Neuroendocrine tumors (NETs) are a group of rare cancers that originate from neuroendocrine cells present in organs like the lungs, pancreas, stomach or intestines. These cells release hormones into the bloodstream and symptoms occur due to excess hormones secreted. Neuroendocrine tumors are usually slow-growing but some can spread quickly. Treatment involves the use of somatostatin analogs, targeted therapy drugs, chemotherapy and others.
The global neuroendocrine tumor treatment market is estimated to grow significantly and projected to reach a market size of US$3.46 billion by 2024 from US$2.81 billion in 2021, exhibiting a CAGR of 8.5% during the forecast period of 2024 to 2031.
The global Neuroendocrine Tumor Treatment Market Trends is driven by the increasing prevalence of NETs worldwide. According to some estimates, NET incidence has increased fivefold to tenfold over the past four decades with approximately 25.1 per 100,000 people diagnosed with NETs annually. In the last five years alone, the diagnoses of NETs have doubled. NET detection has improved with the availability of newer diagnostic modalities but the reasons for the rising NET incidence remains unclear. Though rare, with advancing detection and better understanding, NETs have received increased attention driving neuroendocrine tumor treatment demand and market growth.
Key Takeaways
Key players operating in the neuroendocrine tumor treatment are Schott AG, Yulong Dingtajian, Apex Solar, Sinosun Energy, Neo Solar Power Corporation, Solimpeks Solar Energy, Sunrain, Hubei Fullhonor Solar Energy, and others.
NET prevalence has shown substantial rise in the last few decades making neuroendocrine tumor one of the fastest growing cancer types. As per some reports, annual NET incidence has increased by 57% between 2004 and 2015. More patients are being diagnosed with low-grade and localized disease suitable for various therapeutic options. This rising disease detection is a major factor fueling neuroendocrine tumor treatment demand.
Technological advancements are also playing a key role in neuroendocrine tumor management. Precision and personalized medicine approaches along with combination targeted therapies are providing new hopes. Companies are investing in R&D to develop newer treatment options with improved therapeutic outcomes and less adverse effects. Pipeline drugs in Phase II/III trials for somatostatin analog-resistant disease hold promising future growth opportunities.
Market Trends
In recent years targeted therapy has emerged as a major treatment strategy for advanced or metastatic NETs. Drugs inhibiting angiogenesis, mTOR and CDK pathways have shown clinical efficacy improving progression-free and overall survival. Combination therapy with two or more targeted agents is gaining acceptance.
Immunotherapy is an upcoming trend in NET treatment landscape. Immune checkpoint inhibitors are being evaluated either alone or in combination with other drugs. Preliminary clinical trials demonstrate synergy between immunotherapy and other NET treatment approaches warranting further exploration.
Market Opportunities
Rising prevalence combined with relatively low diagnosis rate still means significant opportunities remain untapped for detection and management of NETs. Growing disease awareness among patients and physicians bodes well for earlier diagnosis and intervention.
Pipeline targeted therapy and combination regimens targeting driver mutations in specific patient subsets hold great promise. Successful development of personalized treatment algorithms will boost clinical outcomes and treatment costs benefitting patients and market stakeholders.
Impact of COVID-19 on Neuroendocrine Tumor Treatment Market Growth
The COVID-19 pandemic has significantly impacted the growth of the neuroendocrine tumor treatment market. During the initial outbreak, there was a decline in the number of scheduled appointments, routine check-ups, and surgeries due to travel restrictions and lockdowns imposed worldwide. This affected the diagnosis and treatment of neuroendocrine tumors to some extent. However, with the introduction of teleconsultation and online appointments, the diagnosis and management of the condition continued to some degree.
In the post-COVID era, the market is expected to witness steady growth. This is attributed to the backlog of untreated or delayed cases during the peak pandemic period seeking diagnosis and treatment. Furthermore, the pandemic has highlighted the importance of advanced healthcare facilities and services. As a result, healthcare infrastructure and provisions related to oncology services are likely to receive higher investments. Pharmaceutical companies are also concentrating more on R&D activities to develop innovative and effective treatment options. The rising awareness about preventive healthcare is further anticipated to drive the market growth.
However, long-term impact of COVID-19 infections on the prevalence of neuroendocrine tumors needs to be closely monitored. Post-COVID complications may emerge as new risk factors. Therefore, continued medical research and public health measures would be crucial to sustain the recovery of this market in the coming years. Telehealth can play a significant role in ensuring uninterrupted care while maintaining social distancing.
Geographical Regions with Highest Market Value for Neuroendocrine Tumor Treatment
North America dominates the neuroendocrine tumor treatment market and holds the highest share in terms of value. This can be attributed to the presence of advanced healthcare infrastructure and rising incidence of neuroendocrine tumors in the region. According to recent statistics, NETs affect nearly 171,000 people in the US alone.
Availability of comprehensive insurance coverage and high affordability for expensive targeted therapies have significantly boosted the adoption of new treatment options in North America. Moreover, ongoing clinical trials are evaluating the efficacy of various immunotherapies and combination regimens for difficult-to-treat cases. Favorable regulatory environment encouraging drug innovation further consolidates North America's top position.
Fastest Growing Region for Neuroendocrine Tumor Treatment Market
Asia Pacific region is recognized as the fastest growing market for neuroendocrine tumor treatment. This impressive growth can be credited to the increasing patient pool driven by growing aged population, lifestyle changes, and improved diagnosis in developing nations.
Economic development across Asia has enhanced access to advanced care. Moreover, many international pharmaceutical companies are entering emerging countries via strategic collaborations to satisfy the unmet medical demands. As a result, affordable therapies are gradually becoming available to Asian patients. Along with this, rising health awareness regarding early detection and importance of managing chronic conditions will continue propelling the APAC neuroendocrine tumor treatment market during the forecast period.
Get more insights, On Neuroendocrine Tumor Treatment Market
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).
