New York, March 12, 2024 (GLOBE NEWSWIRE) -- The global neuroendocrine tumor treatment market size is slated to expand at ~12% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 8 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022.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.
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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.
Increasing Incidence of Neuroendocrine Cancer across the Globe to Boost Market Growth
On account of the increasing advancements in neuroendocrine tumors diagnosis, such as improved imaging tests and endoscopy, as well as growing awareness of these tumors, the neuroendocrine tumor treatment market is expected to expand more in the upcoming years. In the United States every year, five people out of every 100,000 are diagnosed with neuroendocrine tumors (NETs). The application of modern technology to examine the underlying biology, develop of new therapeutics, and clinical trials to evaluate novel drugs is estimated to drive market growth. Further, the ability to employ single cell RNA sequencing to assess changes in gene expression at the single cell level is one of the most recent technological advancements (scRNA-Seq). The market involves the pharmaceuticals, medical devices, and services related to the diagnosis and management of neuroendocrine tumors. It is a part of the broader oncology and cancer therapeutics market. Neuroendocrine tumors (NETs) are a rare type of cancer that arises from cells of the neuroendocrine system. These tumors can occur in various organs, including the pancreas, gastrointestinal tract, lungs, and other parts of the body. Treatment options for neuroendocrine tumors depend on factors such as the tumor's location, stage, and the overall health of the patient.
Neuroendocrine Tumor Treatment Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Government Initiatives and Funding for Research to Drive the Market Growth in North America Region
The neuroendocrine tumor treatment market in North America region is estimated to garner the largest revenue 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. The growing acceptance and positive outcomes associated with PRRT contribute to its increased utilization in neuroendocrine tumor treatment. This therapy offers a targeted approach with minimal side effects, driving its adoption in the market. Government support and funding play a pivotal role in driving research and development in the field of neuroendocrine tumor treatment. Increased investments contribute to the discovery of novel therapies, diagnostic tools, and treatment modalities, thereby propelling market growth.
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Growing R&D Expenditure to Propel the Growth in the Europe Region
The European neuroendocrine tumor treatment market is estimated to garner the highest CAGR by the end of 2035. 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. Collaborations between healthcare institutions and industry players create synergies that accelerate the pace of research and development.
Neuroendocrine Tumor Treatment, Segmentation by Therapy
- Somatostatin Analogs
- Targeted Therapy
- Chemotherapy
- Cancer Immunotherapy
Amongst these segments, the somatostatin analogs segment is anticipated to hold the largest share over the forecast period. The rising prevalence of neuroendocrine tumors is a key driver for the somatostatin analogs segment. These analogs, such as octreotide and lanreotide, are commonly used to manage symptoms and inhibit tumor growth in patients with neuroendocrine tumors. As the number of diagnosed cases increases, so does the demand for effective treatments like somatostatin analogs. Regulatory approvals signify the safety and efficacy of somatostatin analogs, instilling confidence in healthcare practitioners and patients. This support from regulatory authorities positively impacts the growth of the somatostatin analogs segment by facilitating their widespread use. Regulatory agencies such as the U.S. Food and Drug Administration (FDA) have approved somatostatin analogs for various indications in neuroendocrine tumors. Increased awareness among healthcare professionals and the general public about the symptoms of neuroendocrine tumors leads to earlier diagnosis. Somatostatin analogs are often employed in the early stages to manage symptoms and control tumor growth, contributing to the overall growth of this segment.
Neuroendocrine Tumor Treatment, Segmentation by End User
- Hospitals
- Clinics
- Others
Amongst these segments, the hospitals segment in the neuroendocrine tumor treatment market is anticipated to hold a significant share over the forecast period. The growing incidence of neuroendocrine tumors necessitates more hospital admissions for diagnosis, treatment, and management. Hospitals become central hubs for providing comprehensive care, including surgery, chemotherapy, and other specialized treatments. According to the American Cancer Society, an estimated number of new neuroendocrine tumor cases diagnosed annually contribute to the increasing patient load on hospitals. Advances in surgical procedures, such as laparoscopic and robotic-assisted surgeries, contribute to shorter hospitalization periods. As these techniques become more widely adopted, hospitals may experience an increased number of surgeries for neuroendocrine tumors, driving growth in this segment. The trend toward creating specialized centers within hospitals allows for a more coordinated and multidisciplinary approach to neuroendocrine tumor treatment. These centers house oncologists, surgeons, radiologists, and other specialists, enhancing patient outcomes and increasing hospital utilization.
Few of the well-known indsutry leaders in the neuroendocrine tumor treatment market that are profiled by Research Nester are BoehringerIngelheim International GmbH, Hutchison MediPharma Limited, AVEO Oncology, Pfizer, Inc., IpsenPharma, Tarveda Therapeutics, Progenics Pharmaceuticals, Novartis AG, Eli Lilly & Company, Ipsen Pharma, and other key market players.
Recent Development in the Market
- Eli Lilly & Company to supply its human insulin active pharmaceutical ingredient (API) to IABL at a reduced cost in order to facilitate the manufacturing of insulin in Bangladesh.
- Boehringer Ingelheim teamed up with 3T Biosciences to identify and create cutting-edge cancer treatments to meet the significant unmet patient needs. Further, the collaboration will combine the industry-leading 3T-TRACE (T-Cell Receptor Antigen and Cross-Reactivity Engine) discovery platform from 3T Biosciences with Boehringer Ingelheim's two-pronged research approach combining cancer cell-directed and immune cell-targeting compounds.
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