Neuroendocrine Cancer Market Overview:
The neuroendocrine tumor is a rare tumor that emerges from neuroendocrine cells, which are specialized body cells. It can arise everywhere in the body, although the pancreas, digestive tract, lungs, rectum, and appendix are the most common sites. It is possible for a neuroendocrine tumor to be benign or malignant.
Market Size Growth Rate:
According to the research report published by the DataM Intelligence, the global neuroendocrine cancer market size was valued at USD billion in 2021, it is projected to reach USD billion by 2029, with growth at a CAGR of % over the forecast period 2022-2029.
Increased incidences of neuroendocrine tumors (NETs) are predicted to boost demand for treatment options, boosting the market growth during the forecast period. Novel therapeutics and diagnostic products are being developed rapidly in this field. In addition, the neuroendocrine carcinoma therapy market is predicted to rise rapidly due to joint efforts and endeavors to identify medicines for difficult-to-treat disorders and the rising trend of studying next-generation sequencing techniques.
The rising prevalence of neuroendocrine carcinoma, technological improvements, more public awareness, and the expanding number of government initiatives drive market growth. Neuroendocrine tumors are becoming more common worldwide, despite being an uncommon disease. In the United States, more than 12,000 people are diagnosed with neuroendocrine tumors each year. As a result, the rising occurrence of neuroendocrine tumors aids in adopting medications for treating this rare disease.
The high cost of developing and treating neuroendocrine cancer is expected to hamper the market growth. A NET ( Neuroendocrine Tumor) treatment can be costly. For patients and their families, costs can cause stress and anxiety. Many people discover that, in addition to treatment expenditures, they have additional, unanticipated expenses associated with their care. Some patients cannot follow or complete their treatment plans due to the high cost of medical care. This may jeopardize their health and result in increased bills in the future.
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Drug trials are expected to increase market opportunities in the forecast period to increase research and development. For instance, 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 developing advanced radiation therapy called Peptide Receptor Radionuclide Therapy (PRRT).
COVID-19 Impact Analysis
COVID-19 had a slow but steady negative influence on this market, as the pandemic has wreaked havoc on health services for other diseases like cancer, hypertension, diabetes management, and cardiovascular emergencies. The change in healthcare professionals’ attention away from these diseases and toward the COVID-19 criticality has severely influenced the healthcare industry. COIVD-19 significantly impacted life sciences research, as it suspended research activities and slowed the advancement of most research and academic institutes, clinical research facilities, and other organizations. Many research institutes have been redirected to COVID-19 research to tackle the fast-progressing virus.
Recent Developments in the Industry:
On July 30th, 2018, The US FDA approved Progenics Pharmaceuticals, Inc.’s New Drug Application for AZEDRA (iobenguane I 131) injection for treating patients with pheochromocytoma or paraganglioma who require systemic anticancer therapy.
As per the research analysis, the neuroendocrine cancer market is segmented by therapy type into targeted therapy, somatostatin analogs (SSAs), and others. The market is further segmented by indication into small intestine, lungs, pancreas, gastrointestinal, and others. Based on route of administration the market is segmented into oral and parenteral and by end-user into hospitals, clinics and others.
On the basis of therapy, the somatostatin analogs ( SSAs) segment is estimated to grow at the highest CAGR of %during the forecast period (2022-2029). The therapy segment accounted for the largest market share of the global neuroendocrine cancer market in 2020. Somatostatin analogues are medications that prevent the body from producing excessive amounts of hormones. Some neuroendocrine tumors (NETs) produce high amounts of hormones, resulting in a disease known as carcinoid syndrome. People with carcinoid syndrome may benefit from somatostatin analogues. SSA’s treatment procedure is considered to be safe. Patients resistant to surgery or radiation therapy are frequently treated with SSAs.
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According to the report the market is divided into North America, South America, Europe, Asia-Pacific and Middle East.
North America Neuroendocrine Cancer Market:
North America is found to dominate the market as the United States and Canada have well-structured and developed healthcare systems. Owing to supporting insurance policies in the region, such as Medicare, Medicaid, and Tricare, that facilitate NET treatment. Other factors driving the market include modern healthcare facilities and substantial R&D investment by pharmaceutical companies and regional governments for cancer research.
Asia Pacific Neuroendocrine Cancer Market:
The Asia-Pacific neuroendocrine cancer market size was valued at USD billion in 2021, it is projected to reach at USD billion by 2029, with growth at a CAGR of % over the forecast period 2022-2029.
The major players are adopting several growth strategies such as acquisitions, product pipeline and collaborations, which are contributing to the growth of the neuroendocrine cancer market globally.
Some of the key players which are contributing to the growth of the market include Amgen, Inc, Bristol-Myers Squibb, Eli Lilly & Company, F. Hoffmann-La Roche Ltd., Ipsen Pharmaceuticals, Novartis AG, Pfizer Inc, Hutchinson Medipharma Limited, Tarveda Therapeutics, Progenics Pharmaceuticals, and 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 (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
Visualize the composition of the global neuroendocrine cancer market segmentation by therapy type, indication, route of administration, end-user and region highlighting the key commercial assets and players.
By Therapy Type: Targeted therapy, somatostatin analogs (SSAs) , and others.
By Indication: Small intestine, lungs, pancreas, gastrointestinal and others.
By Route of administration: Oral and parenteral.
By End-user: Hospitals, clinics and others.
By Region: North America, South America, Europe, Asia-Pacific and Middle East
Identify commercial opportunities in the global neuroendocrine cancer market by analyzing trends and co-development deals.
The report also covers data insights on various industry forces such as, porter’s five forces, regulations in each country, pipeline analysis and pricing analysis.
Excel data sheet with thousands of data points global neuroendocrine cancer market-level 4/5 segmentation.
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
Product mapping in excel for the key product of all major market players
The report will provide access to approximately 50+ market data tables, 40+ figures, and close to 180 pages.
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