Number of pages: 100 | Report Format: PDF | Published date: March 10, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global gastroenteropancreatic neuroendocrine tumor market was valued at US$ 3.55 billion in 2022 and is expected to register a revenue CAGR of 6.9% to reach US$ 6.48 billion by 2031.
Gastroenteropancreatic Neuroendocrine Tumor Market Fundamentals
A neuroendocrine tumor (NET) is an uncommon tumor that develops from endocrine and nervous system cells. These tumors can develop in various organs, including the pancreas, lungs, gastrointestinal system, and other body parts. Flushing, diarrhea, wheezing, palpitations, and low blood sugar levels are some symptoms. Gastroenteropancreatic NET (GEP-NET) is rare cancer that can develop in any portion of the gastrointestinal system, including the stomach, small intestine, colon, rectum, pancreas, and appendix. These tumors develop from neuroendocrine system cells, which generate hormones and other chemicals that govern various body activities. GEP-NETs are typically slow-growing and cannot produce the symptoms for years; nonetheless, they can be cancerous and spread to other organs. The available treatment or therapies for GEP-NETs are determined by various criteria, including the tumor’s location and size, grade and stage, and the patient’s general health. Various treatment options are available for GEP-NETs, including surgery, radiation treatment, chemotherapy, and targeted therapy, which can be used individually or in combination.
Gastroenteropancreatic Neuroendocrine Tumor Market Dynamics
The global incidence of GEP-NETs is raising the demand for more effective and focused treatment alternatives. Additionally, advances in diagnostic procedures, such as imaging and biomarker testing, have resulted in earlier detection of GEP-NETs, enhancing the rate of diagnosis and treatment/therapy. Large opportunities in developing novel medicines, such as peptide receptor radionuclide therapy (PRRT) and immunotherapy, are broadening the therapeutic options accessible to GEP-NET patients.
Increased R&D activities by the pharmaceutical and biotech industry are helping develop more effective and focused therapeutics for GEP-NETs. Somatostatin analogs, INF, radionuclide therapy, transarterial treatment, targeted therapy, immunotherapy, car-t-cell therapy, bispecific antibodies, vaccinations, and cytotoxic chemotherapy of highly differentiated and low differentiated G1 and G2 GEP NETs have also seen a rise in innovation. The increasing number of new therapies for NETs has substantially benefited the growth of NET therapy demand. Moreover, the increase in the frequency of neuroendocrine cancer, technical improvements in the field of NET therapy, and the rise in government initiatives are driving market revenue growth.
According to the recent study in the Journal of Cancers in April 2022 titled Advances in the Diagnosis and Therapeutic Management of Gastroenteropancreatic Neuroendocrine Neoplasms (GEP-NENs), the occurrence of NETs showed steady growth over the last three to four decades. Furthermore, increased GEP-NET awareness and education among healthcare professionals and patients has resulted in a better understanding and management of these complicated cancers.
However, the high expense of treatment, particularly novel medicines such as PRRT, can limit access to care for patients with GEP-NETs. Moreover, the long development periods and high costs of developing novel GEP-NET medicines can restrict the number of therapeutic alternatives available to patients. The complexity of GEP-NETs and the absence of consistency in diagnostic and treatment procedures may result in variances in patient care and results. Furthermore, the limited size of the market in comparison to other malignancies may limit investment and research for generating novel therapies.
Gastroenteropancreatic Neuroendocrine Tumor Market Ecosystem
The global gastroenteropancreatic neuroendocrine tumor market has been analyzed from three perspectives: product, end-user, and region.
Gastroenteropancreatic Neuroendocrine Tumor Market by Product
Based on product, the global gastroenteropancreatic neuroendocrine tumor market can be segmented into somatostatin analogs (SSAS), targeted therapy, chemotherapy, and others.
The somatostatin analogs segment dominates the global market with the largest revenue share. Somatostatin analogs (SSAs) are synthetic analogs of the somatostatin hormone used to treat GEP-NETs. Hormones are frequently produced and secreted by these tumors, causing various symptoms, such as diarrhea, flushing, and abdominal pain. SSAs attach to somatostatin receptors on the surface of tumor cells, reducing hormone synthesis and thus reducing tumor growth. SSAs are normally administered once or twice a month through injection. They help reduce symptoms in around 70% of GEP-NET patients. SSAs are generally well tolerated, with minor side effects, such as nausea, diarrhea, and injection site responses. SSAs are frequently utilized as first-line therapy for GEP-NETs. They are also used with other treatments, such as chemotherapy or targeted therapy. Overall, SSAs are an essential element of the therapy arsenal for GEP-NETs and can greatly enhance patients’ quality of life.
Targeted therapy is a type of cancer treatment that uses drugs to target specific molecules involved in the growth and spread of cancer cells. Targeted therapy aims at a specific tumorous cell than traditional chemotherapy drugs, which can damage healthy and cancer cells. Additionally, targeted therapy drugs have fewer side effects than traditional chemotherapy drugs. This can improve the quality of life for patients and reduce the need for hospitalization or other interventions. This therapy can be tailored to the individual patient based on the molecular characteristics of their tumor, helping the patients to receive a treatment that is effective for their particular type of GEP-NET. Furthermore, targeted therapy can be combined with other treatments, such as chemotherapy or radiation therapy. This can improve the effectiveness of treatment and reduce the risk of resistance to therapy.
