July 16, 2024

Increasing global incidence rates predicted to drive the growth of the global Pituitary Cancer Market

The global pituitary cancer market involves drugs that are used to treat pituitary cancer. Pituitary cancer is a rare form of cancer that develops in the pituitary gland. The pituitary gland, also called the hypophysis, is a pea-sized gland located at the base of the brain. It plays a key role in the endocrine system as it produces hormones that regulate other glands and organs. Some of the key drugs available in the market to treat pituitary cancer include cabozantinib, everolimus, temozolomide, and somatostatin analogs. These medications inhibit tumor growth and control hormone release. Early diagnosis and advancements in surgical procedures and radiation therapy have improved treatment outcomes over the years.

The global Pituitary Cancer Market is estimated to be valued at US$ 380.7 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends in the pituitary cancer market is growing prevalence of pituitary tumors. According to data published by the National Organization for Rare Disorders, pituitary tumors affect 9 per 100,000 people per year. As the number of cases increases globally, demand for effective treatment options is also rising. Another key trend is the progression in targeted drug therapies. Pharmaceutical companies are investing in research & development of novel therapies such as pituitary specific receptor ligands that act more selectively against pituitary tumor cells with fewer side effects. Ongoing R&D activities focused on more targeted drugs are likely to augment the growth of pituitary cancer market during the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the pituitary cancer market is low due to the high costs associated with R&D and clinical trials. Additionally, established market players have strong brand recognition.

Bargaining power of buyers: The bargaining power of buyers is moderate. While buyers have some influence due to the availability of alternative therapies, the urgency of treatment limits their power given the life-threatening nature of pituitary cancer.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Majority of supplies are available and key players have established supply chain to manufacture drugs.

Threat of new substitutes: The threat of new substitutes is low as no alternative exists for pituitary cancer treatment. However, substitute drugs are being researched that can reduce the market control of existing drugs.
Competitive rivalry: High due to presence of many approved drugs and biologics manufactured by major pharmaceutical companies.

Key Takeaways
The global pituitary cancer market is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing prevalence of pituitary tumors worldwide. The market size for pituitary cancer was valued at US$ 380.7 Mn in 2023.

Regional analysis
North America is expected to dominate the global pituitary cancer market during the forecast period. This is attributed to growing incidence of pituitary tumors, rising healthcare expenditure, presence of advanced healthcare facilities, and availability of favorable reimbursements in the region. Europe is expected to exhibit high growth rate owing to rising research funding for drug development and presence of key market players in the region.

Key players
Key players operating in the pituitary cancer market are Novartis International AG, Pfizer Inc., Ipsen Biopharmaceuticals, Inc., Endocyte, RECORDATI GROUP, Camurus AB, Endeavor Biomedicines, Inc., and Debiopharm International SA. Major players are focusing on developing novel drug candidates and biologics to improve treatment outcomes for pituitary cancer patients.

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  1. Source: Coherent Market Insights, Public sources, Desk research
    2. We have leveraged AI tools to mine information and compile it