Global Eye Cancer Market: Overview
Eye cancer is one of the most common types cancer that develops in the eyeball of adults. Cancer is referred to the uncontrolled growth of the cells, similarly, eye cancer occurs when healthy cells in or around the eye change and grow uncontrollably leading to the formation of tumors. Over 100 types of cancers have been identified. Different types of eye cancers are observed namely intraocular cancer, squamous cell cancer, rhabdomyosarcoma, and others. These types of cancer affect eyeball, orbit (eye socket), and adnexal (accessory) structures.
Growing incidence of the eye cancer is one of the major driving factors for the growth of the market. As per American Cancer Society’s estimates, there will be 3,540 new cancers (mainly melanomas) of the eye and orbit: 2,130 in men and 1,410 in women in the United States in the year 2018. Moreover, as per the American Cancer Society, in 2015, over 330 deaths occur due to cancers of the eye and orbit.
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Moreover, huge geriatric population and increasing government support have also contributed to the growth of the market. The deteriorating lifestyle due to alcoholism and smoking is the major cause of the rise in the incidence of eye cancer. Majority of the companies are actively performing research & development activities to further improve the treatment of the eye cancer.
Primary eye cancers can occur at any age, however, the risk increases with increasing age. The geriatric population is more likely to suffer from such cancers. Many manufacturers are trying to introduce new drugs and a better treatment regime to increase their footprint in the market. Increasing prevalence of cancer has boosted the growth of the market. Moreover, increasing government support will support the market growth. However, long approval time for the drugs and side effects of the treatment may restrain the growth of the market.
The global market for eye cancer is expected to grow at a CAGR of approximately ~8.3% during the forecast period 2017-2023. This is due to growing cases of spinal injuries. The market is forecasted to demonstrate a steady growth by 2023, surpassing its previous growth records in terms of value with a constant CAGR during the anticipated period (2017 – 2023).
Global Eye Cancer Market – Competitive Analysis
The eye cancer industry has turned into a critical and element power in the Global healthcare industry. Through extensive research, it is found out that the market players have adopted the strategy of bringing in releasing new drugs, and treatments in the market. As there are plenty of large and small market players available out of which some of the major players operating in this market are Novartis AG, Spectrum Pharmaceuticals Inc., GlaxoSmithKline Plc., Bayer AG, Amgen, Inc., Bristol-Myers Squibb Company, Eli Lilly and Company, AstraZeneca Plc., F. Hoffmann-La Roche Ltd., Janssen Biotech, Inc., Sanofi, AbbVie Inc., Takeda Pharmaceuticals, Pfizer, Inc., Merck & Co., Inc., Oncomed Pharmaceuticals, Immunomedics and others.
In February 2017, Bayer received approval for Eylea (an aflibercept solution for injection into the eye) by the Chinese State Food and Drug Administration (CFDA) for the treatment of visual impairment due to diabetic macular edema (DME). This is the first indication for Eylea approved by the CFDA.
In March 2018, Bristol-Myers Squibb Company announced the expansion of its Yale Cancer Center that has joined the International Immuno-Oncology Network (II-ON), a global peer-to-peer collaboration between Bristol-Myers Squibb and academia that aims to advance translational Immuno-Oncology (I-O) science. This will help the company to expand its research and development in various oncological branch.
In April 2015, AstraZeneca announced that the U.S. Food and Drug Administration has granted Orphan Drug Designation for the MEK inhibitor selumetinib, for the treatment of uveal melanoma. This will help the company to strengthen its customer base and to increase its product portfolio.
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