The global neuroendocrine tumor (NET) treatment market size is expected to reach USD 3.33 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to register a CGAR of 10.4% during the forecast period. Increasing pervasiveness of carcinoid tumors is expected to drive the market over the forecast period. Heavy investment in clinical trials by various pharmaceutical companies to develop novel products is another factor propelling the market development.
For instance, Novartis AG has the highest number of clinical trials followed by Pfizer Inc. and Ipsen Pharma. Moreover, technological advancements in therapies to treat neuroendocrine tumors are anticipated to fuel the market growth over the coming years. Some of these include PET imaging with Ga labeled Somatostatin, targeted drug therapies, and tyrosine kinase therapies. For instance, Lutathera by Novartis AG received FDA approval for the first ever radionucleotide therapy.
Further key findings from the study suggest:
- Somatostatin analogs segment accounted for the largest revenue share of more than 60% in 2017 owing to its cost-effective and safe therapy procedure
- The pancreas segment is expected to exhibit the highest growth in the neuroendocrine tumor treatment market over the forecast period
- Clinics segment is expected to register the highest CAGR of 10.9% over the estimated period due to increasing patient preference for clinics over other healthcare settings
- North America held the largest share of the global neuroendocrine tumor treatment market in 2017 mainly due to favorable government insurance policies
- Some of the key companies in the global market are Pfizer, Inc.; Novartis AG; Ipsen Pharma; and Boehringer Ingelheim International GmbH. Major companies focus more on R&D to develop novel therapeutics for NETs.