Incidence and prevalence of neuroendocrine tumor (NET) is steadily increasing, owing to multiple endocrine neoplasia type 1 (MEN1), multiple endocrine neoplasia type 2 (MEN2), neurofibromatosis type 1 (NF1), Von Hippel-Lindau syndrome (VHL), and tuberous sclerosis complex (TSC) disease, in the U.S. Moreover, based on a study published in the JAMA Oncology Journal, 2017, survival rate of all neuroendocrine tumor treatments have improved, especially for distant-stage gastrointestinal neuroendocrine tumor treatment and pancreatic neuroendocrine tumor treatment. This is mainly attributed to availability of effective therapies and early diagnosis of the disease. Introduction of new therapies and extended indications for approved drugs are expected to drive growth of the neuroendocrine tumor treatment market.
The global neuroendocrine tumor treatment market is estimated to be valued at US$ 1,448.1 million in 2019 and is expected to exhibit a CAGR of 10.6% during the forecast period (2019-2027).
Figure 1. Global Neuroendocrine Tumor Treatment Market Value (US$ Mn) Analysis and Forecast, and Y-o-Y Growth (%), (2016-2027)
Source: Coherent Market Insights Analysis (2020)
Development of new drugs is expected to boost the neuroendocrine tumor treatment market growth
There are various treatments available for cancer. Targeted therapy is one of the most preferred options for the treatment of neuroendocrine tumor. Targeted therapy is an effective approach for the treatment of cancers. Therefore, adoption of targeted NET therapies is expected to increase over the forecast period, which is further expected to fuel the market growth. Although somatostatins are effective in the treatment of some types of pituitary tumors, regulatory approvals for NET are expected to further encourage its research as a combination therapy with targeted drugs. Pasireotide is another somatostatin analogue under study for the treatment of NET. Somatostain analogs are the preferred therapy for chronic control and are effective for long-term management of the disease. Moreover, Avastin (Bevacizumab), a monoclonal antibody, is being studied for its efficacy in the treatment of carcinoid tumors. Netazepide, a gastrin/CCK2 receptor antagonist is found to shrink tumors in the patients with carcinoid tumors in the stomach and high gastrin levels. Being a rare disease, regulatory agencies are focused on offering fast-track and orphan drug status to the potential drug candidates for the treatment of the disease.
The increasing number of drug approvals for the treatment of neuroendocrine tumors is expected to drive the market growth over the forecast period. For instance, in January 2018, Advanced Accelerator Applications, a subsidiary of Novartis Groupe S.A. received the U.S. Food and Drug Administration (FDA) approval of its new drug application (NDA) for Lutathera (lutetium Lu 177 dotatate) for the treatment of Somatostatin receptor positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs) including foregut, midgut, and hindgut neuroendocrine tumors, in adults.
However, high cost of development of the therapies or drugs and the side effects associated with the treatment are expected to hinder the market growth over the forecast period. The possible side effects associated with neuroendocrine tumor treatments include high blood sugar, development of gallstones, and mild digestive system upset such as bloating and nausea.
Global Neuroendocrine Tumor Treatment Market- Regional Analysis
On the basis of region, the global neuroendocrine tumor treatment market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Among regions, North America is expected to exhibit significant growth in the neuroendocrine tumor treatment market due to increasing approval of novel neuroendocrine tumor treatments in the region. For instance, in December 2014, Ipsen received the U.S. Food and Drug Administration (FDA) approval for its Somatuline Depot (lanreotide) Injection 120 mg, indicated for the treatment of adult patients with unresectable, well- or moderately-differentiated, locally advanced or metastatic gastroenteropancreatic neuroendocrine tumors (GEP-NETs).
Moreover, Europe neuroendocrine tumor treatment market is expected to witness significant growth over the forecast period, owing to increasing product approvals by European Commission (EC) to market the products in the European countries. For instance, in September 2017, the European Commission (EC) approved the Lutathera (lutetium (177Lu) oxodotreotide) for the treatment of patients with unresectable or metastatic, progressive, well-differentiated (grade 1 and grade 2), somatostatin receptor positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs). The approval has allowed marketing of Lutathera in all 28 European Union member states along with Iceland, Norway, and Liechtenstein.
Moreover, increasing prevalence of neuroendocrine tumors in Asia Pacific is expected to drive growth of the Asia Pacific neuroendocrine tumor treatment market during the forecast period. For instance, according to the data published by Hutchison Medipharma Limited (Chi-Med), an innovative biopharmaceutical company, in 2018, around 67,600 new cases of neuroendocrine tumor were diagnosed in China. Moreover, currently around 300,000 patients are living with the disease in China. Among these, 80% of the patients are living with non-pancreatic neuroendocrine tumor in China.
Figure 2: Global Neuroendocrine Tumor Treatment Market Share (%), By Region
Source: Coherent Market Insights Analysis (2020)
Global Neuroendocrine Tumor Treatment Market - Competitive Landscape
Key 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.
Neuroendocrine tumors (NETs) result from the abnormal growth of neoplasms that originate from cells of various endocrine glands and nervous systems. Though most of these are benign, some tend to become malignant and may turn cancerous in the long term. Neuroendocrine tumors are generally infected initially in intestine, which are often known as carcinoid tumors. Pancreas is the second most prime organ in the body, where growth of NET is common. There are number of clinical trials are ongoing to develop the novel therapy or drugs for the treatment of the pancreatic neuroendocrine tumors in adult patients.
The rising incidence of GI and lung neuroendocrine tumors is a key factor that is expected to fuel growth of the global neuroendocrine tumor treatment market over the forecast period. For instance, according to data published in American Society of Clinical Oncology (ASCO) in 2019, estimated 12,000 people in the U.S. are diagnosed with a NET, each year. And around 170,000 people are living currently with NET. The 5-year survival for NET of the small intestine was 86.2%, 82.7% for stomach, and 67.4% for colon. Apart from GI and Lung Neuroendocrine, there are other factors, which influence NET include hormonal imbalance at pituitsary gland and thyroid gland. The rising demand for various imagining techniques in North America and Europe is expected to fuel growth of the global market over the forecast period. Drug portfolio expansion and development of new products that can inhibit excess hormone production are some of the other factors that are expected to augment growth of the global neuroendocrine tumor treatment market over the forecast period.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section