According to the latest market analysis by Future Market Insights, the global carcinoid tumor syndrome (CTS) management market is poised for robust growth over the next decade. The market, which stood at US$ 1774.38 million in 2023, is anticipated to expand at a compound annual growth rate (CAGR) of 10.9%, reaching approximately US$ 4993 million by 2033.
This growth trajectory can be attributed to several key factors, including the rising prevalence of carcinoid tumors, significant advancements in diagnostic and treatment methodologies, and increased awareness of the syndrome among both healthcare professionals and patients.
Carcinoid tumors, a group of slow-growing neoplasms that can secrete hormone-like substances, lead to complex management challenges that the healthcare industry is increasingly equipped to address. Innovations in diagnostic techniques over recent years have allowed for earlier and more accurate detection of CTS, which is crucial for effective management and treatment. Enhanced imaging technologies and biomarkers have played a pivotal role in transforming the diagnostic landscape, providing patients with timely and precise diagnosis.
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There have also been significant advancements in the development of treatment options for CTS. For example, somatostatin analogues (SSAs) such as octreotide and lanreotide are commonly used to control the symptoms of CTS by inhibiting the release of hormones from carcinoid tumors.
Other treatment options include chemotherapy, targeted therapy, and radiation therapy, depending on the type and stage of the tumor. As new therapies and treatment options continue to emerge, the demand for CTS management is likely to grow.
Key Takeaways from the Market Study:
- The Carcinoid tumor syndrome management market is expected to grow at a value of 10.9% CAGR for the forecast period 2023-2033
- Oral route of administration is expected to hold 55% of the market share in 2023 for Carcinoid tumor syndrome management market.
- North America is expected to possess 44% market share for Carcinoid tumor syndrome management market in 2023.
- Europe Carcinoid tumor syndrome management market size is expected to possess 37% market share in 2023.
“The rising awareness among patients and healthcare professionals is also contributing to the growth of the CTS management market. As patients become more informed about their condition and the available treatment options, they are more likely to seek out effective management options.” states an FMI analyst
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Competitive Landscape:
Key players in the Carcinoid tumor syndrome management are Novartis AG, Teva Pharmaceutical Industries Ltd, Mylan N.V., Ipsen Biopharmaceuticals, Inc, Sun Pharmaceutical Industries Ltd, Amgen Inc., Entrinsic Health Solutions, Inc., Endo Pharmaceuticals Inc., Sirtex SIR-Spheres Pty Ltd, BTG International Ltd
- Mylan markets a somatostatin analog called Octreotide (brand name Sandostatin®), which is indicated for the treatment of symptoms associated with functional gastroenteropancreatic neuroendocrine tumors, including carcinoid syndrome.
- Teva markets a somatostatin analog called Lanreotide (brand name Somatuline®), which is indicated for the treatment of symptoms associated with functional gastroenteropancreatic neuroendocrine tumors, including carcinoid syndrome.
Key Segments Profiled in the Carcinoid Tumor Syndrome Management Market Survey:
Organ Affected:
- Small Intestine
- Lungs
- Rectum
- Appendix
- Stomach
- Liver
- Others
Therapy Type:
- Chemotherapy
- Biological Therapy
- Radio Therapy
Drug:
- Octreotide
- Telotristat Etiprate
- Lanreotide
Route of Administration:
- Oral
- Injectable
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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