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IN THE NEWSJune 2021- Novartis announced clinically relevant improvement in median overall survival data in the final analysis of pivotal NETTER-1 study using Lutathera for treating patients with neuroendocrine tumors.
April 2021- Elli Lilly and Company reported results from the Phase 1/2 LIBRETTO-001 trial showing treatment with Retevmo. The data demonstrated encouraging antitumor activity and safety across RET fusion-positive advanced solid tumors.
Global Neuroendocrine Tumor Treatment Market Highlights Over 2022 - 2031
The global neuroendocrine tumor treatment market is estimated to garner a sizeable revenue by growing at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing prevalence of neuroendocrine carcinoma, and increasing development of novel therapies and diagnostic products for treating the condition. According to the American Society of Clinical Oncology (ASCO), as of February 2021, more than 12,000 people in the United States alone are diagnosed with neuroendocrine tumor every year, and about 175,000 people are living with the condition in the country. Along with these, rise in government initiatives and funding by several international health organizations to spread awareness about the treatment of rare diseases is also expected to drive significant growth to the market in the forthcoming years. Furthermore, upsurge in the research and development investment in the healthcare sector by government and pharmaceutical companies across the globe is projected to offer ample growth opportunities to the market in the near future.
The market is segmented by product into somatostatin analogs, targeted therapy, chemotherapy, and others, out of which, the somatostatin analogs segment is anticipated to hold the largest share in the global neuroendocrine tumor treatment market. This can be accounted to the wide usage of somatostatin analogs, or SSAs, to treat neuroendocrine carcinoma as they can control cancer growth, target biomarkers, and symptoms. Apart from these, high utilization of SSAs to treat patients who are immune to radiation therapy and surgery is also predicted to boost the growth of the market segment in the coming years. Additionally, on the basis of disease indication, the small intestine segment is assessed to occupy the largest share during the forecast period owing to the growing occurrence of carcinoid tumors in the gastrointestinal tract, and presence of strong product pipeline for treating intestinal tumors. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Neuroendocrine Tumor Treatment Market Regional Synopsis
Regionally, the global neuroendocrine tumor treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the improvements in the healthcare infrastructure, and rising availability of health remuneration policies for covering treatment expenses in the region. Moreover, the market in North America is expected to grab the largest share by the end of 2030, which can be credited to increasing occurrence of neuroendocrine disorders, and high healthcare spending in the region. As per the data provided by the Centers for Medicare and Medicaid Services, the healthcare spending in the United States grew 9.7 percent in 2020, reaching a value of USD 4.1 trillion or USD 12,530 per person. In addition, presence of well-established medical infrastructure is also projected to accelerate the market growth in the region in the near future.
The global neuroendocrine tumor treatment market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global neuroendocrine tumor treatment market includes the following segments:
By Product
By Disease Indication
By End User
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing prevalence of neuroendocrine carcinoma, and increasing development of novel therapies and diagnostic products for treatment.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022-2031.
The major players in the market are Novartis AG, Pfizer, Inc., Boehringer Ingelheim International GmbH, Hutchison MediPharma Limited, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, disease indication, end user, and by region.
The small intestine segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
High cost of development of orphan drugs for the treatment is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the improvements in the healthcare infrastructure, and rising availability of health remuneration policies for covering treatment expenses in the region.
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