SEATTLE, March 26, 2020 /PRNewswire/ -- According to Coherent Market Insights, the global neuroendocrine tumor treatment market is estimated to be valued at US$ 1,448.1 Mn in 2019 and is expected to exhibit a CAGR of 10.6% during the forecast period (2019-2027).
Key Trends and Analysis of the Global Neuroendocrine Tumor Treatment Market:
The increasing approvals and launches of such novel therapies in the market is expected to drive growth of the global neuroendocrine tumor treatment market over the forecast period. For instance, in February 2016, Novartis received the U.S. Food and Drug Administration approval for its Afinitor (everolimus) tablets, which is indicated in adult patients for the treatment of progressive, non-functional gastrointestinal (GI), and lung neuroendocrine tumors (NET).
The rising prevalence of different types of neuroendocrine tumors such as gastrointestinal NET, pancreatic NET, lung NET, and other NET is expected to fuel demand for neuroendocrine tumor treatment drugs and therapies. For instance, according to the American Cancer Society estimation, in 2020, around 4,032 people will be diagnosed with pancreatic NET in the U.S.
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Key players in market are increasingly focusing on research and development activities, in order to develop advanced therapies for the treatment of neuroendocrine tumor. For instance, in October 2019, Ochsner Health System and Merck Sharp & Dohme Corp. collaboratively initiated phase 2 clinical trial to study the efficacy, safety, and tolerability of Pembrolizumab (MK-3475) in combination with chemotherapy agents Cisplatin or carboplatin and etoposide) in the patients with high grade gastroenteropancreatic neuroendocrine tumors (GEPNETs) and neuroendocrine carcinomas of the lung. The study is estimated to complete in December 2021. Such increasing clinical trials is anticipated to witness robust growth for neuroendocrine tumor treatment market in near future.
Among regions, Asia Pacific is expected to witness significant growth in the neuroendocrine tumor treatment market over the forecast period, owing to presence of major players in the region such as Hutchison Medipharma Limited (Chi- Med). In January 2020, Hutchison Medipharma Limited announced that its SANET-p Study, a phase III study for Surufatinib achieved its primary end-point in the treatment of low-grade or intermediate-grade advanced pancreatic neuroendocrine tumor patients. This positive result for Surufatinib (SANET-p) study is expected to introduce prominent treatment options for the patients with pancreatic neuroendocrine tumor.
Key Market Takeaways:
- The global neuroendocrine tumor treatment market is expected to exhibit a CAGR of 10.6% over the forecast period (2019-2027), owing to increasing pipeline products for the treatment of neuroendocrine tumors. For instance, in December 2016, Tarveda Therapeutics initiated phase 1/2a clinical trial study to evaluate the safety and efficacy of PEN-221 in patients with somatostatin receptor 2 (SSTR2) expressing advanced cancers including neuroendocrine and small cell lung cancers.
- Among indication, gastrointestinal NET segment, is expected to witness significant growth in the neuroendocrine tumor treatment market over the forecast period, owing to increasing product approvals and launches for the treatment of gastrointestinal NET. For instance, in January 2018, the U.S. Food and Drug Administration (FDA) approved lutetium Lu 177 dotatate (Lutathera) for the treatment of advanced NETs affecting pancreas or gastrointestinal tract in the adult patients.
Major players operating in the global neuroendocrine tumor treatment market include—
Pfizer Inc, Novartis AG, Ispen, Advanced Accelerator Applications, Tarveda Therapeutics, Progenics Pharmaceuticals, Inc., Hutchison Medipharma Limited, Dauntless Pharmaceuticals Inc., and Exelixis, Inc.
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- Global Neuroendocrine Tumor Treatment Market, By Treatment Type :
- Somatostatin Analogues (SSAs)
- Targeted Therapy
- Global Neuroendocrine Tumor Treatment Market, By Indication:
- Gastrointestinal NET
- Lung NET
- Pancreatic NET
- Other NET
- Global Neuroendocrine Tumor Treatment Market, By End User:
- Oncology Centers
- Global Neuroendocrine Tumor Treatment Market, By Region:
- North America
- By Country:
- Rest of Europe
- Asia Pacific
- By Country:
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Rest of Latin America
- Middle East
- By Country:
- Rest of Middle East
- By Country/Region:
- South Africa
- Central Africa
- North Africa
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