Neuroendocrine tumors, also known as NETs, refer to a group of cancers that originate from neuroendocrine cells found throughout the body. These rare cancers can develop in several areas of the body including the lungs, pancreas, small intestine, colon, and kidneys. Common symptoms associated with NETs include diarrhea, abdominal pain, flushing, and wheezing. If detected early, many neuroendocrine tumors can be cured through surgical removal of the tumor. For advanced-stage disease, treatment options may include somatostatin analogs, targeted therapy drugs, chemotherapy, and radiation therapy. Somatostatin analogs have emerged as a key medication to control the symptoms caused by NETs. They work by suppressing hormone release from tumor cells.
The global Neuroendocrine Tumor Treatment Market is estimated to be valued at US$ 3.24 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing incidence of neuroendocrine tumors, especially in developed nations coupled with increasing government funding for cancer research are fueling the demand for neuroendocrine tumor treatment drugs. According to American Cancer Society, over 13,000 new patients are diagnosed with NETs each year in the United States alone. Increasing research efforts to develop new biomarker-based targeted therapies and combination therapies using somatostatin analogs with other anticancer drugs provides an opportunity for market players. Emerging pipeline drugs are expected to bring more treatment options and boost the market growth over the forecast period.
Threat of new entrants: The threat of new entrants is moderate as significant capital investments are required for R&D and clinical trials for new drugs and therapies. However, the emergence of new therapies can disrupt the market.
Bargaining power of buyers: The bargaining power of buyers is moderate since medical procedures for neuroendocrine tumor treatment have significant costs. However, demand for innovative therapies influences pricing power.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw material suppliers enjoy economies of scale. However, the availability of alternative suppliers limits their influence over pricing.
Threat of new substitutes: The threat of new substitutes is moderate as innovative therapies, devices, and surgical techniques can replace existing treatment options. However, high development costs restrain the introduction of multiple substitutes.
Competitive rivalry: The competitive rivalry is high due to the presence of many global and regional players offering a variety of treatment approaches. Players compete based on product differentiation, pricing, and portfolios.
The Global Neuroendocrine Tumor Treatment Market Size is expected to witness high growth.
Regional analysis: The North American region dominates the neuroendocrine tumor treatment market owing to high awareness, robust healthcare infrastructure, and rising incidence of NETs. The Asia Pacific region is expected to witness the fastest growth over the forecast period driven by rapidly developing healthcare facilities, rising healthcare spending, and evolving reimbursement landscape across countries like India and China.
Key players operating in the Neuroendocrine Tumor Treatment market are Schott AG, Yulong Dingtajian, Apex Solar, Sinosun Energy, Neo Solar Power Corporation, Solimpeks Solar Energy, Sunrain, Hubei Fullhonor Solar Energy, and others. The key market players are involved in product launches, partnerships, mergers and acquisitions to strengthen their product portfolio and geographical presence in the neuroendocrine tumor treatment market over the forecast period from 2023 to 2030.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it