Neuroendocrine Tumor Treatment Market size is anticipated to cross USD 8 billion by the end of 2035, growing at a CAGR of 12% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of neuroendocrine tumor treatment was around USD 3 billion. The growth of the market is attributed to the increasing number of government cancer awareness campaigns. In addition, significant programs were launched or renewed on World Cancer Day to raise awareness of the gaps that exist and show what steps people can take to close these gaps. The World Health Organization (WHO) recently released a new Global Initiative Framework for Breast Cancer, setting out a plan to save more than 2 million lives from breast cancer by 2040.
In addition, the neuroendocrine tumor treatment market is expected to include increasing advances in neuroendocrine disease therapy and rapidly increasing investments. For example, a new peptide-receptor radionuclide therapy for late-stage neuroendocrine tumors (NETs) has been found to be more effective with fewer side effects, and the duration of treatment may be shorter compared to other anti-receptor therapies. It is a type of radiation treatment in which a radionuclide (a radioactive substance) is attached to a molecule that targets cells.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~12% |
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Base Year Market Size (2022) |
~ USD 3 Billion |
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Forecast Year Market Size (2035) |
~ USD 8 Billion |
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Regional Scope |
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Growth Drivers
Challenges
Type (Somatostatin Analogs, Chemotherapy, Cancer Immunotherapy, and Targeted Therapy)
The somatostatin analogs segment in the neuroendocrine tumor treatment market is estimated to gain the largest revenue share in the year 2035. The growth of the segment can be attributed to the utilization of somatostatin analogs (SSAs) in treating neuroendocrine carcinoma, as they restrict tumor development, comorbidities, and biomarkers. Somatostatin analogues are medications that prevent your body from producing too many hormones made by some neuroendocrine tumors (NETs), and also aids in reducing carcinoid syndrome symptoms including diarrhoea and skin flushing. Moreover, it manages the emptying of the stomach and bowel. Somatostatin analogues are often injected into a muscle or beneath the skin.
End User (Hospitals, Clinics, and Others)
Neuroendocrine tumor treatment market from the hospital segment is expected to garner a significant share in the year 2035. Patients suffering from neuroendocrine tumor often visit hospitals for treatment, and it’s easier and more convenient for them as multiple options for NET diagnosis and other developed technologies are available on the hospital’s premises. They receive better care as nurses and doctors are easily accessible. On the other hand, the clinic segment is projected to witness a massive CAGR during the forecast period, owing to the presence of experienced surgeons and the availability of patient-centered treatment alternatives. Clinics provide healthcare that doesn't need an overnight stay in a hospital or other healthcare institution. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the market in the coming years.
Our in-depth analysis of the global neuroendocrine tumor treatment market includes the following segments:
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Therapy |
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End User |
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Indication |
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North American Market Forecast
The neuroendocrine tumor treatment market in the North America region is projected to hold the largest market share of 38% by the end of 2035. The growth of the market can be attributed majorly to the high R&D spending by pharmaceutical corporations and regional governments. For instance, a number of programs for veterans and individuals with low income, including Medicaid and the Children's Health Insurance Program, are funded by the federal government. Further, the availability of advanced healthcare infrastructure in the region is also anticipated to contribute to the market growth in the region. In addition, the region's the productivity of health centers has increased as a result of the use of cutting-edge technologies such as data analytics, and AI in healthcare. More than 60% of Americans, private insurance serves as their primary form of health insurance.
European Market Statistics
The neuroendocrine tumor treatment market in the Europe region is projected to hold the second largest share during the forecast period. The growth of the market can be attributed majorly to the rising R&D expenditure, and strategic partnerships. For instance, companies located in the EU raised their R&D spending in the health and ICT sectors by 10.3% and 7.2%, respectively. In addition, Germany has a dominant position in the European neuroendocrine tumor market. Further, the rising rates of neuroendocrine tumors, the need for targeted drugs, and growing disposable income, are also anticipated to contribute to the market growth in the region. In addition, the Asia Pacific market is anticipated to witness significant growth in the coming years. As NETs are becoming more common in the region. Further, increased regional government spending to address the significant unmet clinical needs is also anticipated to support neuroendocrine tumor treatment market expansion.
Author Credits: Radhika Gupta, Shivam Bhutani
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