Neuroendocrine Tumor Treatment Market Outlook 2031
The Global Neuroendocrine Tumor Treatment Market size was USD 2.48 Billion in 2022 and is projected to reach USD 6.04 Billion by 2031 expand at a substantial CAGR 10.4% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing prevalence cases of neuroendocrine tumors (NETs). This field is rapidly evolving due to development of novel therapies and diagnostic products.
Neuroendocrine tumor is a tumor that arises from neuroendocrine cells. The beginning of tumor takes place when DNA of healthy cells are damaged and it causes the cells to grow and change in uncontrolled manner. Neuroendocrine tumor may occur anywhere inside the body, but it generally occurs in digestive tract, rectum, pancreas, appendix, and lungs.
Neuroendocrine tumors are uncommon type of tumor. It can be either benign (non-cancerous) or malignant (cancerous). Benign tumor grows but it will not spread also, it can be removed by using minimally invasive surgery without causing any harm. Malignant tumor grows and spreads to other body parts if it is not treated early. It is anticipated that in the U.S. more than 12,000 people get affected by neuroendocrine tumors every year.
The ongoing clinical trials are RAD 001 to treat advanced midgut NETs, NET-01 chemotherapy for pancreatic tumors, and Lanreotide Autogel for non-functional tumors. Ongoing research and development activities for detection technique includes radiofrequency ablation technique and Ga labeled radionucleotide therapies, are key factors propelling the demand of NET treatment market.
Prefabricated Access Suppliers and Manufacturers Association (PSMA) targeted positron emission tomography (PET) imaging agent by Progenics Pharmaceuticals, Inc. is under clinical trial phase and anticipated to aid the treatment for prostate cancer. Heavy investments in this field by governments and cancer research organizations around the world is major factor helping the market expansion.
More than 1.5 million were invested by the Neuroendocrine Tumor Research Foundation (NETRF) for the development of Peptide Receptor Radionuclide Therapy (PRRT).
Neuroendocrine Tumor Treatment Market Trends, Drivers, Restraints, and Opportunities
- Growing prevalence of neuroendocrine tumors is major factor responsible for driving the market growth over the forecast period.
- Technological advancements and increasing expenditure by cancer research organizations and governments are projected to fuel the growth of the market in coming years.
- Rising number of government initiatives, growing Patient Assistance Programs (PAPs), and extensive research and development by pharmaceutical companies are anticipated to boost the expansion of the market.
- Rapidly increasing healthcare industry, and emerging therapies and development in the treatment using advanced technologies are expected to propel the market growth in the coming years.
- High cost of development and stringent government regulations are major factor hampering the market expansion over the forecast period.
- Low benefit-cost ratio for biomarkers and orphan drugs is anticipated to impede the market growth in the coming years.
Scope of Neuroendocrine Tumor Treatment Market Report
The report on the global neuroendocrine tumor treatment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Neuroendocrine Tumor Treatment Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Products (Somatostatin Analogs, Targeted Therapy, and Others), Sites (Small Intestine, Pancreas, Lungs, Colon, and Others), End-users (Hospitals, Clinics, and Others)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Novartis AG; Boehringer Ingelheim International GmbH; Pfizer, Inc.; Ipsen Pharma; AVEO Oncology; Hutchison MediPharma Limited; and Progenics Pharmaceuticals.
|
Neuroendocrine Tumor Treatment Market Segment Insights
Somatostatin analogs segment is projected to account for a major market share
Based on products, the neuroendocrine tumor treatment market is divided into somatostatin analogs (SSAs), targeted therapy, and others. The somatostatin analogs segment is expected to account for a key share of the market during the forecast period due to safe treatment procedure offered by SSAs.
SSAs are commonly used for the treatment of those patients who are resilient to radiation therapy and surgery. Recently, many SSAs are under clinical trials and waiting for approval. They are DP1038 by Dauntless Pharmaceuticals and PEN-221 by Tarveda Therapeutics.
SSAs are largely used in NET treatment as they control cancer growth, target biomarkers, and symptoms. However, the targeted therapy segment is anticipated to expand at a rapid pace during the forecast period. Sunitinib and Everolimus drugs are included in targeted therapy. But, because of some side effects related to these drugs, they are used as the first line of therapy for NET treatment. The other products for NET treatment are surgery, chemotherapy, tyrosine kinase inhibitors, and radiation therapy.
Small intestine segment is expected to expand at a rapid pace
On the basis of sites, the market is segmented into small intestine, pancreas, lungs, colon, and others. The small intestine segment is anticipated to expand at a rapid pace during the forecast period due to the GI tract. The GI tract is more prone to developing NETs. As per the statistics published in the investor presentation of Novartis, GI contains around 60% of overall NETs and out of it, tumor in small intestine is more common.
In 2016, the American Society of Clinical Oncology (ASCO), published statistics in which around 8,000 American adults were diagnosed with GI tract-carcinid tumors. This rising incidence of carcinoid tumors in the GI tract is projected to boost the growth of the segment over the forecast period.
The pancreas segment is expected to hold a key share of the market during the forecast period. Increasing expenditure on research and development of novel therapies is expected to drive the market growth.
Hospital segment is anticipated to expand at a substantial CAGR
In terms of end-users, the neuroendocrine tumor treatment market is segregated into hospitals, clinics and others. The hospital segment is expected to expand at a substantial CAGR during the forecast period owing to huge number of procedures for diagnosis. The availability of various options for NET diagnosis and occurrence of developed technologies are anticipated to boost the growth of the segment.
However, the clinic segment is anticipated to hold a major market share during the forecast period. The patient-centric treatment options and availability of skilled surgeons are projected to propel the segment growth. The other segment includes government institutes and cancer research organizations.
North America is anticipated to dominate the market
On the basis of regions, the neuroendocrine tumor treatment market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to supportive insurance policies for facilitating NET treatment.
Furthermore, improved healthcare facilities and huge expenditure on R&D by pharmaceutical companies and government are expected to drive the regional market growth over the forecast period.
On the other hand, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years owing to increasing prevalence of NETs in the region. Rising government investments to handle high unmet clinical needs is projected to fuel the market expansion.
Segments
The global neuroendocrine tumor treatment market has been segmented on the basis of
Products
- Somatostatin Analogs (SSAs)
- Targeted Therapy
- Others
Sites
- Small Intestine
- Pancreas
- Lungs
- Colon
- Others
End-users
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Novartis AG
- Boehringer Ingelheim International GmbH
- Pfizer, Inc.
- Ipsen Pharma
- AVEO Oncology
- Hutchison MediPharma Limited
- Progenics Pharmaceuticals
Competitive Landscape
Key players competing in the neuroendocrine tumor treatment market are Novartis AG; Boehringer Ingelheim International GmbH; Pfizer, Inc.; Ipsen Pharma; AVEO Oncology; Hutchison MediPharma Limited; and Progenics Pharmaceuticals.
Major market players are adopting several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance, Boehringer Ingelheim, in June 2018, announced an investment of around USD 270 million for building new Biologicals Development Center (BDC) which is specialized for immunology and immune-oncology.
Request For Customization
Enquiry Before Buying
Speak With Analyst
