DataM IntelligenceThe Global Neuroendocrine Tumor Treatment Market is expected to grow at a CAGR of 10.4% during the forecasting period (2022-2029).Market Overview
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 occurs in the pancreas, digestive tract, lungs, rectum, and appendix. The neuroendocrine tumor can be either benign or malignant.
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Market Dynamics
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 prevalence of Neuroendocrine tumors is increasing across the globe, though being a rare disease as it is reported that more than 12,000 people are found to be affected by neuroendocrine tumors every year in the US. Therefore the increasing prevalence of neuroendocrine tumors helps in the adoption rate of the drugs for the treatment of this rare disease.
The presence of ongoing research and development activities is expected to drive the market growth. For instance, few ongoing clinical trials include RAD 001 to treat advanced midgut NETs, Lanreotide Autogel for non-functional tumors, and NET-01 chemotherapy for the pancreatic tumors. Also, ongoing R&D activities in detection techniques, like Ga labeled radionucleotide therapies and the radiofrequency ablation technique, are the key factors driving the demand market.
Below is one among the huge promising pipeline for neuroendocrine tumor treatment, which is expected to boost the market growth.
The presence of increasing investments by government organizations is expected to drive market growth. For instance, organizations, such as the Neuroendocrine Tumor Research Foundation (NETRF), have invested more than 1.5 USD million in the development of advanced radiation therapy called Peptide Receptor Radionuclide Therapy (PRRT).
Rising awareness is expected to accelerate market growth over the forecast period. For instance, several organizations across the world are conducting national and international programs to increase awareness about neuroendocrine tumors for early diagnosis of the disease. For instance, the International Neuroendocrine Cancer Alliance observes the neuroendocrine day on November 10, every year. Such awareness programs also help vendors to understand opportunities in the current market scenario and invest in research to develop new therapies.
However, the high cost of development and the onset of side effects are expected to hinder market growth.
The onset of side effects is likely to hamper the growth of the market 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.
Market Segmentation
By Therapy type
- Somatostatin analogs (SSAs)
- Targeted therapy
- Others
By Indication
- Small intestine
- Lungs
- Pancreas
- Gastrointestinal
- Others
By Route of administration
- Oral
- Parenteral
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Competitive Landscape
The major players operating in the global neuroendocrine tumor treatment 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, which are contributing to the growth of the neuroendocrine tumor treatment market globally. For instance,
On July 30, 2018, Progenics Pharmaceuticals, Inc. announced that the US FDA had approved the New Drug Application for AZEDRA (iobenguane I 131) injection for the treatment of pheochromocytoma or paraganglioma who require systemic anticancer therapy.
On July 12, 2018, Novartis launched its Galaxies of Hope app, a unique digital experience created to support the neuroendocrine tumor (NET) community.
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