Neuroendocrine Tumors Market Is Expected To Expand At An Impressive Rate By 2026

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Neuroendocrine Tumors Market is Expected to Expand at an Impressive Rate by 2026

Tumor that arises from specialized body cells, called neuroendocrine cells, is known as neuroendocrine tumor. Neuroendocrine tumor arises from cells that produce hormones; thus, it  produces and releases hormones into the blood in response to signals received from the nervous system. It can occur anywhere in the body, but most commonly occurs in pancreas, digestive tract, lungs, rectum, and appendix. Neuroendocrine tumor can be either benign (non-cancerous) or malignant (cancerous).

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Types of neuroendocrine tumors are islet cell tumors, carcinoid tumors, pheochromocytomas, medullary thyroid cancer, neuroendocrine carcinoma, and others. Neuroendocrine tumors are a rare kind of tumor. It is estimated that more than 12,000 people are affected by neuroendocrine tumors each year in the U.S. Growing prevalence of neuroendocrine tumors is expected to drive the growth of the market during forecast period.

In addition to it, significant increase in funding by various international organizations, such as, the World Health Organization and the American Cancer Academy is projected to boost the neuroendocrine tumors market in the near future. Drugs used for the treatment of rare diseases are known as orphan drugs.

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Rare diseases affect very small portion of population. Therefore, unlike non-orphan drugs, orphan drugs do not gurantee return on investment. Furthermore, compared to non-orphan drugs, the cost of development of orphan drugs is significantly higher, which is expected to hamper the growth of the neuroendocrine tumors market during the forecast period.

The global neuroendocrine tumors market can be segmented based on type, treatment, and geography. In terms of type, the market can be divided into merkel cell cancer, neuroendocrine carcinoma, pheochromocytoma, and others. The neuroendocrine carcinoma segment is anticipated to hold a significant share of the neuroendocrine tumors market during the forecast period, as around 60% of neuroendocrine tumor cases pertains to neuroendocrine carcinoma. Based on treatment, the global neuroendocrine tumors market can be calssified into surgery, radiation therapy, and chemotherapy. Surgery is the main treatment prescribed for neuroendocrine tumor.

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Chemotherapy is a combination of drugs used for the treatment of neuroendocrine tumors. Streptozocin and 5-fluorouracil are examples of drugs used in the treatment of neuroendocrine tumor. Several clinical trials are underway to study new drugs for the treatment of neuroendocrine tumors. Approval or launch of new drugs is expected to drive the neuroendocrine tumors market during the forecast period. However, disappointing results of strong pipeline molecules are expected to restrain the growth of the market.

Based on geography, the global neuroendocrine tumors market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global neuroendocrine tumors market, followed by Europe. Key drivers of the market in these regions are rising incidence of diseases, developed health care infrastructure, strong clinical pipeline, high level of awareness among people, presence of key market players, and increase in government expenditure.

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The neuroendocrine tumors market in Asia Pacific is expected to grow rapidly during the forecast period due to large patient base, developing health care infrastructure, and rising government expenditure in health care in the region. Morover, increasing focus of key players for business expansion propels the growth of the neuroendocrine tumors market in Asia Pacific.

In Latin America and Middle East & Africa, lack of proper treatment facilities, low income level, and poor patient education are likely to hamper the growth of the neuroendocrine tumors market in the next few years.

Major players operating in the global neuroendcriens tumors market include F. Hoffmann-La Roche Ltd., Bristol-Myers Squibb, Eli Lilly & Company, Novartis AG, Pfizer Ltd., Amgen, Inc., Ispen SA, Teva Pharmaceuticals, Ltd., Callisto Pharmaceuticals Pvt. Ltd., and Biosynthema, Inc.

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