Neuroendocrine tumors are rare tumors that originate from hormone-producing cells called neuroendocrine cells. Neuroendocrine cells are found throughout the body, in organs such as the lungs, gastrointestinal tract, pancreas and others.
The main types of neuroendocrine tumors include carcinoid tumors, pancreatic neuroendocrine tumors, and others. The symptoms differ based on the type of neuroendocrine tumor and affected organ, and some tumors may not cause symptoms. The treatment for neuroendocrine tumors depends on the type and stage of tumor and can include surgery, chemotherapy, radiation therapy, biologic/targeted therapy, and others.
The Global Neuroendocrine Tumor Treatment Market is estimated to be valued at US$ 3.8 billion in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031.
Key Takeaways Key players operating in the neuroendocrine tumor treatment market are Pfizer Inc., Novartis AG, Ipsen Pharma, Advanced Accelerator Applications, and others.
Some of the key opportunities in the Neuroendocrine Tumor Treatment Market Growth include growing healthcare expenditures, expanding product portfolio of key players through acquisitions and collaborations, and increasing government funding for cancer research. Major players are focusing on expanding their presence in emerging markets such as Asia Pacific, Latin America, and Middle East and Africa through various strategies such as partnerships, regional expansions, and new product launches tailored for local markets.
Market drivers include increasing incidence of neuroendocrine tumors globally driven by rising obesity rates and other factors, growing healthcare expenditures, emerging pipeline of targeted oral therapies offering more efficacy. Market restraints include high costs associated with targeted therapies, limited awareness and understanding of rare neuroendocrine tumors, and strict regulations for product approval.
Segment Analysis The global neuroendocrine tumor treatment market is segmented on the basis of cancer type, and therapeutics. Among cancer type, the gastrointestinal neuroendocrine tumors segment currently dominates the market, as gastrointestinal neuroendocrine tumors are most prevalent type of neuroendocrine tumors. For instance, according to the National Cancer Institute, around 55% of all neuroendocrine tumors originate in the lungs or gastrointestinal tract.
Therapeutics segment is further categorized into somatostatin analogs, targeted therapy, chemotherapy and others. Among therapeutics, the somatostatin analogs segment holds the largest share in the global neuroendocrine tumor treatment market. Somatostatin analogs are considered as the first line treatment approach for patients suffering from neuroendocrine tumor. Some of the extensively used somatostatin analogs are octreotide and lanreotide.
Global Analysis Regionally, North America holds the largest share in the global neuroendocrine tumor treatment market due to increasing prevalence of neuroendocrine tumors in the region. Additionally, early diagnosis and treatment rate along with presence of advanced healthcare facilities contributes to the market growth in North America. Asia Pacific region is expected to witness fastest growth during the forecast period owing to improving healthcare infrastructure, and rising healthcare expenditure.
Neuroendocrine tumor treatment market is also growing significantly in Europe due to growing awareness regarding neuroendocrine tumors and their treatment options. On the other hand, the Middle East and Africa region shows sluggish growth in the global neuroendocrine tumor treatment market during the forecast period. This slow growth is attributed to lack of awareness, limited healthcare access and affordability issues in the region.
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Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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The worldwide neuroendocrine tumor treatment market size was assessed at USD 1.51 billion in 2017 and is required to enlist a CAGR of 10.4% during the estimated time frame.
Expanding instances of neuroendocrine tumors (Neuroendocrine Tumor Treatments) are required to speed up the interest for treatment alternatives, accordingly increasing the market development over the gauge time frame.
Progressing R exercises in discovery procedures, for example, Ga named radionucleotide treatments and radiofrequency removal strategy, are the central point driving the interest in Neuroendocrine Tumor Treatment market.
For example, PSMA Targeted PET Imaging Agent by Progenics Pharmaceuticals, Inc. is under the clinical preliminary stage and is required to assist with treating prostate malignant growth.
Hefty interests in the field by malignancy research associations and governments across the globe is another key factor pushing the Neuroendocrine Tumor Treatment market development.
For example, associations, like The Neuroendocrine Tumor Research Foundation (Neuroendocrine Tumor Treatment RF), put more than USD 1.5 million in the improvement of cutting edge radiation treatment named Peptide Receptor Radionuclide Therapy (PRRT).
