Healthcare

Neuroendocrine Tumor Treatment Market Drivers, Demand, and Insights 2024-2033

The Neuroendocrine Tumor Treatment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Neuroendocrine Tumor Treatment Global Market Report 2024, The neuroendocrine tumor treatment market size has grown rapidly in recent years. It will grow from $1.94 billion in 2023 to $2.16 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to clinical research and understanding, awareness and education, specialized medical expertise, advancements in radiation therapy, supportive care services.

The neuroendocrine tumor treatment market size is expected to see rapid growth in the next few years. It will grow to $3.19 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to precision medicine advancements, immunotherapy innovations, minimally invasive procedures, rising incidence rates, telemedicine and remote care. Major trends in the forecast period include advancements in diagnostic technologies, peptide receptor radionuclide therapy (prrt) advancements, nanotechnology in drug delivery, emerging radiopharmaceuticals, cross-disciplinary collaboration.

The growing prevalence of neuroendocrine tumors is expected to propel the growth of the neuroendocrine tumor treatment market going forward. Neuroendocrine tumors (NETs) are a type of rare tumor that originates from neuroendocrine cells. Neuroendocrine tumor treatment is an essential process for curing neuroendocrine tumors and is used to control symptoms, control tumor growth, and use radiation therapy to kill tumor cells. For instance, in March 2023, according to the reports shared by the American Society of Clinical Oncology (ASCO), a US-based professional organization, more than 12,000 people in the US are diagnosed with neuroendocrine tumors each year, and approximately 171,000 people are living with this diagnosis in 2023. Furthermore, in August 2022, according to Cancer Australia, an Australia-based cancer control agency, in Australia, 5,437 people were diagnosed with neuroendocrine tumors in 2022, which is 3.4% of all new cases diagnosed in 2022. Therefore, the growing prevalence of neuroendocrine tumors is driving the growth of the neuroendocrine tumor treatment market.

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The neuroendocrine tumor treatment market covered in this report is segmented –

1) By Product: Somatostatin Analogs (SSAs), Targeted Therapy, Chemotherapy, Others Products

2) By Indication: Lungs, Pancreas, Gastrointestinal, Others Indications

3) By End-Users: Hospitals, Oncology Centers, Other End-Users

Clinical drug development for treatment is a key trend gaining popularity in the neuroendocrine tumor treatment market. Major companies operating in the neuroendocrine tumor treatment market are developing innovative therapies to sustain their position in the market. For instance, in October 2022, Viewpoint Molecular Targeting, Inc., a US-based pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA), a US-based federal agency, has granted fast-track designation for the development of [212Pb] VMT-α-NET for the treatment of patients with SSTR2-positive unresectable or metastatic neuroendocrine tumors (NETs). VMT-α-NET is a targeted alpha-particle therapy (TAT) designed to kill cancer cells that selectively express somatostatin receptors. The FDA’s fast-track designation is intended to expedite the development and review of [212Pb] VMT-α-NET for treating NETs. This designation is given to drugs that have the potential to provide a significant improvement in the safety or effectiveness of treatment for a severe condition.

The neuroendocrine tumor treatment market report table of contents includes: