Owing to the rising neuroendocrine tumors patient pool, the global neuroendocrine tumors treatment market is slated for a robust growth period till 2026. Fortune Business Insights shares its findings in its report, titled “Neuroendocrine Tumors Treatment Market Size, Share and Global Trend By Therapy (Somatostatin Analogues, Chemotherapy, Immunotherapy), By Disease Indication (Lung Neuroendocrine Tumor, Pancreatic Neuroendocrine Tumor), By Route of Administration (Oral, Parenteral), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy), and Geography Forecast till 2026”. The report also contains detailed analysis of the factors that will shape the market in the forecast period.
Neuroendocrine tumors (NETs) are essentially cancers that develop in neuroendocrine cells, a specialized category of cells, having properties similar to that of hormone-producing cells and nerve cells. These tumors are rare, occurring anywhere in the body, most commonly in the small intestine, pancreas, rectum, appendix, and lungs. Such tumors are considered cancerous when they produce excess hormones.
However, there are some nonfunctional tumors that do not produce enough or too few hormones to lead to any symptoms. Neuroendocrine tumors are classified into two main types – Carcinoid Tumors that develop in the lungs or the gastrointestinal tract; and Pancreatic Neuroendocrine Tumors that develop in the pancreas.
Some of the major players in the global neuroendocrine tumors treatment market covered by Fortune Business Insights include
- Tarveda Therapeutics
- Novartis AG
- Ipsen Pharma
- Pfizer, Inc.
- Boehringer Ingelheim International GmbH
- Hutchison MediPharma Limited
- Advanced Accelerator Applications, and others.
Advanced Diagnostic Techniques to Boost the Market
The global neuroendocrine tumors treatment market growth is set to be spurred on account of advanced diagnostic technologies for early detection of the disease. For example, helical triple-phase contrast-enhanced computed tomography (CT) is the considered to be the most efficient technique in detecting Pancreatic Neuroendocrine Tumors (PNETs) and liver metastatis. Similarly, multi-contrast-enhanced CT estimates with high accuracy the stage of PNETS. Accuracy of modern medical technology, such as the rapid progress made in MRI methods, will raise the demand for such treatments in the global neuroendocrine tumors treatment market during the forecast period.
Unprecedented Rise in Patient Numbers to Drive the Global Neuroendocrine Tumors Treatment Market Expansion
The American Society of Clinical Oncology estimates that the number of people diagnosed with neuroendocrine tumors is swelling by around 5% annually in the US. Moreover, the number of Americans living with this disease is close to 170,000. These numbers augur well for the global neuroendocrine tumors treatment market size as the rising patient pool will significantly broaden the market for treatments of such tumors and related diseases.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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High Likelihood of Side Effects May Inhibit Market
Cancer treatments, such as chemotherapy, carry the huge disincentive of having side effects, which can discourage patients from availing such procedures. For example, somatostatin analogs, drugs used to treat NETs, can lead to gallstones and high blood sugar. This factor, along with the late detection of the diseases, can potentially inhibit the global neuroendocrine tumors treatment market growth.
Governmental Support and Innovative Products to Drive Market Competition
FDA approval to Novartis’s Lutethera, radiolabeled somatostatin analog to treat PNETs, is likely to encourage greater investment in the research and enhance the global neuroendocrine tumors treatment market opportunities. Companies are investing in innovation and coming out with novel products. For example, Ipsen Pharma developed the Somatuline Autogel, a new pre-filled, easy and ready-to-use syringe that has unique features such as plunger support, and launched it in Ireland in April 2019.
North America to be in a Leading Position; Asia-Pacific and Europe Close at Heels
North America is expected to hold a significant portion in the global neuroendocrine tumors treatment market share. The primary reasons are presence of major companies in the region, high adoption rates of advanced therapies, and increasing government support to research and development activities. Asia-Pacific is projected to register impressive growth as a result of rapidly developing healthcare systems and rising prevalence of rare diseases. Europe is poised for considerable growth with well-established insurance ecosystem and rising investments in healthcare research.