Carcinoid Tumor Market Overview
Boehringer Ingelheim is a pharmaceutical company based in Germany.
The Carcinoid Tumor Market is projected to reach USD 2,448.1 Million by 2030 at 10.5% CAGR 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.
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.,
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 RD 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 .
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