Neuroendocrine tumors are a group of cancers that originate from neuroendocrine cells of the nervous and endocrine systems. Some common symptoms associated with neuroendocrine tumors include fatigue, diarrhea, and flushing of the skin. Neuroendocrine tumor treatment options include targeted therapy, chemotherapy, and somatostatin analogues.
The global neuroendocrine tumor treatment market is estimated to be valued at US$ 3 Bn in 2023 and is expected to exhibit a CAGR of 0.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: Increase in Neuroendocrine Tumors Incidence The market is expected to witness significant growth owing to the increasing incidence rate of neuroendocrine tumors across the globe. According to the World Health Organization, the incidence of neuroendocrine tumors has increased 6 times in the last 4 decades. Furthermore, the incidence of pancreatic neuroendocrine tumors alone increased 10 times between 1973 to 2012. The rising number of neuroendocrine tumor cases is propelling the demand for effective treatment options like somatostatin analogues and targeted therapies, thereby driving the growth of the global neuroendocrine tumor treatment market during the forecast period. Porter's Analysis Threat of new entrants: The neuroendocrine tumor treatment market requires significant investments in R&D to develop novel drugs. This acts as a major barrier for new players. Bargaining power of buyers: The bargaining power of buyers is moderate as treatment options are limited. However, the availability of generics reduces buyer power. Bargaining power of suppliers: Major suppliers in this market include pharmaceutical companies. Their bargaining power is high due to patented drug technologies and formulations. Threat of new substitutes: There exists a low threat from substitutes as treatment involves combination therapies tailored to individual patients. Competitive rivalry: The competitive rivalry is high among major players due to their focus on developing innovative treatments. SWOT Analysis Strength: Availability of precision medicines and targeted therapies. Growing disease prevalence and demand for improved treatment outcomes. Weakness: High R&D costs associated with drug development. Limited understanding of disease etiology. Opportunity: Increasing research on identification of biomarkers. Emerging economies provide scope for market expansion. Threats: Stringent regulatory environment. Patent expiries of blockbuster drugs. Key Takeaways The Global Neuroendocrine Tumor Treatment Market Size is expected to witness high growth during 2023-2030. The market size is projected to increase from US$ 3 Bn in 2023 to over US$ 5 Bn by 2030. Regional analysis indicates North America will continue dominating the market owing to spending on cancer research and availability of advanced healthcare facilities. Europe also captures a significant share and is anticipated to exhibit growth at a CAGR of over 6%. Key players operating in the neuroendocrine tumor treatment market are Pfizer Inc., Novartis AG, Ipsen, Boehringer Ingelheim International GmbH and Eli Lilly & Company. Pfizer holds the leading market position, supported by its extensive neuroendocrine tumor drug portfolio. Get more insights on this topic: https://www.marketwebjournal.com/neuroendocrine-tumor-treatment-market-analysis-trends/
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