Neuroendocrine Tumor Treatment Market is driven by Rising Incidence of Neuroendocrine Tumors
The neuroendocrine tumor treatment market has been gaining significant prominence over the past few years on account of the rising incidence of neuroendocrine tumors. Neuroendocrine tumors refer to a heterogeneous group of malignancies that originate from neuroendocrine cells that are present throughout the body. Neuroendocrine cells can release hormones into the bloodstream and affect other organs. Common symptoms of neuroendocrine tumors include excessive sweating & flushings, wheezing, rapid heartbeat, diarrhea, abdominal pain, and weight loss.
The primary treatment options for neuroendocrine tumors include chemotherapy, radiation therapy, biologic therapy, and surgery depending on the stage and grade of cancer. The Global Neuroendocrine Tumor Treatment Market is estimated to be valued at US$ 3.8 billion in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031.
Key players operating in the neuroendocrine tumor treatment market are Novartis AG, Ipsen Pharma, Pfizer Inc., Eli Lilly and Company, Advanced Accelerator Applications, Pfizer Inc., Boston Scientific Corporation, Lexicon Pharmaceuticals, Inc., Net Medical Xpress Solutions, Inc., Jubilant Pharma Limited among others. These key players are involved in collaborative partnerships, acquisitions, and new product launches to capture a higher market share.
The growing prevalence of neuroendocrine tumors is one of the major factors driving Neuroendocrine Tumor Treatment Market Growth. According to a study published in the Journal of Clinical Oncology, the prevalence of neuroendocrine tumors in the United States rose from 8 in 100,000 persons in 1973 to 35 in 100,000 persons in 2012. This shows an alarming increase in the occurrence of neuroendocrine cancer cases over the past few decades. Moreover, the increasing knowledge about the diagnosis and available treatment options is encouraging more number of patients to seek help from healthcare professionals.
The global neuroendocrine tumor treatment market is also expanding on a rapid note owing to increasing R&D investments by key pharmaceutical companies. Favorable reimbursement policies in developed regions are providing impetus to market growth. Moreover, emerging countries are increasingly becoming lucrative markets owing to wide expansion of healthcare infrastructure as well as increasing patient affordability.
The major market driver has been the rising prevalence of neuroendocrine tumors globally. The increasing incidence of neuroendocrine tumors can primarily be attributed to growing environmental pollution levels, changing lifestyle patterns, and increasing demand for junk and processed food items. Moreover, the improving diagnostic capabilities are enabling early detection of neuroendocrine cancers, which is further propelling the market growth. With growing research activities focused on developing advanced treatment methods, the neuroendocrine tumor treatment market is expected to continue its positive expansion over the coming years.
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