29 November 2019
Visiongain has launched a new pharma report ‘’Neuroendocrine Tumor Treatment Market Report 2020-2030’’ by Product (Somatostatin Analogs (SSA), Targeted Therapy, Others), Site (Colon, Lungs, Pancreas, Small Intestine, Other Sites), End User (Hospitals, Clinics, Other End Users), and Geography.
The global neuroendocrine tumor treatment market is anticipated to grow at a lucrative CAGR of 10.8% and anticipated to reach USD 5.96 billion by 2030.
Increasing cases of neuroendocrine tumors (NETs) are expected to increase the demand for treatment options, increasing the growth of the market over the forecast period.
The main factors driving the demand market for NET treatment are ongoing R&D activities in detection techniques such as Ga-labeled radionucleotide therapies and the technique of radiofrequency ablation. For example, Progenics Pharmaceuticals, Inc. PSMA Targeted PET Imaging Agent is in the process of clinical trials and is expected to help cure prostate cancer.
Another key factor driving the growth of the NET market is heavy investment in the field by cancer research organizations and governments around the world. For example, organizations such as The Neuroendocrine Tumor Research Foundation (NETRF) have invested over USD 1.5 million in advanced radiation therapy technology called Peptide Receptor Radionuclide Therapy (PRRT). Also, increasing Patient Assistance Programs (PAPs), government cancer awareness programs, and extensive pharmaceutical companies research and development are expected to fuel market growth in the coming years.
Somatostatin Analogs (SSAs) and targeted therapy are commonly used to treat neuroendocrine carcinoma as they control the growth of cancer, symptoms, and target biomarkers. Due to the safe treatment procedure offered by SSAs, the SSAs product segment accounted for the largest revenue share as of 2017.
SSAs are commonly used to treat radiation therapy or surgery-resistant patients. Several SSAs are currently in the process of clinical trials and are awaiting approval. Some are Tarveda Therapeutics ' PEN-221 and Dauntless Pharmaceuticals ' DP1038.
Targeted treatment involves medications like Sunitinib and Everolimus. These are used as the first line of treatment for neuroendocrine carcinoma because of fewer side effects associated with these medications. Certain services include inhibitors of kinase chemotherapy, radiation therapy, surgery, and tyrosine.
In 2017, the small intestine segment accounted for the largest revenue share of the global tumor treatment market as the GI tract is more likely to develop NETs. According to the statistics published in Novartis ' 2015 investor presentation, GI comprises 61 percent of the total NETs and among them, the most common tumor in the small intestine.
Also, GI tract-carcinid tumor was diagnosed with statistics published by the American Society of Clinical Oncology (ASCO) in 2016, around 8,000 adults in the U.S. It is predicted that this increasing prevalence of carcinoid tumor in the GI tract will drive segment growth over the forecast period.
Increasing R&D investments for the development of innovative therapies for pancreatic NETs are expected to fuel segment expansion over the next few years. SUNITINIB by Pfizer Inc., for instance, is currently under phase III clinical testing and is recommended for use in pancreatic NETs.
Due to supporting insurance policies in this region facilitating NET treatment, such as Medicare, Medicaid, and Tricare, North America accounted for the highest market share in 2017. Also, other factors driving the North American market are sophisticated health care facilities and high R&D spending by pharmaceutical companies and regional government on cancer research.
Due to the increased incidence of NETs in the region, the Asia Pacific market is expected to see significant growth in the coming years. Increasing regional government investments to address the high unmet clinical needs are also likely to help boost the development of the market.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products to strengthen their position in the global neuroendocrine tumor treatment market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the Neuroendocrine Tumor Treatment market.
The comprehensive market report features companies such as AVEO Oncology, Boehringer Ingelheim International GmbH, Dauntless Pharmaceuticals, Exelixis, Inc., Hutchison MediPharma Limited, Ipsen Pharma, Novartis AG, Pfizer Inc., Progenics Pharmaceuticals, Inc., Tarveda Therapeutics, Amgen, Inc., Bristol-Myers Squibb, Eli Lilly & Company, F. Hoffmann-La Roche Ltd., Sanofi, Teva Pharmaceuticals, Ltd., Exelixis, Advanced Accelerator Applications among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Latin America, Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Japan, China, Australia, ASEAN, GCC and South Africa.
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