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Neuroendocrine Tumor Treatment Market Growth Accelerated by Rising Cancer Prevalence

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Sneha
Neuroendocrine Tumor Treatment Market Growth Accelerated by Rising Cancer Prevalence

Neuroendocrine tumors originate from neuroendocrine cells and often occur in organs like the lungs, stomach or intestines. These tumors secrete high levels of hormones leading to excessive secretions causing abdominal pain, skin flushing or rashes. Drugs like somatostatin analogs, targeted therapies and chemotherapy are used for neuroendocrine tumor treatment depending on the stage and grade of cancer. The global Neuroendocrine Tumor Treatment Market is estimated to be valued at US$ 3.24 Bn in 2023 and is expected to exhibit a CAGR of 6.2% 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 due to environmental and lifestyle changes has been a major growth driver for this market. According to recent estimates, the annual incidence of neuroendocrine tumors has increased from 1–2 per 100,000 people in the 1980s to over 5 per 100,000 people currently. The rising cases of cancer coupled with development of advanced drugs for rare cancer treatment has accelerated the market growth. Products like peptide receptor radionuclide therapy have expanded treatment options and shown promising results, thereby fueling the demand.

Segment Analysis

The global neuroendocrine tumor treatment market is dominated by somatostatin analogs segment. Somatostatin analogs are considered as the first-line treatment for neuroendocrine tumors owing to their ability to control tumor growth and hormone secretion. They slow or stop the growth of NETs, reduce symptoms caused by hormone hypersecretion from tumors. With limited alternative treatment options available, the somatostatin analog segment will continue dominating the market with its wide usage.

Key Takeaways

The Global Neuroendocrine Tumor Treatment Market Demand is expected to witness high growth over the forecast period 2023 to 2030. The market is expected to reach a value of US$ 3.24 Bn by 2023.

Regional analysis: North America is currently the dominant region in the neuroendocrine tumor treatment market and is expected to maintain its position over the forecast period. Higher diagnosis rates and adoption of advanced treatment options contribute to North America’s large market share. Asia Pacific is expected to be the fastest growing region owing to rising healthcare expenditure, increasing awareness about NETs and availability of new treatment options in countries like China and India.

Key players operating in the neuroendocrine tumor treatment market are Schott AG, Yulong Dingtajian, Apex Solar, Sinosun Energy, Neo Solar Power Corporation, Solimpeks Solar Energy, Sunrain, Hubei Fullhonor Solar Energy, and others. The major players are focusing on new product launches, collaborations and geographic expansions to gain market share in emerging markets. For instance, in 2022 Schott AG partnered with global pharmaceutical companies to develop diagnostic and therapeutic solutions for neuroendocrine tumors.

Explore more information on this topic, Please visit -

https://www.insightprobing.com/neuroendocrine-tumor-treatment-market-forecasts-and-trends-analysis/

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