What is the global market size of Neuroendocrine Tumors Treatment Market?

Neuroendocrine Tumors Treatment Market size was valued at USD 1.57 billion in 2021 and is poised to grow from USD 1.7 billion in 2022 to USD 3.29 billion by 2030, growing at a CAGR of 8% in the forecast period (2023-2030).

Global Neuroendocrine Tumors Treatment Market Size, Share, Growth Analysis, By Treatment Type(Somatostatin Analogy, Targeted Therapy), By End user(Hospitals, Clinics), By Indication(Gastric Neuroendocrine Tumors, Lung Neuroendocrine Tumors) - Industry Forecast 2024-2031

Report ID: SQSG35I2023 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 90 | Figures: 76

Global Neuroendocrine Tumors Treatment Market Dynamics

Neuroendocrine Tumors Treatment Market Drivers

A rise in the incidence of neuroendocrine tumors is expected to drive the market: The incidence and prevalence of neuroendocrine tumors (NET) are steadily rising worldwide, according to the data from the American Society of Clinical Oncology (ASCO). Because of this, the adoption rate of the medications for the treatment of this rare condition is aided by the rising prevalence of neuroendocrine tumors.
Extensive research and development to create new, focused medicines for NET management: Over the course of the projection period, the market is anticipated to rise as more medications are approved for the treatment for neuroendocrine tumors. For instance, the U.S. Food and Drug Administration (FDA) approved Advanced Accelerator Applications' new drug application (NDA) for Lutathera (lutetium Lu 177 dotatate) for the treatment of adults with gastroenteropancreatic neuroendocrine tumors (GEP-NETs) that are Somatostatin receptor positive, including foregut, midgut, and hindgut neuroendocrine tumors.

Neuroendocrine Tumors Treatment Market Restraints

The risk of side effects following treatment and the high cost of NET therapy are anticipated to hinder market expansion: Over the course of the projected period, the market expansion is anticipated to be hampered by the high cost of developing cures or pharmaceuticals and the adverse effects connected with the treatment. High blood sugar, the formation of gallstones, and moderate digestive system disturbances including bloating and nausea are among the potential adverse effects of therapies for neuroendocrine tumors.

Global Neuroendocrine Tumors Treatment Market Report Snapshots

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Neuroendocrine Tumors Treatment Market size was valued at USD 1.57 billion in 2019 and is poised to grow from USD 1.7 billion in 2023 to USD 3.29 billion by 2031, growing at a CAGR of 8% in the forecast period (2024-2031).

Due to the presence of a sizable number of participants, the market is quite competitive. To increase their consumer base, the majority of businesses are engaging in strategic alliances like mergers and acquisitions. To draw in more customers, players are diversifying their product offerings. 'Novartis International AG', 'Pfizer Inc.', 'Ipsen Biopharmaceuticals, Inc.', 'Advanced Accelerator Applications (AAA)', 'F. Hoffmann-La Roche Ltd.', 'Teva Pharmaceutical Industries Ltd.', 'Exelixis, Inc.', 'Celgene Corporation', 'Amgen, Inc.', 'Merck & Co., Inc.', 'Mylan N.V.', 'Progenics Pharmaceuticals, Inc.', 'AbbVie, Inc.', 'Eisai Co., Ltd.', 'Ipsen Group', 'Curium Pharma', 'Ipsen S.A.', 'Endo Pharmaceuticals, Inc.', 'Spectrum Pharmaceuticals, Inc.', 'Bayer AG'

A rise in the incidence of neuroendocrine tumors is expected to drive the market: The incidence and prevalence of neuroendocrine tumors (NET) are steadily rising worldwide, according to the data from the American Society of Clinical Oncology (ASCO). Because of this, the adoption rate of the medications for the treatment of this rare condition is aided by the rising prevalence of neuroendocrine tumors.

The neuroendocrine tumor treatment market is anticipated to be dominated by somatostatin analogs: As they limit tumor growth, symptoms, and biomarkers, somatostatin analogs (SSAs) are discovered to be the medications most frequently utilized to treat the neuroendocrine tumor. Due to the safe treatment methods provided by SSAs, they account for the greatest revenue share. Patients who are sensitive to radiotherapy and surgery are found to typically be treated with SSAs. Since many SSAs are presently in the clinical trial stage and awaiting approval, the market is anticipated to have rapid growth throughout the forecast period.

Based on region, North America is predicted to experience considerable growth in the neuroendocrine tumor treatment market, due to the increasing acceptance of novel neuroendocrine tumor treatments in the region. For instance, Ipsen's Somatuline Depot (lanreotide) Injection 120 mg was approved by the U.S. Food and Drug Administration (FDA) and it is intended for the treatment of adults with advanced or metastatic, moderately-differentiated, locally advanced, or metastatic gastroenteropancreatic neuroendocrine tumors (GEP-NETs).

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Global Neuroendocrine Tumors Treatment Market Size, Share, Growth Analysis, By Treatment Type(Somatostatin Analogy, Targeted Therapy), By End user(Hospitals, Clinics), By Indication(Gastric Neuroendocrine Tumors, Lung Neuroendocrine Tumors) - Industry Forecast 2024-2031

Global Neuroendocrine Tumors Treatment Market Dynamics

Global Neuroendocrine Tumors Treatment Market Report Snapshots

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