by Neuroendocrine tumors (NETs) are a group of rare tumors that originate in the neuroendocrine cells of various organs such as intestines, lungs, pancreas, and others. They can be either non-functioning or functioning depending on whether they produce hormone-like substances or not. Symptoms vary depending upon the production of bioactive compounds and the location of the tumor in the body. Common symptoms include abdominal pain, back pain, diarrhea, flushing of the skin, and wheezing. Currently, treatment options available include chemotherapy, targeted drug therapy, peptide receptor radionuclide therapy, and others.
The global neuroendocrine tumor treatment market is estimated to be valued at US$ 3.24 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased Research and Development Activities (increased research and development activities is referred from the heading): The market is expected to witness significant growth over the forecast period owing to the increased research and development activities being undertaken by key players. Companies are investing heavily in developing novel targeted drugs with higher efficacy and fewer side effects. For instance, in July 2022, Novartis AG announced positive top-line results from the Phase III PROMID study evaluating Lutathera in patients with progredient midgut NETs. The study demonstrated improved progression-free survival, which is likely to lead to regulatory approval and adoption of this drug thereby propelling the market growth over the forecast period. Further, governmental funding for neuroendocrine tumor research is also expected to positively impact the market.
Segment Analysis
The global neuroendocrine tumor treatment market is dominated by the somatostatin analogs sub-segment. Somatostatin analogs, also known as somatostatin receptor ligands, function as synthetic forms of somatostatin, a hormone that regulates other hormones. They are able to bind to and activate somatostatin receptors on neuroendocrine tumor cells, inhibiting the secretion of hormones and slowing tumor growth. Compared to other treatment options, somatostatin analogs have been proven effective for symptom control in patients with neuroendocrine tumors, especially gastrointestinal NETs and pancreatic NETs, making this sub-segment the major revenue generator.
PEST Analysis
Political: Regulations supporting research and development activities related to rare cancers like neuroendocrine tumors are encouraging pharmaceutical companies and medical device manufacturers to focus on this market. Economic: Rising healthcare expenditures and increasing demand for effective treatment options are fueling market growth. The high treatment costs also present lucrative opportunities. Social: Growing awareness about neuroendocrine tumors and availability of supportive communities are empowering patients to seek proper diagnosis and care. Technological: Advancements in targeted drug delivery, molecular diagnostics, and precision medicine are helping improve outcomes for neuroendocrine tumor patients.
Key Takeaways
The Global Neuroendocrine Tumor Treatment Market Growth is expected to witness high over the forecast period of 2023 to 2030.
Regional analysis: North America dominates currently due to advanced healthcare infrastructure and increasing research funding. However, Asia Pacific is anticipated to grow at the fastest pace with rising healthcare investments in major economies like China and India.
Key players: Key players operating in the neuroendocrine tumor treatment market are Schott AG, Yulong Dingtajian, Apex Solar, Sinosun Energy, Neo Solar Power Corporation, Solimpeks Solar Energy, Sunrain, Hubei Fullhonor Solar Energy. Schott AG offers neuroendocrine tumor therapies such as clinical studies and drug compounds for peptide receptor radionuclide therapy. Yulong Dingtajian provides services for peptide receptor radionuclide therapy in China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
