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Market Synopsis
The eye
cancer market Share is projected to reach USD 16,955.10 Million by 2030 at
8.60% CAGR during the forecast period 2022-2030. Eye cancer is a common type of
cancer that develops in the eyeball of adults. Cancer is an uncontrolled growth
of the cells, and eye cancer occurs when healthy cells in or around the eye
change and grow uncontrollably, resulting formation of tumors. Different types
of eye cancers are intraocular cancer, squamous cell cancer, rhabdomyosarcoma,
and others. These types of cancer affect eyeball, orbit, and adnexal
structures.
Drivers
The deteriorating lifestyle owing to alcoholism and smoking
is highly instrumental in the rise in the incidence of eye cancer. Lack of
physical activity, regular consumption of unhealthy food items, and increased
stress give rise to possibility of cancer, increasing the eye cancer market
size. In addition, increasing government support for research & development
coupled with rising healthcare expenditure has fueled the market growth to a large
extent.
Restraints
With many treatments available across the globe, there are
high chances that there will be side-effects associated with these procedures.
This factor proves to be highly detrimental to the market growth to some
extent.
However, the market is also buoyed by technological
advancements that could make it easier for patients to seek treatment. For
instance, in August 2018, Google’s DeepMind Health, Moorfields Eye Hospital NHS
Foundation Trust, and University College London (UCL) Institute of
Ophthalmology, in a joint venture created an artificial intelligence (AI) that
accurately dictates how to refer optometry patients in more than 90% of cases.
It is designed to prioritize patients who need to be treated urgently by an eye
care professional.
Market Segmentation
The global eye
cancer market outlook is segmented based on type, treatment and end users.
By type, the market is segmented into intraocular cancer,
squamous cell cancer, rhabdomyosarcoma, and others. Intraocular cancer is
sub-segmented into melanoma of the eye, lymphoma of the eye, and eye cancers in
children.
By treatment, the market is segmented into chemotherapy,
surgery & radiation therapy, targeted therapy, hormone therapy, biologic
therapy, and other. Chemotherapy is sub-segmented into anthracyclines, taxanes,
antimetabolites, and alkylating agents. Target therapy is sub-segmented into
monoclonal antibodies and tyrosine kinase inhibitors. Hormone therapy is
sub-segmented into selective estrogen-receptor modulators (SERMs), aromatase
inhibitors and others. By end user, the market is segmented into hospital &
clinics, ambulatory care centers, and others.
Regional Outlook
The global eye cancer market is spread across the regions of
the Americas, Europe, Asia Pacific (APAC) and the Middle East & Africa.
Globally, the Americas leads the global eye cancer market on
account of increasing incidences of eye cancer. Moreover, sophisticated
technology, high healthcare expenditure, and strong government support for
research & development have triggered the growth of the eye cancer market
in the region. In addition, presence of market giants in the region supports
the upward trajectory of the market as well.
On the other hand, Europe stands second globally followed by
Asia Pacific. This position was achieved on the back of strong government
support and availability of the funds for research & development.
Sophisticated healthcare infrastructure and strong economic growth in the
region have also been instrumental in the market growth over the past few
years.
MRFR predicts that APAC is growing with the fastest CAGR due
to increasing prevalence of cancer, rapidly developing economy and growing
government support. The Asia Pacific eye cancer market is primarily driven by
Japan, India, and China on account of a massive huge patient pool, and rapidly
developing healthcare sector.
Lastly, the Middle East & Africa claims the least share
of the market owing to limited funding and lack of availability of medical
facilities and poor political conditions. The Middle East has managed to
capture a major share in the Middle East & Africa eye cancer market with
countries such as Kuwait, Qatar, Oman and South Arabia holding a substantial
share. However, the Africa region is deemed to rise at a healthy growth rate
owing to the presence of huge untapped potential for the development of the market.
Key Players
The key players in the global market include Takeda
Pharmaceuticals (Japan), Pfizer, Inc. (U.S.), Merck & Co., Inc. (U.S.),
Novartis AG (Switzerland), Spectrum Pharmaceuticals Inc. (U.S.),
GlaxoSmithKline Plc. (U.K.), Bayer AG (Germany), Amgen, Inc. (U.S.),
Bristol-Myers Squibb Company (U.S.), Eli Lilly and Company (U.S.), AstraZeneca
Plc. (U.K.), F. Hoffmann-La Roche Ltd. (Switzerland), Janssen Biotech, Inc.
(U.S.), Sanofi (France), AbbVie Inc. (U.S.), Oncomed Pharmaceuticals (U.S.) and
Immunomedics (U.S.).
About US:
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