Neuroendocrine Tumor Treatment Market Overview:
The global burden of tumors is increasing at a significant rate globally. Neuroendocrine tumors (NET) are a rare type of tumors that arise from the cells of the endocrine/hormonal system and the nervous system. Neuroendocrine tumors mostly arise in the intestinal system, where they are referred to as carcinoid tumors but can also arise in other parts of the body such as the appendix, rectum, pancreas, and lungs.
In terms of nature, neuroendocrine tumors can be either benign or cancerous. Neuroendocrine tumors are broadly classified into two categories, namely, carcinoid tumors (arising in the appendix, digestive tract, lungs, or lymph nodes, amongst others) and pancreatic neuroendocrine tumors (arising in islet cells of the pancreas).
Neuroendocrine Tumor Treatment Market Size Growth Rate:
According to the DataM market research report, the global neuroendocrine tumor treatment market is expected to grow at a CAGR of 9.7% during the forecasting period (2023-2030). Increasing cases of neuroendocrine tumors (NETs) are expected to accelerate the demand for treatment options, augmenting market growth over the forecast period. This field is rapidly advancing as novel therapies, and diagnostic products are being developed.
The prevalence of cancers is rising significantly on a global scale. Rare tumors called neuroendocrine tumors (NET) develop from the cells of the neurological system and endocrine/hormonal system. Known as carcinoid tumors, neuroendocrine tumors typically develop in the gastrointestinal tract but can also develop in the appendix, rectum, pancreas, and lungs. Neuroendocrine tumors can either have a benign or cancerous nature.
Neuroendocrine Tumor Treatment Market Driver:
There are several cancer therapies available. One of the most popular treatments for neuroendocrine tumors is targeted therapy. Cancer treatment using targeted therapy is a successful method. As a result, the use of targeted NET treatments is likely to rise throughout the forecast period, fueling market expansion.
Although somatostatins are useful in the treatment of certain forms of pituitary tumors, regulatory approvals for NET are likely to spur additional research into its use in conjunction with targeted medications. Pasireotide is another somatostatin analog being studied for NET therapy. Somatostatin analogs are the chosen medication for long-term illness management and are beneficial for chronic control.
Neuroendocrine Tumor Treatment Market Restraints:
The high cost of developing new therapies and pharmaceuticals and the treatment’s associated side effects are anticipated to impede the market’s growth over the forecast period. Possible side effects of neuroendocrine tumor treatments include hyperglycemia, the formation of gallstones, and moderate gastrointestinal distress, such as bloating and nausea.
Neuroendocrine Tumor Treatment Market Opportunities:
The global neuroendocrine tumor treatment market presents a plethora of opportunities for growth and development in the coming years. One of the primary factors driving this growth is the increasing incidence of neuroendocrine tumors worldwide. As more and more people are diagnosed with this type of cancer, the demand for effective treatments is on the rise. Additionally, advancements in medical technology and the development of innovative treatment options are expected to further drive market growth.
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COVID-19 Impact Analysis:
The global market has been significantly impacted by COVID-19. 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. In addition, societal constraints made it impossible to have regular medical checkups, which meant that the majority of individuals with neuroendocrine tumors went undiagnosed throughout the pandemic and severely impacted the expansion of the worldwide market.
Russia-Ukraine Conflict Analysis:
The Russian Federation’s invasion of Ukraine on February 24, 2022, generated a huge dislocation of the residents, with an assessed 12 million individuals escaping their residences and scouring for protection. Over seven million individuals were internally replaced to additional regions of Ukraine, while five million fled to bordering nations. This has disturbed the market growth in this region, thereby negatively impacting the global market growth.
Recent Developments in the Industry:
- In May 2022, HUTCHMED Limited, a China-based corporation that develops, manufactures, and sells pharmaceutical products, received a Complete Response Letter (“CRL”) regarding the New Drug Application (“NDA”) for surufatinib indicated for the treatment of pancreatic (“pNETs”) and extra-pancreatic (non-pancreatic, “epNETs”) neuroendocrine tumors (“NETs”) from the U.S. Food and Drug Administration.
- In November 2022, Lantheus Holdings, Inc., a corporation that develops, manufactures, sells, and distributes diagnostic medical imaging agents and products, and POINT Biopharma Global Inc. (“POINT”) developed next-generation radiopharmaceuticals for the treatment of cancer formed strategic collaboration agreements in which Lantheus will license exclusive worldwide rights to POINT’s PNT2002 and PNT2003 product candidates in development for gastroenteropancreatic neuroendocrine tumors (GEP-NETs).
- In August 2022, Lantheus Holdings, Inc., a corporation that develops, manufactures, sells, and distributes diagnostic medical imaging agents and products and RefleXion Medical, Inc., a developer of biologically-guided radiotherapy systems for patients with cancer announced a development and commercialization collaboration to evaluate the use of piflufolastat F 18, Lantheus’ prostate-specific membrane antigen (PSMA)-targeted positron emission tomography (PET) imaging agent, to enable real-time therapeutic guidance of biology-guided radiotherapy1 (BgRT) in prostate cancer using the RefleXion X1 platform.
Neuroendocrine Tumor Treatment Market Segmentation:
As per the research analysis, the global neuroendocrine tumor treatment market is segmented by therapy type into somatostatin analogs (SSAs), targeted therapy, and others; by indication into lungs, pancreas, gastrointestinal, others; by route of administration into oral, injectable; and by end user into hospitals & clinics, cancer research center and other.
- On the basis of therapy type, Somatostatin analogs segment are anticipated to dominate the market by therapy type in the forecasted period, accounting for the largest percentage of the overall market revenue share. Innovative non-cytotoxic and novel cytotoxic drug techniques are being developed for the treatment of cancer due to the limited efficacy and severe toxicity of conventional chemotherapy. Somatostatin analogs are among the many hormonal agents, and they are widely employed because they have promising results. It is widely used because of its innovative qualities, which help the market flourish.
Geographical Analysis:
The global neuroendocrine tumor treatment market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Neuroendocrine Tumor Treatment Market:
Due to the increasing approval of novel neuroendocrine tumor treatments in the region, the neuroendocrine tumor treatment market in North America is anticipated to experience significant growth in the coming years. In December 2014, the U.S. Food and Drug Administration (FDA) approved Ipsen’s Somatuline Depot (lanreotide) Injection 120 mg for the treatment of unresectable, well- or moderately-differentiated, locally advanced, or metastatic gastroenteropancreatic neuroendocrine tumors (GEP-NETs) in adults.
Competitive Landscape
The major global players in the market include Pfizer, Inc., Ipsen Pharmaceuticals, Novartis, AVEO Pharmaceuticals, Inc., Eli Lilly & Company, CK Hutchison Holdings (HUTCHMED), C.H. Boehringer Sohn Ag & Co. KG (Boehringer Ingelheim International GmbH), Lantheus Holdings, Inc., Merck & Co., Inc., and Sanofi among others.
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The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
- Visualize the composition of global neuroendocrine tumor treatment market segmentation by therapy type, indication, route of administration, end user and region, highlighting the key commercial assets and players.
- By Therapy Type: Somatostatin analogs (SSAs), Targeted therapy, others
- By Indication: Lungs, Pancreas, Gastrointestinal, others
- By Route of Administration: Oral, Injectable
- By End User: Hospitals & Clinics, Cancer research center, other.
- By Region: North America, South America, Europe, Asia Pacific, Middle East & Africa
- Identify commercial opportunities in global neuroendocrine tumor treatment market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as Porter’s five forces analysis, supply chain analysis, pricing analysis, regulatory analysis.
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