Uveal melanoma Treatment Market Outlook (2023 to 2033)
The uveal melanoma treatment market is estimated to secure a valuation of US$ 1.4 Billion in 2023 and is estimated to rise to US$ 2.4 Billion by 2033. The market is anticipated to grow at a CAGR of 5.5% during the forecast period. The factors accelerating the demand for uveal melanoma are as follows
Increase in cases of a genetic disorder
Rise in the geriatric population
Increasing R&D activities
The increasing number of clinical trials, new products, and treatment launches.
The increasing government funding for global disease eradication
The rapid technological development in the field of biotechnology
North America dominates the uveal melanoma treatment market during the forecast period
Uveal melanoma is a type of cancer that develops in the cells that produce pigments in the eye. It occurs in the middle layer of the eye ie. the uveal tract. The uveal melanoma treatment includes a range of therapies and procedures aimed at managing and treating the disease.
The market is mainly driven by increasing incidences of eye cancer, rising healthcare expenditures, and increased risk factors like the geriatric population. Growing initiatives by the government to focus on the development of surgeries & investment in healthcare are the factors projected to drive the uveal melanoma marker during the forecast period.
The market for uveal melanoma treatment is expanding as a result of reasons like increasing advances in diagnostic techniques like increased use of high-resolution imaging and genetic testing, which allows earlier & more accurate detection of uveal melanoma.
Overall the uveal melanoma treatment market is expected to continue to grow, as new treatments & therapy are developed & the incidences of the disease continue to increase.
North America is expected to hold the dominant share of the market owing to the presence of advanced healthcare infrastructure in the region. The USA holds the largest share of the uveal melanoma treatment market. Europe is expected to be the largest market for uveal melanoma treatment due to the high incidences of disease in the region & the presence of a well-established healthcare system and increased awareness
Asia Pacific market is expected to grow at a lucrative growth rate owing to the increasing incidences of uveal melanoma owing to the increased aging population. Furthermore, increasing government initiatives for improving healthcare facilities is another factor contributing to market growth.
The key players operating in the uveal melanoma treatment market include Eli Lily & Co, Spectrum Pharmaceuticals Inc, Novartis AG, Bayer, Astra Zeneca plc, Merck, Amgen, Pfizer Inc, Roche, and others.
The market players operating in the uveal melanoma treatment market are involved in mergers, acquisitions, and partnerships to increase their global presence and broaden their product range.
For instance, in 2021- Novartis announced the launch of a phase 3 clinical trial of its investigational drug. TNO155, for the treatment of uveal melanoma. TNO155 is the targeted therapy that inhibits the growth of cancer cells by targeting a specific protein
The market for uveal melanoma treatment is expected to flourish during the forecast period owing to the increase in the adoption of advanced cancer treatment drug therapies. With the increased demand for uveal melanoma treatment, start-ups are entering the uveal melanoma treatment market with innovative products and treatments.
For instance, founded in 2008- Harmonic Pharma is developing drugs for the treatment of cancer like Uveal Melanoma and Non-Small Cell Lung Cancer. The company has developed a drug discovery platform that uses the spherical harmonic-based molecular representation to process molecules. Its dug pipeline includes HPH-211 for the treatment of uveal melanoma(preclinical).
Data Point
Key statistics
Expected Market value in 2023
US$ 1.4 Billion
Projected Market Value in 2033
US$ 2.4 Billion
Growth Rate (2023 to 2033)
CAGR of 5.5%
Uvea is found in the back of the sclera and the cornea and has three parts: the iris, the ciliary body and the choroid. Uveal melanoma, including the iris choroid and cilira body, is referred to as cancer of the areas of the skin. This is the state in which the tumors emerge from the melanocytes that are responsible for the color of the eye inside the uva.
It is the most common form of intraocular malignancy in adults, although it is an uncommon disorder. The treatment of uveal melanoma depends on the size of the tumor, which is the most significant factor. In the early stages, this kind of melanoma is completely asymptomatic.
Some modifications can be observed in tumor enlargement over time, such as pupil distortion, reduced visibility due to blurred vision, and secondary retinal detachment.
Fair hair, green or light, and blue colored eyes, and older age are risk variables for this form of cancer. The role of genetic mutations inherited in uveal melanoma is not yet understood. According to the American Cancer Society, the choroid produces about nine out of 10 eye melanomas.
According to American Cancer Society, by the end of 2021 the eye cancer cases including new eye and orbit cancers (primarily melanomas) in the USA will reach to 3,320, out of which 1,750 in men and 1,570 in women.
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What are the Key Trends Impacting Growth of the Uveal melanoma Treatment Market?
The global market for uveal melanoma treatment is mainly driven by an increase in the incidence cases of eye cancer. One of the important reasons of the increase is said to be the rise in the use of electronic devices. This may be due to harmful UV radiation that directly affects the eyes of users of smartphones, tablets, desktops, laptops and other electronic devices. For intansce,
According to the American Cancer Society, adults aged 60 years and above spend 5 or more hours per day using digital devices and prefer laptops & desktops for internet browsing.. Thus, this in turn is expected to increase the growth of uveal melanoma treatment market.
People with a weak immune system are vulnerable to the development of eye cancer. Governments of various countries, however, are taking major initiatives to provide better treatment at a minimal cost. Thus, this is in turn is supporting the growth of uveal melanoma treatment market.
How Discovery of Novel Biomarkers Fueling Demand for Uveal melanoma Treatment?
