastoma drugs that are experiencing a moderately positive impact from the global recession. 

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The immunotherapy segment to maintain its leadership status throughout the forecast period

By type, the immunotherapy segment held the largest market share in 2022, accounting for half of the global neuroblastoma drugs market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is expected to register the highest CAGR of 7.1% during the forecast period. This is attributed to the high adoption of immunotherapy drugs due to their effectiveness, favorable safety profile, and ongoing research initiatives for immunotherapy drugs. 

The injectable segment to maintain its leadership status throughout the forecast period 

By route of administration, the injectable segment held the largest market share in 2022, accounting for more than four-fifths of the global neuroblastoma drugs market revenue. This segment is expected to register the highest CAGR of 6.3% during the forecast period. This is attributed to the efficiency and precision of drug delivery, flexibility in treatment regimens, and ongoing advancements in drug delivery technologies. 

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The offline segment to maintain its lead position during the forecast period 

By distribution channel, the offline segment accounted for the largest share in 2022, contributing to more than four-fifths of the global neuroblastoma drugs market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to the well-established offline healthcare infrastructure comprising hospitals, clinics, and pharmacies and rise in the adoption of neuroblastoma drugs through offline mode.

However, the online segment is expected to register the highest CAGR of 8.2% during the forecast period. This is attributed to the proliferation of digital health solutions, surge in adoption of e-commerce, and rise in demand for neuroblastoma drugs through digital platforms. 

North America to maintain its dominance by 2032 

By region, North America held the largest market share in terms of revenue in 2022, accounting for more than two-fifths of the global neuroblastoma drugs market revenue and is expected to dominate the market during the forecast period. This is attributed to its well-developed healthcare infrastructure, easy availability of neuroblastoma drugs, governmental initiatives and regulatory support for neuroblastoma. 

However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.6% from 2023 to 2032. This is attributed to growth in awareness of pediatric cancers, surge in incidences of neuroblastoma, and rise in healthcare expenditures. 

Leading Market Players

• Recordati Group
• AstraZeneca PLC
• Bristol-Myers Squibb Company
• Cellectar Biosciences Inc.
• Eli Lilly And Company
• Macrogenics Inc.
• Pfizer Inc.
• Teva Pharmaceutical Industries Ltd.
• United Therapeutics Corporation
• Y-mabs Therapeutics Inc.

The report provides a detailed analysis of these key players in the global neuroblastoma drugs market. These players have adopted strategies such as agreement, acquisition, partnership, and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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