Author: Vikas Kumar
10 January 2023
The neuroendocrine tumor treatment market is expected to witness a CAGR of around 10% during the forecast period. Neuroendocrine tumors, or NETs, are a rare type of tumor that develops from cells in the nervous system and the endocrine/hormonal system. However, neuroendocrine tumors can also occur in the appendix, rectum, pancreas, and lungs. Neuroendocrine tumors can be benign or cancerous depending on their nature. Moreover, a growing number of drug approvals for the treatment, increasing prevalence and incidence of NET, and increasing government and public funding in R&D are the major factors for the growth of this market during the forecast period. Another factor fueling the growth of the neuroendocrine tumor treatment market value is the rising incidence of carcinoid tumors. For instance, as per the National Institutes of Health (NIH), a carcinoid tumor is rare in children and more common in adults. Experts think that carcinoid tumors affect 4 in 100,000 adults.
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Based on products, the market is segmented into somatostatin analogs (SSAS), targeted therapy, chemotherapy, and others. Among these, the targeted therapy category is to witness the fastest growth rate during the forecast period owing to this therapy being one of the most preferred treatment options for the treatment of neuroendocrine tumors and various types of cancers.
On the basis of indication, the market is categorized into lungs, pancreas, gastrointestinal, and others. Among these, the gastrointestinal category holds a significant share of the market in 2020. This is mainly due to the rising incidence of gastrointestinal carcinoid tumors. For instance, according to the (NIH), the common primary sites are the gastrointestinal tract, accounting for 60 percent of the primary tumors, followed by the tracheobronchial tree, accounting for 25 percent of the primary tumors.
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For a better understanding of the market adoption of the neuroendocrine tumor treatment industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period owing to the technological advancements in cancer therapies and the adoption of highly advanced techniques and systems in the neuroendocrine tumor treatment field will boost the North American market’s expansion. The high growth of the market in the region is due to the high level of public awareness regarding the availability of cutting-edge therapies for the treatment of neuroendocrine tumors.
Some of the major players operating in the market include Pfizer Inc., Novartis AG, Chiasma Inc., Ipsen, Abbvie Inc., Valeant Pharmaceuticals International Inc., Jubilant Life Sciences Ltd., Teva Pharmaceutical Industries Ltd, F. Hoffmann-La Roche Ltd., and Advanced Accelerator Applications
Global Neuroendocrine Tumor Treatment Market Segmentation
Market Insight, by Products
Market Insight, by Indication
Market Insight, by End-User
Market Insight, by Region
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