The neuroendocrine tumor treatment market will show rapid growth due to the increasing prevalence of neuroendocrine carcinoma, technological advancements and rising number of government initiatives.
As per the American Society of Clinical Oncology (ASCO) data, the prevalence of neuroendocrine tumors is increasing across the globe, though being a rare disease as it is estimated that more than 12,000 people are found to be affected by neuroendocrine tumors every year in the United States. Therefore the increasing prevalence of neuroendocrine tumors helps in the adoption rate of the drugs for the treatment this rare disease.
The cost of development of these orphan drugs is significantly higher as compared with the other drugs which is expected to hamper the growth of the neuroendocrine tumors market during the forecast period. There is also significant increase in government initiatives and funding by various international organizations that is anticipated to boost the overall market in the near future.
Key Market Trends
Somatostatin Analogs is Expected to Dominate the Neuroendocrine Tumor Treatment Market During the Forecast Period
The Somatostatin Analogs (SSAs) are found to be the widely drugs used for the treatment of neuroendocrine carcinoma as they control cancer growth, symptoms, and target biomarkers. They are accounted for the largest revenue share owing to safe treatment procedure offered by SSAs.
SSAs are found to be generally used to treat patients who are resistant to radiation therapy and surgery. Many SSAs are thus currently under clinical trial phase and waiting for approval, hence the market is expected to witness high growth over the forecast period.
North America is Anticipated to Dominate the Neuroendocrine Tumor Treatment Market
North America is found dominating the neuroendocrine tumors market, due to the rising incidence of neuroendocrine diseases, developed health care infrastructure, strong clinical pipeline, high level of awareness among people and presence of key market players. There are also supportive insurance policies in this region facilitating neuroendocrine treatment, such as Medicare, Medicaid, and Tricare that helps in driving the overall growth of the market.
Asia Pacific market is also anticipated to witness significant growth due to the rising incidence of neuroendocrine tumors in the region.
The key players are found undertaking strategies such as product launches, regional expansion, partnership and distribution agreements, to strengthen their market position. There are also various companies that are found focusing on organic growth strategies product approvals and others such as patents and events. The inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations.
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