Neuroendocrine Tumor Treatment Global Market Report 2024

The neuroendocrine tumor treatment market size has grown rapidly in recent years. It will grow from $1.94 billion in 2023 to $2.16 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The expansion observed in the historical period can be ascribed to factors such as progress in clinical research and understanding, increased awareness and education, the availability of specialized medical expertise, advancements in radiation therapy, and the provision of supportive care services.

The neuroendocrine tumor treatment market size is expected to see rapid growth in the next few years. It will grow to $3.19 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The anticipated growth in the upcoming period can be attributed to advancements in precision medicine, innovations in immunotherapy, the increasing adoption of minimally invasive procedures, a rise in incidence rates, and the expanding utilization of telemedicine and remote care. Key trends expected in the forecast period encompass advancements in diagnostic technologies, progress in peptide receptor radionuclide therapy (PRRT), the integration of nanotechnology in drug delivery, the emergence of novel radiopharmaceuticals, and the fostering of cross-disciplinary collaboration.

The anticipated growth in the neuroendocrine tumor treatment market is expected to be propelled by the increasing prevalence of neuroendocrine tumors (NETs). These rare tumors, originating from neuroendocrine cells, necessitate essential treatment to address symptoms, control tumor growth, and utilize radiation therapy for targeted cell destruction. Notably, in March 2023, the American Society of Clinical Oncology (ASCO) reported that over 12,000 people in the United States are diagnosed with neuroendocrine tumors annually, and approximately 171,000 individuals are living with this diagnosis in 2023. Similarly, Cancer Australia, in August 2022, revealed that 5,437 people were diagnosed with neuroendocrine tumors in Australia in 2022, constituting 3.4% of all new cases for that year. The growing prevalence of neuroendocrine tumors is thus a significant driver fueling the expansion of the neuroendocrine tumor treatment market.

The growth of the neuroendocrine tumor treatment market is expected to be boosted by increasing government funding for research and development. Government funding plays a pivotal role in advancing tumor research and treatment by providing financial support for scientific studies, medical infrastructure, and enhanced access to care. This support contributes to improvements in cancer prevention, diagnosis, and overall patient outcomes. As an illustration, in September 2023, the National Cancer Institute, a US-based government agency, received a budget of $7.3 billion from the United States Congress for fiscal year 2023, representing a $408 million increase compared to the previous year. The substantial increase in government funding for research and development underscores its crucial role in driving advancements in neuroendocrine tumor treatment and contributing to the growth of the market.

Clinical drug development for neuroendocrine tumor treatment stands out as a prominent trend gaining traction in the market. Major companies within the neuroendocrine tumor treatment sector are actively engaged in developing innovative therapies to maintain their competitive positions. A noteworthy example is Viewpoint Molecular Targeting, Inc., a US-based pharmaceutical company, which, in October 2022, announced the FDA's fast-track designation for [212Pb] VMT-α-NET. This targeted alpha-particle therapy (TAT) is designed for patients with SSTR2-positive unresectable or metastatic neuroendocrine tumors (NETs). The fast-track designation by the FDA is intended to expedite the development and review process for [212Pb] VMT-α-NET, recognizing its potential to significantly improve safety or effectiveness in treating a severe condition.

Companies operating in the neuroendocrine tumor treatment market are strategically focusing on securing research funding to gain a competitive edge. Research funding, provided by various entities including government agencies, private foundations, corporations, and non-profit organizations, plays a crucial role in advancing product development and clinical trials. For instance, Ariceum Therapeutics GmbH, a Germany-based company, successfully raised EUR 25 million in June 2022 as part of its Series A financing. An additional EUR 22.75 million was raised in a Series A extension financing, supporting the further development of their lead product, Satoreotide, intended for treating low- and high-grade neuroendocrine cancers. These funds contribute to advancing Ariceum's clinical pipeline, particularly focusing on their lead radiopharmaceutical product.

In November 2022, Lantheus Holdings Inc., a US-based healthcare company specializing in diagnostic imaging products, entered into a collaboration with Point Biopharma Global Inc., a US-based radiopharmaceutical company, for a significant sum of $260 million. This collaboration aims to leverage Lantheus Holdings Inc.'s commercial expertise and global reach alongside Point Biopharma's innovative radiopharmaceutical technology. The partnership seeks to accelerate the development and commercialization of PNT2002 and PNT2003, contributing to the advancement of transformative therapies for patients with cancer, particularly in the neuroendocrine tumor treatment space.

Major companies operating in the neuroendocrine tumor treatment market report are Pfizer Inc., F Hoffmann-La Roche AG, AbbVie Inc., Novartis AG, Sanofi SA, Bristol-Myers Squibb Company, Thermo Fisher Scientific Inc., AstraZeneca, GlaxoSmithKline PLC, Takeda Pharmaceutical, Eli Lilly And Company, Amgen Inc., Merck & Co. Inc., Boehringer Ingelheim International GmbH, Servier, Teva Pharmaceutical Industries Ltd., Ipsen Pharma SAS, Exelixis Inc., Advanced Accelerator Applications SA, Hutchison Medipharma Ltd., Dauntless Pharmaceuticals Inc., Tarveda Therapeutics, GlycoMira Therapeutics Inc., AVEO Pharmaceuticals Inc., Progenics Pharmaceuticals Inc., Callisto Pharmaceuticals Pvt Ltd., Chiasma Inc.

North America was the largest region in the neuroendocrine tumor treatment market in 2023. The regions covered in the neuroendocrine tumor treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the neuroendocrine tumor treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of products utilized in neuroendocrine tumor treatment include somatostatin analogs (SSAs), targeted therapy, chemotherapy, and other complementary approaches. Somatostatin analogs (SSAs) are synthetic drugs engineered to replicate the actions of somatostatin, a naturally occurring hormone in the body. These analogs find application in various indications, including those affecting the lungs, pancreas, gastrointestinal system, and other relevant areas. Neuroendocrine tumor treatment products are commonly employed by medical facilities such as hospitals, oncology centers, and other healthcare institutions dedicated to providing comprehensive care for patients grappling with neuroendocrine tumors.

The neuroendocrine tumor treatment market research report is one of a series of new reports that provides neuroendocrine tumor treatment market statistics, including neuroendocrine tumor treatment industry global market size, regional shares, competitors with a neuroendocrine tumor treatment market share, detailed neuroendocrine tumor treatment market segments, market trends and opportunities, and any further data you may need to thrive in the neuroendocrine tumor treatment industry. This neuroendocrine tumor treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The neuroendocrine tumor treatment market includes of revenues earned by entities by providing neuroendocrine tumor treatment services such as surgery, radiation therapy, peptide receptor radionuclide therapy, somatostatin analogs, diagnosis, staging and supportive care services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.