According to a report by TechSci Research titled “Global Neuroendocrine Tumor Market By Therapy Type, Mechanism of Action, Drug Type, Indication, Route of Administration, End User, Region – Forecast & Opportunities, 2028,” the neuroendocrine tumor market is projected to experience significant growth with an impressive CAGR in the forecast period from 2022 to 2028. This growth can be attributed to factors such as the increasing incidence of gastrointestinal and lung neuroendocrine tumors, advancements in technology, and increased government support for research and development in biotechnology related to neuroendocrine carcinoma.
The American Society of Clinical Oncology (ASCO) reported in its latest findings that the number of neuroendocrine tumor patients has exceeded 12,000, despite the rarity of the disease. Consequently, there has been a rapid increase in the demand for treatment therapeutics and drugs over the past few years. However, the development cost of orphan drugs used for cancer treatment is high, which could pose a minor restraint on market growth.
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Neuroendocrine tumors are characterized by the excessive growth of carcinogenic cells originating from endocrine and nerve cells. These tumors are primarily found in the intestines and are commonly referred to as carcinoid tumors. Neuroendocrine tumors can be either benign or malignant. They can affect various organs, including the pituitary glands, thyroid glands, and thymus. Treatment options for neuroendocrine tumors include chemotherapy, immunotherapy, hormonal therapy, surgery, and targeted therapy. Extensive research is being conducted to enhance the effectiveness and efficiency of these therapeutic procedures.
The global neuroendocrine tumor market is segmented based on therapy type, mechanism of action, drug type, indication, route of administration, end user, regional distribution, and competitive landscape. In terms of mechanism of action, the market is further divided into somatostatin analogs, tyrosine kinase inhibitors, peptide receptor radionuclide, alfa-interferon, proton pump inhibitors, and others. Somatostatin analogs are expected to dominate the market due to their safe treatment procedures, ability to control cancer growth and symptoms, and target biomarkers.
Regarding drug type, the market is fragmented into everolimus, sunitib malate, lorlatinib, nivolumab, bevacizumab, and others. Everolimus, an immunosuppressant primarily used for preventing organ transplant rejection, has gained significant popularity for its mTOR inhibiting properties in targeted therapies for neuroendocrine tumors. With its proven effectiveness and FDA approval, everolimus is anticipated to hold the largest market share.
The market is further divided based on indications, including gastrointestinal NET, lung NET, pancreatic NET, appendiceal NET, and others. The increasing prevalence of gastrointestinal disorders suggests that gastrointestinal NET will hold the largest market share in the next five years. Lung NET is also expected to have a significant market share during this period.
Key competitors in the global neuroendocrine tumor market include F. Hoffmann-La Roche Ltd., Bristol-Myers Squibb AB, Eli Lilly & Company, Novartis AG, Pfizer Inc., Amgen, Inc., Exelixis Inc., Teva Pharmaceuticals Ltd., Callisto Pharmaceuticals Pvt. Ltd., Boehringer Ingelheim GmbH, Dauntless Pharmaceuticals Inc., Hutchison MediPharma Limited, AVEO Pharmaceuticals, Inc., Aegis Therapeutics LLC, Progenics Pharmaceuticals, Inc., among others. These top players are actively involved in research and development, focusing on technological advancements and improving procedural techniques. Strategic recommendations for the market include partnerships and acquisitions.
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“North America with its excellent healthcare facilities is anticipated to be the promising region for the future investments too. Instances of neuroendocrine tumors are rapidly rising in the region and thus it can be expected that the largest market is experienced in the region. Asia Pacific is also expected to show fastest growth in the market owing to the rising number of gastrointestinal neuroendocrine tumors among the geriatric population of the developing nations like India and China,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Neuroendocrine Tumor Market By Therapy Type (Chemotherapy, Immunotherapy, Hormonal Therapy, Surgery, Targeted Therapy, Others) By Mechanism of Action (Somatostatin Analogs, Tyrosine Kinase Inhibitor, Peptide receptor radionuclide, Alfa-interferon, Proton pump inhibitors, Others) By Drug Type (Everolimus, Sunitib malate, Lorlatinib, Nivolumab, Bevacizumab, Others) By Indication (Gastrointestinal NET, Lung NET, Pancreatic NET, Appendiceal NET, Others) By Route of administration (Oral, Parenteral, Others) By End User (Hospitals, Ambulatory Surgical Centers, Oncology Centers, Others (GI centers, Cardio-thoracic centers, NET centers) By Region, Competition Forecast & Opportunities, 2028”, has evaluated the future growth potential of global neuroendocrine tumor and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global neuroendocrine tumor market.
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