Neuroendocrine tumors are rare tumors that can develop in tissues like lungs, intestines, pancreas and thyroid glands. Treatments for neuroendocrine tumors include medication to slow or stop tumor growth, radiation therapy to shrink tumors or relieve symptoms and surgery to remove cancerous tissue. The increasing prevalence of neuroendocrine tumors has accelerated the demand for effective treatment options.
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 8.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of neuroendocrine tumors across the globe is one of the key trends driving the growth of the neuroendocrine tumor treatment market. Factors such as changing lifestyle, rising consumption of processed and junk foods have contributed to the increasing incidence of neuroendocrine tumors. According to a study published in the journal Neuroendocrinology in 2021, it is estimated that the prevalence of neuroendocrine tumors has increased from approximately 1 per 100,000 people in the 1970s to over 5 per 100,000 people currently in Western countries. The rising disease burden has accelerated the demand for effective treatment and fueled the growth of the neuroendocrine tumor treatment market over the forecast period.
Segment Analysis
The global neuroendocrine tumor treatment market is segmented based on tumor type, product type, and end user. Based on tumor type, the market is segmented into gastroenteropancreatic neuroendocrine tumor (GEP-NEN), lung neuroendocrine tumor, and other neuroendocrine tumor types. The gastroenteropancreatic neuroendocrine tumor segment dominates the market as it accounts for over half of all diagnosed neuroendocrine tumors. According to the Association for Neuroendocrine Tumors (AAEN), GEP-NETs are the most common type of NETs with an estimated global prevalence of 35 cases per 100,000 people.
Key Takeaways
The Global Neuroendocrine Tumor Treatment Market Demand is expected to witness high growth over the forecast period. Advances in treatment options and rise in awareness levels for early diagnosis are expected to drive market growth.
The regional analysis shows that North America is currently the dominant region for the neuroendocrine tumor treatment market. This is attributed to factors such as presence of advanced healthcare infrastructure, availability of reimbursement policies, and higher healthcare spending. North America is anticipated to maintain its dominance during the forecast period owing to continuous research for development of new therapeutics in the region.
Key players operating in the neuroendocrine tumor treatment market include Svenska Cellulosa AB, DSG International Ltd., First Quality Enterprises, Inc., Kimberly-Clark Corporation, Abena A/S, Attends Healthcare Products, Inc., Unicharm Corporation, Kao Corporation, Ontex Group, Chiaus (Fujian) Industrial Development Co Ltd and others. These key players have adopted strategies such as partnerships, acquisitions, and new product launches to strengthen their market position.
Regional analysis
The Asia Pacific region is expected to witness fastest growth during the forecast period. This growth can be attributed to rising healthcare awareness, improving healthcare infrastructure, and increasing prevalence of neuroendocrine tumor cases in countries such as China and India. Growing geriatric population who are more prone to neuroendocrine tumors will further drive market demand in the region.
Key players
Key players operating in the neuroendocrine tumor treatment market include Svenska Cellulosa AB, DSG International Ltd., First Quality Enterprises, Inc., Kimberly-Clark Corporation, Abena A/S, Attends Healthcare Products, Inc., Unicharm Corporation, Kao Corporation, Ontex Group, Chiaus (Fujian) Industrial Development Co Ltd and others. These key players focus on new product launches, collaborations, and acquisitions to gain a competitive edge in the market. For instance, in 2020, Ipsen Pharma entered into a strategic partnership with GENFIT to develop elafibranor in combinations for the potential treatment of patients with neuroendocrine tumors.
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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).
