Neuroendocrine Tumor Treatment Market
Neuroendocrine Tumor Treatment Market is segmented By Therapy Type (Somatostatin analogs (SSAs), Targeted Therapy, Others), By Indication (Small intestine, Lungs, Pancreas, Gastrointestinal, Others), By Route of administration (Oral, Parenteral), By End-user (Hospitals, Clinics, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Neuroendocrine Tumor Treatment Market is expected to grow at a CAGR of 9.2% during the forecasting period (2022-2029).
The neuroendocrine tumor is a rare tumor that arises from the specialized body cells called neuroendocrine cells. It may occur anywhere in the body but mostly in the pancreas, digestive tract, lungs, rectum, and appendix. The neuroendocrine tumor can be either benign or malignant. Neuroendocrine Tumor Treatment Market report analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on the Neuroendocrine Tumor Treatment Market segmentation by therapy type, by indication, and by Route of administration. It also provides global Neuroendocrine Tumor Treatment Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.
Neuroendocrine Tumor Treatment Market Growth Drivers, and Opportunities
The major driving forces are the increasing prevalence of neuroendocrine carcinoma, technological advancements, rising awareness among people, and the growing number of government initiatives.
The presence of ongoing research and development activities is expected to drive market growth.
The presence of ongoing research and development activities is expected to drive market growth. For instance, according to Clinical Trials.gov around 677 clinical trial studies are currently recruiting or are active related to neuroendocrine tumors few of them are a phase 2 open-label study to evaluate the safety and effectiveness of 212Pb-DOTAMTATE in PRRT naive subjects with somatostatin receptor-expressing neuroendocrine tumors, a phase 2 single-arm multicenter study of Entinostat in patients with relapsed or refractory abdominal neuroendocrine tumors, a prospective, randomised, controlled, open-label, multicentre study to evaluate efficacy, safety and patient-reported outcomes of peptide receptor radionuclide therapy (PRRT) with 177Lu-Edotreotide compared to best standard of care in patients with well-differentiated aggressive grade 2 and grade 3, somatostatin receptor-positive (SSTR+), neuroendocrine tumours of gastroenteric or pancreatic origin, study of Telotristat (Xermelo) in combination with Luetetium Lu177 Dotatate (Lutathera) in well-differentiated neuroendocrine tumors, Study to assess the long-term safety of LUTATHERA for the labeled indication (SmPC/USPI) and an exploratory study of 3-[18F]Fluoro-para-hydroxyphenethylguanidine ([18F]3F-PHPG) in patients with neuroendocrine tumors.
The high development cost and the onset of side effects are expected to hinder global neuroendocrine tumor treatment market growth.
The side effects will likely hamper the market’s growth over the forecast period. The possible side effects include high blood sugars, the development of gallstones, and mild digestive system upset, such as bloating and nausea.
Neuroendocrine Tumor Treatment Market Statistics
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Metrics |
Details |
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Market CAGR |
9.2% |
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Segments Covered |
By Therapy Type, By Indication, By Route of administration, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Neuroendocrine Tumor Treatment Market Segment Analysis
The somatostatin treatments are assumed to command the neuroendocrine tumor treatment market throughout the forecast period (2022-2029)
The somatostatin product segment is expected to propel the market growth over the forecast period, owing to the safe treatment procedure offered by SSA. SSAs are usually used to treat patients resistant to surgery and radiation therapy. Many somatostatin analogs are currently under clinical trials and waiting for approval. For instance, a phase 1/2a study titled "PEN-221 in somatostatin receptor 2 expressing advanced cancers including neuroendocrine and small cell lung cancers" by Tarveda Therapeutics, an expanded access study on 68Ga-DOTA TATE for carcinoid tumors Islet cell (Pancreatic NET) other neuroendocrine tumors by University Health Network, Toronto, a phase II study of Ramucirumab with somatostatin analog therapy in patients with advanced, progressive carcinoid tumors by Dana-Farber Cancer Institute, collaborated by Eli Lilly and Company, a phase-I & II studies on the treatment of neuroendocrine tumors with a combination of Everolimus and Radiolabeled Somatostatin analog by King Faisal Specialist Hospital & Research Center and a phase 1 study completed on Al18F-NOTA-octreotide for neuroendocrine tumors by Universitaire Ziekenhuizen Leuven.
Neuroendocrine Tumor Treatment Market Geographical Analysis
The North American region holds the largest market share of the global market for neuroendocrine tumor treatment
North America dominated the global market in 2021. It is estimated to hold a significant market size over the forecast period (2022-2029) owing to supportive insurance policies in the region facilitating NET treatment, like Medicare, Medicaid, and Tricare. Also, sophisticated healthcare facilities and high R&D expenditure by pharmaceutical companies and regional governments for cancer research are other factors driving the market.
The increasing prevalence of neuroendocrine cancer is expected to drive market growth over the forecast period. For instance, according to the American Society of Clinical Oncology (ASCO), about 8,000 adults in the United States are diagnosed with a GI tract NET yearly. It is estimated that more than 12,000 people in the US are diagnosed with NET yearly, and approximately 175,000 people live with it. This increasing prevalence of neuroendocrine tumors in the GI tract is expected to drive the market.
COVID-19 Impact Analysis
COVID-19 has significantly impacted the global market. Due to COVID-19 containment protocols, the supply chain of many market players was disrupted and caused a lack of raw materials to disturb the supply and demand chain. Furthermore, due to the socializing restrictions, regular healthcare checkups were difficult, leaving most patients with neuroendocrine tumors undetected, negatively impacting the global market growth during the pandemic.
Neuroendocrine Tumor Treatment Market Competitive Landscape
The major players operating in the global market are Amgen, Inc, Bristol-Myers Squibb, Eli Lilly & Company, F. Hoffmann-La Roche Ltd., Ipsen Pharmaceuticals, Novartis AG, Hutchinson Medipharma Limited, Tarveda Therapeutics, Progenics Pharmaceuticals, and Pfizer Inc. The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the growth of the global market. For instance, in May 2022, Pfizer agreed to acquire Biohaven. Also, on 18 Jun 2021, HUTCHMED achieved NMPA Approval of Surufatinib (Sulanda) for treating advanced pancreatic neuroendocrine tumors in China.
Pfizer
Overview:
Pfizer is an American multinational pharmaceutical and biotechnology corporation founded in 1849 and headquartered in the United States. Pfizer is continuously researching and developing new drug products for various diseases.
Product Portfolio:
The product portfolio of Pfizer for neuroendocrine tumor treatment contains SUTENT.
The global neuroendocrine tumor treatment market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.
Frequently Asked Questions
What is the Projected CAGR value of the Neuroendocrine Tumor Treatment Market?
Neuroendocrine Tumor Treatment Market is expected to grow at a CAGR of 10.4% during the forecasting period 2022-2029.
Which region controlled the global market during 2022-2029?
North America region Controls the Neuroendocrine Tumor Treatment Market during 2022-2029
Which is the fastest growing region in the Neuroendocrine Tumor Treatment Market?
Among all regions, Asia Pacific is the fastest growing market share during the forecast period