The Global Neuroendocrine Carcinoma Treatment market is expected to reach US$ 1.7 billion by 2022, with a CAGR of 8.0% indicating positive market growth over the forecast period.
According to Future Market Insights, the market for somatostatin analogs by treatment type is expected to reach US$ 1.0 billion in 2022, accounting for more than half of the total neuroendocrine carcinoma treatment market.
Prominently driven by collaborative strategies for speedy research of drugs for neuroendocrine carcinoma treatment, the market is set for an impressive growth during the forecast period.
Rising number of patients diagnosed with neuroendocrine carcinoma, increasing number of patients seeking treatment, and innovative drugs under clinical trials, along with research grants from government agencies are expected to boost the growth of the neuroendocrine carcinoma treatment market during the forecast period. In June 2019, Progenics Pharmaceuticals presented long-term follow up data from its pivotal phase 2 study of Azdera, which showed overall survival of 73.1% at two years and 44.2% at four years, improving the overall survival rate in patients suffering from neuroendocrine carcinoma.
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Key Takeaways of Neuroendocrine Carcinoma Treatment Market Study
- Owing to large patient pool seeking treatment for gastric neuroendocrine tumors, the segment is expected to dominate the neuroendocrine carcinoma treatment market.
- Somatostatin analog therapy for vasoactive intestinal peptide, carcinoid tumors, pituitary adenomas, and other indications is expected to gain traction over targeted therapy and chemotherapy during the forecast period.
- Hospitals remain prominent end users as compared to clinics, as hospitalization of patients is required to monitor the progress of therapy deployed during the treatment of neuroendocrine carcinoma.
- North America is expected dominate the global neuroendocrine carcinoma treatment market, owing to improved healthcare infrastructure, favorable reimbursement scenario, increasing research grants, and large target patient pool.
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Neuroendocrine Carcinoma Drug Manufacturers Focusing on Collaborations to Gain Competitive Advantage
AbbVie Inc., Advanced Accelerator Applications, and F. Hoffmann-La Roche are among the leading manufacturers that operate in the Neuroendocrine tumor Market. In December 2019, AbbVie and Scripps Research announced a collaboration to develop a broad range of new therapeutics in the areas of oncology, immunology, neurology, and fibrosis.
This strategic move is expected to cater to the needs of patients by innovating refined novel medicines. Eisai’s Levinima was approved in combination with Novartis’s Afinitor for the treatment of advanced renal cell carcinoma, in May 2016.
This collaboration agreement has set the terms, whereby the sales teams from both pharmaceutical companies will promote the availability of this combination regimen to health service providers. In November 2017, VBL Therapeutics and NanoCarrier Co., Ltd. signed an exclusive agreement for VB-111 for the development, commercialization, and supply of ofranergene obadenovec (VB-111) in Japan. In December 2018, Advanced Accelerator Applications entered into an exclusive option and license agreement with FUJIFILM Toyama Chemical Co. to develop and commercialize radiolabeled molecules for oncology indications.
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