Increased awareness and growing use of unique biomarkers including blood biomarkers in the diagnosis and treatment of uveal melanoma improves the detection accuracy and time spent on the process, which in turn fuels the revenue opportunities of uveal melanoma market.. Besides, technological developments in the field of biotechnology have improved the identification of possible biomarkers of uveal melanoma.
Some of the new biomarkers adopted for the diagnosis and progression of uveal melanoma include genetic, histological, radiographic and physiological diagnoses, which are expected to fuel the growth of Uveal melanoma treatment market.
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What are The Key Challenges That May Restrain Growth of the Uveal melanoma Treatment Market?
There are different factors hindering the growth of uveal melanoma treatment markets, such as the need for adequate skills and experience to conduct uveal melanoma treatment surgeries to provide high-quality and effective treatment services for uveal melanoma. The need for specialists and trained practitioners to perform these surgeries globally has risen in the number of uveal melanoma treatment surgeries.
However, it is expected that a lack of awareness about early signs of eye cancer will deter the development of the global uveal melanoma market. In the early stages of treatment, which are critical for the patient, this causes delay. In addition, costly treatment for eye cancer is pulling down the development of the industry because it cannot be afforded by patients in underprivileged and underdeveloped areas of the world, which is anticipated to increase the growth of uveal melanoma treatment market.
Competitive Landscape
Key players such as
Eli Lilly & Co.
Spectrum Pharmaceuticals, Inc.
Novartis AG
Bayer
Astra Zeneca plc
Merck
Amgen
Pfizer, Inc.
Roche
Others
are actively involved in offering surgery products for uveal melanoma treatment.
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What Strategies Are the Key Players Adopting for Increasing Their Market Share in The Uveal melanoma Treatment Market?
Many companies in the market for uveal melanoma treatment are working to broaden their range of products. The most important approach to raising the customer pool, however, is through the marketing of the product through online portals. It is also expected that making the product available on online platforms would boost uveal melanoma treatment market growth.
In addition, merger & acquisition in the market for uveal melanoma care has evolved rapidly over the past few years to increase & improve geographic footprint and achieve operational skills. In the treatment market for uveal melanoma, industry mergers & acquisitions have witnessed steady growth across both expected and profitable customers.
Immunocore Limited and Eli Lilly and Company announced on June 29, 2015 that they have entered into an immunotherapy-based clinical trial partnership to examine the usefulness for the treatment of melanoma of Immunocore's lead T cell receptor-based research therapeutic, IMCgp100, in combination with Lilly's galunisertib (LY2157299) and merestinib (LY2801653).
The partnership aims to identify combination regimens in patients with metastatic cutaneous and uveal melanomas that include synergies in efficacy and durability.
What Are the Key Opportunities for Uveal melanoma Treatment Manufacturers?
The development of an efficient screening tool for uveal melanoma will play a significant role in early detection and subsequent mortality reduction. Over the past few decades, recognition and screening for uveal melanoma has improved, leading to the early detection of uveal melanoma. The ultimate aim of reducing the rate of late-stage illness and mortality has not been achieved, however.
This is primarily due to inadequate screening techniques, which also yield false-positive and false-negative findings. To meet these criteria, groundbreaking companion diagnostic tests will lead to rapid acceptance among doctors and patient populations. Growing demand for safe non-invasive screening methods is therefore expected to fuel the growth of uveal melanoma treatment market in near future.
Why Is the USA A Big Market for Uveal melanoma Treatment?
One of major reasons is the availability of advanced healthcare services and facilities, that promotes early detection of uveal melanoma and multiple palliative therapies. Due to which, USA, holds the largest market share of uveal melanoma treatment market.
Along with that, the growth of the uveal melanoma treatment market is expected to increase due to awareness of clinical trials to get a closer look at new procedures and treatment, and to increase government funding for global disease eradication. Hence, is expected to boost the demand for uveal melanoma treatment in near future.
Will Increasing Geriatric Population Results in Elevation of Uveal melanoma Treatment Market in India?
Ageing is one of the main factor that is impacting the eyecare industry worldwide. Population aged 65+ years are growing day by day and with this growth the demand for need for the eye care related solutions increases. This increase in population and need represents the market opportunities for new consumer globally.
According to WHO, by 2050, low-middle income countries will comprise of almost 80% of all older people.
According to the UN Economic and Social Affairs Report (2019), the population of people aged over 65 years in Asia is expected to increase from 395.3 million in 2019 to 587.4 million by 2030, which will consequently drive the prevalence of age-related eye diseases in the region. The prevalence of glaucoma in adults over 45 years of age in China is about 3.5 percent; however, it rises dramatically with age and in the population over 65 years of age it is estimated to be about 9 percent.
People with uveal melanoma are at risk of blindness or significant vision loss if left untreated. Most of the vision loss or related problems are preventable or treatable through simple measures.
The Report Covers Exhaust Analysis On Uveal melanoma Treatment market
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Report On Uveal melanoma Treatment Market Includes Regional Analysis
North America (USA, Canada)
Latin America (Mexico, Brazil)
Europe (Germany, Italy, France, United Kingdom, Spain, Russia)
East Asia (China, Japan, South Korea)
South Asia (India, ASEAN)
Oceania (Australia, New Zealand)
Middle East and Africa (GCC Countries, South Africa, Northern Africa)
The report on uveal melanoma treatment market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments of Uveal melanoma Treatment Market Covered in the Report
Based on diagnostic tests:
High Resolution Ultrasound Biomicroscopy
Fluorescein Angiography
Ultrasonography
Oclular Coherence Tomography
Indocyanine Green Angiography
Based on therapy type:
Surgical Resection Techniques (Transretinal Endoresection and Trans-Scleral Partial Choroidectomy)
