PUBLISHER: The Business Research Company | PRODUCT CODE: 1426310
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426310
Eye melanoma is a form of cancer that develops in the melanocytes, the cells responsible for producing melanin within the eye. This cancer can manifest in different parts of the eye, including the uvea, iris, and choroid. Eye melanoma stands as the most common primary intraocular cancer in adults and may lead to vision issues, alterations in eye color, and other symptoms, depending on its location and size.
The primary types of eye melanoma are found in the uvea, sclera, and retina. The uvea constitutes the middle layer of the eye, encompassing the iris, ciliary body, and choroid, housing blood vessels that supply nutrients to the eye. Various forms of radiation therapy, such as plaque brachytherapy, proton beam therapy, and stereotactic radiosurgery, are employed to target and reduce the size of uveal melanomas. Diagnosis involves imaging, biopsy, and eye examinations, while treatments include surgery, radiation therapy, targeted therapy, immunotherapy, and other approaches. These treatments are typically administered by end users such as hospitals, clinics, and academic institutes.
The eye melanoma market research report is one of a series of new reports from The Business Research Company that provides eye melanoma market statistics, including eye melanoma industry global market size, regional shares, competitors with an eye melanoma market share, detailed eye melanoma market segments, market trends and opportunities, and any further data you may need to thrive in the eye melanoma industry. This eye melanoma market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The eye melanoma market size has grown strongly in recent years. It will grow from $8.29 billion in 2023 to $9.1 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth observed in the historical period can be attributed to several factors, including increased awareness and early detection efforts, an aging population with prolonged sun exposure, a rise in the incidence of skin cancer, the development of targeted therapies, and the establishment of patient advocacy and support programs. These factors collectively contributed to the growth and improvement in the management of eye melanoma during the historic period.
The eye melanoma market size is expected to see strong growth in the next few years. It will grow to $12.61 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period can be attributed to several factors, including continued public health initiatives, ongoing research in genetic and molecular profiling, and global trends related to an aging population. Major trends expected in the forecast period encompass the integration of artificial intelligence (AI) in diagnostics and treatment planning, the emergence of targeted therapies, a focus on rare disease drug development, patient-centric drug approval processes, advancements in diagnostic imaging technologies, innovations in treatment modalities, and technological advancements in imaging techniques. These trends collectively contribute to the projected growth and advancements in the understanding and management of eye melanoma in the forecasted period.
The projected rise in eye cancer cases is poised to be a significant driver for the eye melanoma market's expansion in the coming years. Eye cancer denotes the abnormal and uncontrolled growth of cells within the eye's structures. Enhanced detection techniques, increased awareness, and advancements in treatment options have led to a heightened demand for specialized therapies and interventions to effectively manage early cases. For example, according to the American Cancer Society's January 2023 report, eye and orbital cancer cases increased to 3,490 in 2023, marking a 5.12% growth from 3,320 in 2021. Therefore, the surge in eye cancer cases is expected to fuel the growth of the eye melanoma market.
The anticipated growth in the geriatric population is set to boost the eye melanoma market's expansion in the foreseeable future. Eye melanoma, a form of eye cancer, tends to become more prevalent with age due to prolonged exposure to environmental factors and genetic predispositions among older individuals. The expanding population of older adults increases the potential number of individuals susceptible to eye melanoma. As reported by the World Health Organization in October 2022, the population aged 60 and above surged from 1 billion in 2021 to 1.4 billion in 2022, with projections to double to 2.1 billion by 2050. Hence, the growing geriatric population is expected to drive the growth of the eye melanoma market.
The expected obstruction to the growth of the eye melanoma market lies in the high costs associated with cancer treatment. The expenses linked to cancer treatment, including surgeries, radiation therapy, and chemotherapy, often lead to substantial out-of-pocket costs for patients. This financial burden may delay or prevent access to treatment, particularly for those with inadequate insurance coverage, limiting their ability to afford advanced therapies and affecting treatment outcomes. For instance, according to the American Cancer Society Cancer Action Network's December 2022 findings, survivors' expenses, including follow-up care costs, averaged $1,881 per survivor. Additionally, 51% of surveyed patients reported incurring medical debts due to cancer-related expenses. Therefore, the high cost of cancer treatment is expected to hinder the eye melanoma market's growth.
Companies at the forefront of the eye melanoma treatment sector are dedicated to pioneering innovative and specialized treatments, particularly immunotherapies and targeted therapies, aiming to elevate patient outcomes and improve their quality of life. These novel treatment modalities have recently made significant strides in the field of oncology. For example, in January 2022, Immunocore Ltd., a UK-based biopharmaceutical firm specializing in soluble T-cell receptor technology for biological drug development, obtained approval from the U.S. Food and Drug Administration (FDA) for Kimmtrak (tebentafusp-tabn). This groundbreaking therapy, the first of its kind for individuals with unresectable or metastatic uveal melanoma (mUM), operates as an immunotherapy targeting the gp100 protein found on the surface of uveal melanoma cells. By activating the patient's immune system through engineered T-cell receptors, Kimmtrak enables a precision-focused approach to eliminating melanoma, leveraging specialized immune cells for cancer treatment.
In November 2021, Pfizer Inc., a prominent US-based pharmaceutical and biotechnology corporation, successfully acquired Trillium Therapeutics for $2.26 billion. This strategic acquisition has expanded Trillium's portfolio, enriching it with biologics designed to enhance the innate immune systems' ability to identify and eradicate cancer cells. Trillium Therapeutics, a Canada-based clinical-stage immuno-oncology company, focuses on developing innovative cancer therapies, including those directed towards eye melanoma. Their lead molecules, TTI-622 and TTI-621, operate by inhibiting the signal-regulatory protein α (SIRPα)-CD47 axis, identified as a crucial immune checkpoint in hematological malignancies.
Major companies operating in the eye melanoma market report are Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd, Merck & Co. Inc, AbbVie Inc., Bayer AG, Novartis AG, Bristol-Myers Squibb Company, AstraZeneca PLC, Sanofi S.A., GlaxoSmithKline PLC, Eli Lilly and Company, Amgen Inc., Koninklijke Philips N.V., Carl Zeiss AG, Genentech Inc., Elekta Instrument AB, Brainlab AG, Optos Plc , Castle Biosciences Inc., Heidelberg Engineering, Nektar Therapeutics, RaySearch Laboratories AB, Nidek Co. Ltd, IDEAYA Biosciences, Immunocore Limited , Topcon Healthcare, Oraya Therapeutics Inc., Delcath Systems Inc.
North America was the largest region in the eye melanoma market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the eye melanoma market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the eye melanoma market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The eye melanoma market consists of revenues earned by entities by providing fine needle aspiration (FNA) techniques, blood testing, and genetic testing. The market value includes the value of related goods sold by the service provider or included within the service offering. The eye melanoma market also includes sales of drugs and therapeutics such as chemotherapy, cryotherapy, and photodynamic therapy (PDT). Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Eye Melanoma Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on eye melanoma market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for eye melanoma? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The eye melanoma market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.