by The neuroendocrine tumor treatment market includes various drug therapies and treatment modalities that help diagnose and treat neuroendocrine tumors (NETs). Neuroendocrine tumors originate from neuroendocrine cells and can occur in organs and tissues such as lungs, pancreas, colon, and stomach. Common treatment therapies for neuroendocrine tumors includesomatostatin analogues, targeted therapy, chemotherapy, and other localized therapies.
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 8.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing research funding for neuroendocrine tumor treatment is a key driver for the growth of the neuroendocrine tumor treatment market. For instance, the National Cancer Institute (NCI) provided funding worth US$ 75 million in 2020 for NCI Neuroendocrine Tumor Research Group to support collaborative research to better understand, diagnose, and treat NETs. Moreover, rising prevalence of neuroendocrine tumors propels the demand for advanced treatment and diagnostic options. According to a study published in Frontiers in Endocrinology in 2020, the overall age-adjusted incidence of NETs has surged from 1.09 per 100,000 persons in 1973 to 7.31 per 100,000 persons in 2012 in the United States.
Segment Analysis
The neuroendocrine tumor treatment market is segmented based on disease type, therapy type, and end user. The disease type segment is further segmented into gastroenteropancreatic neuroendocrine tumors, lung neuroendocrine tumors, and other neuroendocrine tumors. Among these sub-segments, the gastroenteropancreatic neuroendocrine tumors sub-segment accounts for the largest share and is expected to dominate the market during the forecast period. This is due to the rising prevalence of gastrointestinal neuroendocrine tumors globally.
PEST Analysis
Political: Stringent regulatory guidelines regarding approval of drugs may impact the market growth. However, government initiatives to increase neuroendocrine tumor awareness will support growth.
Economic: Rising healthcare expenditures for treatment of neuroendocrine tumors is a key factor fueling the market. The high cost of therapies may restrict growth to some extent.
Social: Increasing incidence of neuroendocrine tumors due to changing lifestyle and dietary habits will drive demand. Growing awareness about early diagnosis and treatment is boosting the market.
Technological: Advancements in genetic analysis, radiotracers, and targeted therapies are expanding treatment options. Development of combination therapies and personalized medicine holds promise.
Key Takeaways
The Global Neuroendocrine Tumor Treatment Market Demand is expected to witness high growth. Regional analysis comprises North America dominates the market currently due to advanced healthcare infrastructure and availability of reimbursement. Asia Pacific is expected to register fastest growth over the forecast period owing to huge patient population, rising awareness, and improving healthcare facilities.
Key players operating in the neuroendocrine tumor treatment market include Svenska Cellulosa AB, DSG International Ltd., First Quality Enterprises, Inc., Kimberly-Clark Corporation, Abena A/S, Attends Healthcare Products, Inc., Unicharm Corporation, Kao Corporation, Ontex Group, Chiaus (Fujian) Industrial Development Co Ltd. Key players are focusing on mergers & acquisitions to expand their product portfolio and market share. For instance, in 2022, Chiaus acquired Ontex’s adult care business in China to accelerate its growth.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
