The eye cancer market 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 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 global Eye Cancer market players 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.).
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