The neuroendocrine tumor treatment market is witnessing significant growth owing to increasing prevalence of neuroendocrine tumors, globally. Neuroendocrine tumors arise from neuroendocrine cells and can originate in organs like lungs, pancreas or gastrointestinal tract. Treatment of neuroendocrine tumors involves the use of somatostatin analogs, targeted therapy drugs, chemotherapy and others.
The global Neuroendocrine Tumor Treatment Market is estimated to be valued at US$ 3 Bn in 2023 and is expected to exhibit a CAGR of 0.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of neuroendocrine tumors is one of the major factors driving growth of the neuroendocrine tumor treatment market. According to a study conducted by European Network for the Study of Adrenal Tumors, the prevalence rate of gastroenteropancreatic neuroendocrine tumors has increased from 1-2 per 100,000 in the 1970s to over 5 per 100,000 currently. The increasing prevalence is attributed to improved diagnostic modalities and better case identification. The growing patient base suffering from neuroendocrine tumors is anticipated to boost the demand for target specific drugs and therapies for neuroendocrine tumor treatment during the forecast period.
Segment Analysis
The global neuroendocrine tumor treatment market is dominated by somatostatin analogs as they are the first line of defense to control symptoms from neuroendocrine tumors. Somatostatin analogs such as octreotide and lanreotide effectively inhibit the secretion of hormones and regulate symptoms from neuroendocrine tumors in around 60% of patients. They suppress hormone levels, shrink tumor growth, and extend progression-free survival in patients with neuroendocrine tumors.
Key Takeaways
The Global Neuroendocrine Tumor Treatment Market Size is expected to witness high growth over the forecast period of 2023-2030. The global Neuroendocrine Tumor Treatment Market is estimated to be valued at US$ 3 Bn in 2023 and is expected to exhibit a CAGR of 0.1% over the forecast period 2023 to 2030. Rising incidence rates of neuroendocrine tumors globally are expected to drive the market during the forecast period. According to the World Health Organization, the annual incidence rate of neuroendocrine tumors ranges between 1-2 individuals per 100,000 individuals.
Regional analysis: North America is expected to dominate the global neuroendocrine tumor treatment market over the forecast period. The high dominance is attributed to the rising research activities and availability of advanced treatment options in the region. Additionally, favorable reimbursement policies for treatment in the US also support market growth.
Key players: Key players operating in the neuroendocrine tumor treatment market are Pfizer Inc., Novartis AG, Ipsen, Boehringer Ingelheim International GmbH, and Eli Lilly and Company. Pfizer and Novartis currently occupy significant market shares with their product portfolios that include somatostatin analog drugs like octreotide and lanreotide. Eli Lilly also has a strong position with its late stage pipeline drugs in neuroendocrine tumor treatment.
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The worldwide neuroendocrine tumor treatment market size was assessed at USD 1.51 billion in 2017 and is required to enlist a CAGR of 10.4% during the estimated time frame.
Expanding instances of neuroendocrine tumors (Neuroendocrine Tumor Treatments) are required to speed up the interest for treatment alternatives, accordingly increasing the market development over the gauge time frame.
Progressing R exercises in discovery procedures, for example, Ga named radionucleotide treatments and radiofrequency removal strategy, are the central point driving the interest in Neuroendocrine Tumor Treatment market.
For example, PSMA Targeted PET Imaging Agent by Progenics Pharmaceuticals, Inc. is under the clinical preliminary stage and is required to assist with treating prostate malignant growth.
Hefty interests in the field by malignancy research associations and governments across the globe is another key factor pushing the Neuroendocrine Tumor Treatment market development.
For example, associations, like The Neuroendocrine Tumor Research Foundation (Neuroendocrine Tumor Treatment RF), put more than USD 1.5 million in the improvement of cutting edge radiation treatment named Peptide Receptor Radionuclide Therapy (PRRT).
