Increase in Cases of Neuroendocrine Tumors to Augment the Neuroendocrine Tumors Treatment Market Growth

 

Neuroendocrine tumors arise from cells of the endocrine and nervous systems. Neuroendocrine tumors are cancers that begin in specialized cells called neuroendocrine cells. They are commonly found in the intestine, where they are often called carcinoid tumors, but they are also found in the lungs, pancreas, and the rest of the body.

However, neuroendocrine tumors treatment entirely depends on the type of the tumor. Some approaches may include surgery, radiation and chemotherapy. A neuroendocrine tumor can grow slowly or aggressively and spread to other parts of the body. Many people do not develop symptoms and tumors are detected incidentally.

Market Dynamics:

Increasing prevalence of neuroendocrine tumors, especially in North America, is expected to propel the growth of the neuroendocrine tumors treatment market. For instance, according to the American Society of Clinical Oncology (2019), each year, more than 12,000 people in the U.S. are diagnosed with a neuroendocrine tumors. The number of people diagnosed with this type of tumor has been increasing for years.

Moreover, increasing number of drug approvals for the treatment of neuroendocrine tumors is expected to fuel the growth of the neuroendocrine tumors treatment market. For instance, in December 2020, Hutchison China MediTech Limited received the National Medical Products Administration of China (NMPA) approval for surufatinib for the treatment of non-pancreatic neuroendocrine tumors.

Increase in government initiatives and funding by various international organizations is also expected to augment the growth of the neuroendocrine tumors treatment market. For instance, in February 2020, the Neuroendocrine Tumor Research Foundation announced US$ 3.5 million in neuroendocrine tumor research grants to fund 12 projects around the world in pursuit of more precise treatments for this uncommon cancer.

Furthermore, government initiatives for cancer awareness, the growing patient assistance programs, and extensive research and development by pharmaceutical companies are expected to drive the neuroendocrine tumors treatment market growth.

However, side effects associated with the treatment and the high cost of drug or therapy development are expected to restrain the market growth. Development of gallstones, high blood sugar, and mild digestive system upset such as nausea and bloating are some of the possible side effects associated with neuroendocrine tumor treatments.

Competitive Analysis:

Major players operating in the neuroendocrine tumors treatment market are Exelixis, Dauntless Pharmaceuticals Inc., Hutchison Medipharma Limited, Progenics Pharmaceuticals, Tarveda Therapeutics, Advanced Accelerator Applications, Ispen, Novartis AG, and Pfizer Inc.

In 2018, Novartis received the United States Food and Drug Administration (FDA) approval for Lutathera for the treatment of somatostatin receptor positive gastroenteropancreatic neuroendocrine tumors.