Global Neuroendocrine Tumor Treatment Market, By Drug Class (Somatostatin Analogs, Chemotherapy, Targeted Therapy, Immunotherapy, Others), By Indication (Gastrointestinal NET, Lung NET, Pancreatic NET, Others), By Distribution Channel (Hospital Pharmacies, Online Pharmacies, Retail Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 3.24 Bn in 2023 and is expected to exhibit a CAGR of 6.2% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The global neuroendocrine tumor treatment market is witnessing significant growth due to rising research and development activities in order to get fast-track designation from the regulatory authorities, which is expected to drive market growth over the forecast period. For instance, in October 2022, Viewpoint Molecular Targeting, Inc., a radiopharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) had granted a fast-track designation for the development of VMT-α-NET for the treatment of patients with SSTR2-positive unresectable or metastatic neuroendocrine tumors (NETs).
Global Neuroendovascular Coil Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and has a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of things from one place to another.
COVID-19 also had a negative impact on the global neuroendocrine tumor treatment market. Many studies reported the negative impact of COVID-19 on peptide radionucleotide therapy due to hindrances in the clinical trial study for peptide receptor radionuclide therapy (PRRT) products and stringent laws during COVID-19. For instance, in June 2020, according to the data published by the National Center for Biotechnology Information, physicians recommended postponing any therapeutic procedure with radiopharmaceuticals during the COVID-19 pandemic. Furthermore, according to the same source, clinical trial studies for peptide receptor radionuclide therapy (PRRT) products were put on hold during the pandemic. It was demonstrated that there was a decline in new subject enrollment in many ongoing clinical trials due to the increasing regulations and laws of the pandemic.
Global Neuroendovascular Coil Market: Key Developments
In October 2022, ITM Isotype Technologies Munich SE, a pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) had granted a fast track designation to Lu-edotreotide (ITM-11) for use as a potential therapeutic option in patients with gastroenteropancreatic neuroendocrine tumors (GEP-NETs). ITM-11 is comprised of the octreotide-derived somatostatin analog edreotide (Dotatoc) and no-carrier lutetium-177 chloride, which is a beta-emitting therapeutic radioisotope.
In September 2022, the Michigan State University, U.S., announced a partnership with BAMF Health, a leading theranostics (therapeutic and diagnostic) cancer treatment center to accelerate cancer research through a pipeline product of positron emission tomography/ computerized tomography (PET/CT) scanner with the latest technology for advanced clinical research. In August 2022, the PET/CT scanner was used to diagnose and treat patients with prostate cancer and neuroendocrine tumors.
In February 2020, in an effort to find more precise treatments for this rare illness that affects an estimated 171,000 Americans, the Neuroendocrine Tumor Research Foundation (NETRF) has announced US$ 3.5 million in grants for research into neuroendocrine tumors (NET).
Browse 36 Market Data Tables and 26 Figures spread through 180 Pages and in-depth TOC on “Global neuroendocrine tumor treatment Market”- Forecast to 2030, Global Neuroendocrine Tumor Treatment Market, By By Drug Class (Somatostatin Analogs, Chemotherapy, Targeted Therapy, Immunotherapy, Others), By Indication (Gastrointestinal NET, Lung NET, Pancreatic NET, Others), By Distribution Channel (Hospital Pharmacies, Online Pharmacies, Retail Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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Key Takeaways of the Global Neuroendocrine Tumor Treatment Market:
- The global neuroendocrine tumor treatment market is expected to exhibit a CAGR of 6.2% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global neuroendocrine tumor treatment market.
- Among drug class segment, the somatostatin analogs segment is expected to hold a dominant position in the global neuroendocrine tumor treatment market during the forecast period owing to increasing research and development activities for the treatment of patients suffering from neuroendocrine tumors. For instance, on March 20, 2023, RayzeBio, Inc., a targeted radiopharmaceutical company, announced the completion of enrollment in the Phase 1b of the ACTION-1 Phase 1b/3 trial of RYZ101 in patients suffering from neuroendocrine tumors with SSTR (somatostatin receptor type 2) and gastroenteropancreatic neuroendocrine tumors (GEP-NETs) that have accomplished progress on Lutetium-177 labeled somatostatin analogue therapy.
- Among regions, North America is expected to be the dominant region in the global neuroendocrine tumor treatment market over the forecast period owing to increasing prevalence of neuroendocrine tumor in the region. For Instance, in January 2022, according to the data published by the American Cancer Society, Inc., it was estimated that around 4,300 people in the U.S. were diagnosed with pancreatic neuroendocrine tumors in the year 2021.
- Major players operating in the global neuroendocrine tumor treatment market are Pfizer Inc, Novartis AG, Ispen, Advanced Accelerator Applications, Tarveda Therapeutics, Progenics Pharmaceuticals, Inc., Hutchison Medipharma Limited, Dauntless Pharmaceuticals Inc., and Exelixis, Inc.