Pediatric Oncology Treatment Market: Chemotherapy segment is anticipated to account for significant share of the market
Pediatric Oncology Treatment Market: Overview
Childhood cancer is a term used to describe cancer that occurs between birth and 15 years of age. Pediatric cancer is quite rare and may differ from adult cancers in the way they grow. Several cancer treatments are currently available. The type of cancer and stage determine the treatment. The primary cause of childhood cancer is not known; however, researchers assume that 5% of all cancers in children is caused by an inherited mutation. The Children’s Oncology Group (COG) is the world’s largest organization that conducts clinical research to improve the care and treatment of children with cancer.
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Pediatric Oncology Treatment Market: Key Trends
Rise in prevalence of cancer, favorable reimbursement scenario, and health care reforms are the major factors that boost the global pediatric oncology treatment market. According to WHO data (2018), cancer is a leading cause of death among children and adolescents across the world; nearly 300,000 children aged between 0 and 19 are diagnosed with cancer each year. Moreover, in 2018, the WHO launched the Global Initiative for Childhood Cancers with various partners to provide proper childhood cancer programs across the world.
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Pediatric Oncology Treatment Market: Segmentation
The global pediatric oncology treatment market can be segmented based on indication, treatment, end-user, and region. In terms of indication, the market can be classified into leukemia, bone tumors, brain cancers, retinoblastoma, lymphoma, and others. Leukemia accounts for majority of all pediatric cancers. The segment is projected to dominate the market during the forecast period, as it is the most common childhood cancer. Based on treatment, the global pediatric oncology treatment market can be categorized into chemotherapy, radiotherapy, tumor surgery, and blood & marrow transplantation. The chemotherapy segment is anticipated to account for significant share of the market during the forecast period. Drugs used in chemotherapy can effectively destroy cancer cells. This factor drives the segment. In terms of end-user, the market can be divided into hospitals, specialty clinics, and cancer & radiation therapy centers. The hospitals segment is expected to expand at a high CAGR during the forecast period owing to high patient preference for these settings for cancer treatment.
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Pediatric Oncology Treatment Market: Regional Analysis
In terms of region, the global pediatric oncology treatment market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2018. The region is projected to account for significant share of the global market due to well-defined reimbursement policies from public and private health insurance firms which helps patients to avail surgery and other treatment options. According to the National Cancer Institute, in early 2019, around 11,000 new cases of childhood cancer were diagnosed in the U.S. An estimated 6,000 childhood cancer patients succumb to the disease in Europe each year. Asia Pacific is expected to account for significant share of the market in terms of revenue during the forecast period due to rise in awareness about the different treatment options for pediatric.
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Pediatric Oncology Treatment Market: Competitive Landscape
Major players operating in the global pediatric oncology treatment market include Royal Children’s Hospital, St. Jude Children’s Research Hospitals, Birmingham Women’s and Children’s, the National Center for Child Health and Development, the Vanderbilt University Medical Center, St. Louis Children’s Hospitals, and SSM Health.
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