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Market Overview
- The Global Neuroendocrine Tumor Treatment Market is expected to grow at a CAGR of 10.4% during the forecasting period (2020-2027).
- The neuroendocrine tumor is a rare tumor that arises from the specialized body cells, called neuroendocrine cells. It may occur anywhere in the body but mostly occurs in the pancreas, digestive tract, lungs, rectum, and appendix. The neuroendocrine tumor can be either benign or malignant.
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Market Dynamics
- The major driving forces are the increasing prevalence of neuroendocrine carcinoma, technological advancements, rising awareness among people, and the growing number of government initiatives.
- The prevalence of Neuroendocrine tumors is increasing across the globe, though being a rare disease as it is reported that more than 12,000 people are found to be affected by neuroendocrine tumors every year in the US. Therefore the increasing prevalence of neuroendocrine tumors helps in the adoption rate of the drugs for the treatment of this rare disease.
- The presence of ongoing research and development activities is expected to drive the market growth. For instance, few ongoing clinical trials include RAD 001 to treat advanced midgut NETs, Lanreotide Autogel for non-functional tumors, and NET-01 chemotherapy for the pancreatic tumors. Also, ongoing R&D activities in detection techniques, like Ga labeled radionucleotide therapies and the radiofrequency ablation technique, are the key factors driving the demand market.
- Below is one of the huge promising pipeline for neuroendocrine tumor treatment, which is expected to boost the market growth.
- The presence of increasing investments by government organizations is expected to drive the market growth. For instance, organizations, such as the Neuroendocrine Tumor Research Foundation (NETRF), has invested more than 1.5 USD million in the development of advanced radiation therapy called Peptide Receptor Radionuclide Therapy (PRRT).
- Rising awareness is expected to accelerate market growth over the forecast period. For instance, several organizations across the world are conducting national and international programs to increase awareness about the neuroendocrine tumors for early diagnosis of the disease. For instance, the International Neuroendocrine Cancer Alliance observes the neuroendocrine day on November 10, every year. Such awareness programs also help vendors to understand opportunities in the current market scenario and invest in research to develop new therapies.
- However, the high cost of development and the onset of side effects are expected to hinder the market growth.
- The onset of side effects is likely to hamper the growth of the market over the forecast period. The possible side effects include high blood sugars, the development of gallstones, and mild digestive system upset, such as bloating and nausea.
Market Segmentation Analysis
- By therapy type, the neuroendocrine tumor treatment market can be segmented into somatostatin analogs (SSAs), targeted therapy, and others.
- The Somatostatin product segment is expected to propel the market growth over the forecast period, owing to the safe treatment procedure offered by SSA. SSAs are usually used to treat patients who are resistant to surgery and radiation therapy. Many somatostatin analogs are currently under clinical trials and waiting for approval. For instance,
- The targeted therapy segment is expected to grow at a significant rate over the forecast period, owing to the presence of FDA approved drugs. For instance, in February 2016, Everolimus (Afinitor), a targeted therapy approved by the US FDA for the treatment of advanced NETs of the lung, GI tract, and pancreas. This drug can help to slow down the growth of these tumors in some patients, but it does not usually shrink tumors. Another targeted therapy, sunitinib (Sutent), which targets a protein called VEGF, is also approved by the US FDA for the treatment of pancreatic NETs. Thus, the presence of FDA approved drugs for neuroendocrine tumor treatment is driving the market.
- By indication, the neuroendocrine tumor treatment market can be segmented into the small intestine, lungs, pancreas, gastrointestinal, and others.
- The small intestine segment is expected to grow at a high rate over the forecast period, as the GI tract is more prone to develop NETs. As per the statistics published in the investor presentation of Novartis AG, GI comprised 61% of the total NETs, and among them, tumors in the small intestine were the most common ones.
- The pancreas segment is expected to grow at a high rate over the forecast period, owing to the increasing R&D investments for the development of novel therapies for pancreatic NETs. For instance,
- By route of administration, the neuroendocrine tumor treatment market can be segmented into oral and parenteral.
- The oral segment is expected to grow at a high rate over the forecast period, owing to the presence of FDA approved oral drugs. For instance, in February 2017, the FDA approved Xermelo (telotristat ethyl), in combination with a somatostatin analog. It is an oral drug that reduces the overproduction of seratonin that some NETs cause and, in so doing, relieves diarrhea.
Geographical Analysis
- Geographically, the global neuroendocrine tumor treatment market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- North America is dominating the global neuroendocrine tumor treatment market in 2018 and is estimated to hold significant market size over the forecast period (2020-2027) owing to supportive insurance policies in the region facilitating NET treatment, like Medicare, Medicaid, and Tricare. Also, sophisticated healthcare facilities and high R&D expenditure by pharmaceutical companies and regional government for cancer research are other factors driving the market.
- The increasing prevalence of neuroendocrine cancer is expected to drive market growth over the forecast period. For instance, according to the statistics published by the American Society of Clinical Oncology (ASCO), in 2016, around 8,000 adults in the US were diagnosed with GI tract-carcinoid tumors. Also, as per Cancer.Net, it is estimated that more than 12,000 people in the US are diagnosed with a NET every year, and approximately 170,000 people are living with 1. This increasing prevalence of neuroendocrine tumors in the GI tract is expected to drive the market.
- Also, the presence of ongoing research activities by several organizations is expected to drive the market growth over the forecast period.
Competitive Landscape
- The major players operating in the global neuroendocrine tumor treatment market are Amgen, Inc, Bristol-Myers Squibb, Eli Lilly & Company, F. Hoffmann-La Roche Ltd., Ipsen Pharmaceuticals, Novartis AG, Hutchinson Medipharma Limited, Tarveda Therapeutics, Progenics Pharmaceuticals, and Pfizer Inc.
- The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the neuroendocrine tumor treatment market globally. For instance,
- On July 30, 2018, Progenics Pharmaceuticals, Inc. announced that the US FDA had approved the New Drug Application for AZEDRA (iobenguane I 131) injection for the treatment of pheochromocytoma or paraganglioma who require systemic anticancer therapy.
- On July 12, 2018, Novartis launched its Galaxies of Hope app, a unique digital experience created to support the neuroendocrine tumor (NET) community.
- In January 2018, Novartis AG received FDA approval for Luthatera, radiolabelled somatostatin analog for the treatment of somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors.
- In October 2017, Novartis announced the acquisition of Advanced Accelerator Applications, a radiopharmaceutical company, to expand its oncology product portfolio.
- In February 2016, Novartis received FDA approval for Afinitor for the treatment of both GI and lung neuroendocrine tumors.
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