Carcinoid Tumor Market Trends, Applications and Competitive Landscape 2030
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Carcinoid Tumor Market
Overview
The
global carcinoid tumour market is estimated to show significant growth with a
CAGR of 10.5% during the forecast period 2022-2030.
Factors
such as the rising incidence of carcinoid tumours, growth in medical diagnostic
technology such as endoscopy ultrasonography, availability of favourable
reimbursement and insurance policies are accelerating the Carcinoid Tumor Market growth. Moreover
drug treatments associated with carcinoid tumour are likely to get orphan drug
status, government initiatives of setting high price for orphan drugs will
generate more revenue for pharma companies, thus fuelling up the market growth.
Whereas, high expense of this the diagnosis, lack of targeted treatments for
the disease, misdiagnosis of the diseases as symptoms are very confusing and
unavailability of advanced diagnostic methods in middle income countries are
hindering the market growth.
Carcinoid
tumour is a type of the neuroendocrine tumour that is made up of a combination
of hormone-producing endocrine cells and nerve cells. The most common site of
carcinoid tumours is stomach, rectum, intestine and lungs.
Carcinoid
Tumour Market Segmentation
The global carcinoid tumor market is
segmented on the basis of site, diagnosis, treatment, and end users.
On the basis of the site, the market is
segmented into gastrointestinal, lung, and others. Furthermore, the gastrointestinal
segment is sub-segmented into rectum, small intestine, appendix, and others.
Lung segment is sub-segmented into typical, atypical, and others.
On the basis of the diagnosis, the market
is segmented into serology, imaging, biopsy, and others. The serology segment
is sub-segmented into blood test, urine test, molecular test, and others. The
imaging segment is sub-segmented into X-ray, CT scan, PET scan, and others.
On the basis of the treatment, the market
is segmented into surgery, chemotherapy, radiotherapy, and others. The surgery
segment is sub-segmented into local excision, radiofrequency ablation (RFA),
and others.
On the basis of the end users, the market
is segmented into hospitals & clinics, academic institutes, research
organization, and others.
Carcinoid
Tumour Market- competitive Analysis
Novartis
headquartered in Switzerland has been solving healthcare challenges with its
innovative solutions for more than half a century. It has several chemotherapy
drugs in its portfolio. In 2016, Novartis announced approval of Afinitor by
U.S. FDA, and it is the first treatment approved for progressive,
non-functional carcinoid tumour of lung origin.
Amgen
Inc. with its eminent team of R&D professionals has been a top
pharmaceutical with a huge global presence since 1979. AMG-479 Ganitumab is the
brainchild of Amgen which has potential to treat carcinoid tumours. It has
completed phase II clinical trial successfully.
Carcinoid
Tumour Market- Regional Analysis
North
America is anticipated to lead the global carcinoid tumour market owing to high
prevalence of neuroendocrine tumours, increasing geriatric population,
addiction to alcohol and drugs, flourishing medical device market, presence of
key pharmaceutical companies and rising healthcare expenditure and
accessibility to new technologies. For instance, according to the American
Society of Clinical Oncology (ASCO) in 2016, 8,000 adults in the U.S. suffered
from carcinoid tumour in their GI tract. Moreover, nearly 4,000 adults in the
United States diagnose with the carcinoid tumour in their lung each year. Thus,
the increasing patient pool of the carcinoid tumour is expected to fuel market
growth
Europe
has the second largest market in the global carcinoid tumour market. In Europe,
Germany, France, and the U.K are the major markets for carcinoid tumour as
carcinoid tumour though being rare has the highest occurrence in these places,
which is expected to increase shortly. For instance, in 2015,
according to the National Health Service report each year approximately 1,200
people diagnose with carcinoid tumour in the UK. The European market is
expected to exhibit extensive growth during the forecast period due to, the
growing research and developments sector, need for advanced treatments along
with growing need for better healthcare infrastructure, rising geriatric
population, various government legislative reforms providing regulatory
guidelines to manufacturing companies and flourishing medical device market
attributed to the presence of key pharmaceutical companies in this region.
Asia
Pacific is predicted to be the fastest growing region in the global carcinoid
tumour market. Countries like China, Singapore, Malaysia, Australia of Asia
Pacific region are considering fastest growing region due to the presence of
huge population suffering with carcinoid tumour diseases. These countries are
quickly adapting to new technologies so as to improve the health of every
citizen. The government is also supporting the same by investing in research
and development in clinical research sector as well as in building proper
healthcare infrastructure. Moreover, statistics suggests that people older than
50 years are more vulnerable to carcinoid tumours. According to report
published by the United Nations in 2015; between 2015 and 2030, the number of
older persons aged 60 years or over in the world is predicted to grow by 56 %,
, out of which 66% of aged population would reside in Asia-Pacific regions.
There is going to be a huge rise in patient population during the forecast period,
and lot of untapped regions with major growth opportunities within which will
be major drivers for the robust growth rate of this region.
The
Middle East & Africa holds the least share in the market owing to the
presence of low income countries and low healthcare expenditure, especially
within the African region. However the market is expected to grow steadily due
to presence of developed countries like Saudi Arabia and United Arab of
Emirates , government healthcare reform initiatives and increasing geriatric
population .
KeyPlayers
Carcinoid Tumor Market Players include Novartis AG (Europe), Ingelheim GmbH
(Europe), AVEO Pharmaceuticals, Inc. (U.S.), Chiasma, Inc. (U.S.), Amgen Inc.
(U.S.), Boehringer Aegis Therapeutics, LLC (U.S.), CRINETICS PHARMACEUTICALS
(U.S.), Delcath Systems Inc. (U.S.), Exelixis, Inc. (U.S.), and others.,
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