by Neuroendocrine tumors originate from neuroendocrine cells found throughout the body. They can develop in many organs like the pancreas, lungs, digestive tract or colon. Symptoms vary depending on the type and stage of neuroendocrine tumor but often include fatigue, weakness and abdominal pain. Treatment options include somatostatin analogs, targeted therapy, chemotherapy and surgery. Somatostatin analogs help control the symptoms by blocking the production of hormones by neuroendocrine tumor cells. Targeted drugs inhibit specific proteins implicated in cancer growth and progression.
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 0.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising prevalence of cancer is a major factor driving the growth of this market. According to WHO, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Neuroendocrine tumors, though rare, are increasing in incidence due to better recognition and identification. Predicted aging of the population also contributes to the increasing prevalence of neuroendocrine tumors as this disease is more common in older adults. Furthermore, ongoing clinical trials evaluating new drug candidates and novel treatment approaches are introducing newer treatment options. This creates opportunities for existing market players to expand their product portfolio. However, high treatment cost remains a major challenge for market players as neuroendocrine tumor treatment requires long term medication which places a heavy financial burden on patients.
Porter’s Analysis
Threat of new entrants: The neuroendocrine tumor treatment market requires high R&D investments and regulatory approvals which make it difficult for new players to enter.
Bargaining power of buyers: Individual consumers have low bargaining power due to lack of alternatives but large healthcare organizations can negotiate on pricing.
Bargaining power of suppliers: Suppliers of drugs and medical devices have moderate bargaining power due presence of many players.
Threat of new substitutes: The threat is low as there are limited treatment options available for neuroendocrine tumors currently.
Competitive rivalry: The competition is high among the existing players to develop innovative treatment methods and gain higher market share.
Key Takeaways
The Global Neuroendocrine Tumor Treatment Market Size is expected to witness high growth. 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 0.1% over the forecast period 2023 to 2030.
North America currently dominates the market due to availability of advanced healthcare facilities and increasing prevalence of the disease. Europe follows next due to growing research activities for treatment innovations. Asia Pacific is expected to witness fastest growth over the forecast period supported by rising healthcare spending, increasing awareness, and developing healthcare infrastructure.
Key players: Key players operating in the neuroendocrine tumor treatment market are Pfizer Inc., Novartis AG, Ipsen, Boehringer Ingelheim International GmbH and Eli Lilly & Company. Pfizer Inc. dominates the overall market with its strong product portfolio to treat neuroendocrine tumors.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
