Neuroendocrine Tumor Treatment Market Growth Accelerated by Rising Prevalence of Neuroendocrine Tumors
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 market is estimated to reach a value of US$ 3 Bn by 2023.
Regional analysis: North America currently dominates the neuroendocrine tumor treatment market owing to favorable reimbursement policies, strong research funding and presence key pharmaceutical companies in the region. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period with rising healthcare expenditures in countries like China, India.
Key players: Pfizer Inc., Novartis AG, Ipsen, Boehringer Ingelheim International GmbH and Eli Lilly & Company are some of the major companies operating in the global neuroendocrine tumor treatment market. These players are focusing on introducing novel targeted therapies and strengthening their drug pipelines through strategic collaborations and acquisitions. For instance, Ipsen acquired Exelixis' commercial rights for CABOMETYX (cabozantinib) in combination with OPDIVO (nivolumab) for the first-line treatment of patients with advanced renal cell carcinoma in 2021.
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