Gastroenteropancreatic Neuroendocrine Tumor Market by End-user
Based on the end-user, the global gastroenteropancreatic neuroendocrine tumor market can be segmented into hospitals, ambulatory surgical centers, cancer centers, and others.
The hospitals segment accounts for the largest revenue share in the global market. Patients with GEP-NETs often require specialized care from healthcare providers with expertise in diagnosing and managing these rare tumors. Hospitals with dedicated cancer centers and multidisciplinary teams of healthcare providers are expected to provide specialized care. Hospitals typically have access to advanced diagnostic and treatment capabilities, such as imaging, surgery, radiation therapy, and chemotherapy, which are essential for diagnosing and managing GEP-NETs. Moreover, this healthcare facility often has established referral networks with primary care physicians and other healthcare providers, which can help to ensure that patients with GEP-NETs are diagnosed and treated promptly and effectively. Furthermore, these facilities are also often involved in research and clinical trials for GEP-NETs, which can lead to the development new and innovative treatments for such tumors. Many insurance plans require patients to receive hospital treatment for certain conditions, including cancer. This makes hospitals the preferred choice for patients with NETs seeking treatment.
Cancer centers often have teams of healthcare providers specializing in the diagnosis and management of GEP-NETs. These providers are highly skilled in treating patients with these rare tumors and can often provide the most advanced and effective treatments. Cancer centers typically use a multidisciplinary approach to care, which involves collaboration between healthcare providers, such as medical oncologists, surgical oncologists, radiation oncologists, and other specialists. This approach ensures that patients receive comprehensive and coordinated care. Additionally, these centers often have access to the most advanced technologies and facilities for diagnosing and treating GEP-NETs, including imaging, surgery, radiation therapy, and chemotherapy. This can lead to better outcomes for patients. Cancer center patients can access these advanced treatments before they are widely available. Moreover, these centers often offer various support services for patients with GEP-NETs, including counseling, nutritional support, and other resources to help patients manage their disease’s physical and emotional effects.
Gastroenteropancreatic Neuroendocrine Tumor Market by Region
Based on the region, the global gastroenteropancreatic neuroendocrine tumor market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America registered the largest revenue share of the global market in 2022 due to the relatively high prevalence of GEP-NETs. Moreover, the increased awareness of the disease with a greater focus on research and the development of new treatments are projected to fuel regional market revenue growth. North America has a highly developed healthcare infrastructure, advanced diagnostic and treatment capabilities, and many specialized healthcare providers. This infrastructure has enabled the effective diagnosis and management of GEP-NETs and the development of new treatments. In addition, North America is home to some of the world’s leading pharmaceutical and biotechnology companies and many academic institutions researching NETs. This has led to the development of innovative new treatments and diagnostic tools. Moreover, the large availability of a favorable regulatory environment for developing and approving new drugs and medical devices has encouraged investment in developing new treatments for GEP-NETs. Furthermore, North America has the world’s highest healthcare spending per capita. These factors contribute to the dominance of the gastroenteropancreatic neuroendocrine tumor market in North America.
The incidence of GEP-NETs is steadily increasing in Asia Pacific, contributing to the market’s growth. Several countries from Asia Pacific are investing in healthcare infrastructure, improving access to healthcare services, and expanding medical facilities. This enables more patients to receive timely and effective diagnosis and treatment for GEP-NETs. Healthcare expenditure in Asia is increasing, with governments and private sector entities investing more in healthcare. This creates a more conducive environment for developing and commercializing new therapies for GEP-NETs. These factors further contribute to the revenue growth of the market in Asia Pacific.
Gastroenteropancreatic Neuroendocrine Tumor Market Competitive Landscape
This multinational healthcare corporation develops, manufactures, and markets biotechnology and medicines, vaccines, and consumer health products. It continues to use its market leadership, pharmaceuticals business, and robust research operations to generate outstanding operational success. A promising development pipeline, product approvals, and strategic acquisitions and partnerships might offer these market participants growth potential. However, intense competition, product liability claims, and government regulations could affect its profitability.
The prominent players operating in the global gastroenteropancreatic neuroendocrine tumor market are:
Gastroenteropancreatic Neuroendocrine Tumor Market Strategic Development/s
Ipsen SA, Novartis AG, Pfizer Inc., and Boehringer Ingelheim International GmbH are among the major players in the global gastroenteropancreatic neuroendocrine tumor market.
The high cost of treatment and lack of knowledge regarding gastroenteropancreatic neuroendocrine tumors are two major restraining factors in the global market.
Gastroenteropancreatic NETs (GEP-NETs) are a group of rare tumors that arise from cells of the endocrine system, which are responsible for producing hormones that regulate various bodily functions. GEP-NETs can occur in various digestive system organs, including the pancreas, stomach, small intestine, colon, and rectum.
The somatostatin analogs (SSAS) segment is dominating the global gastroenteropancreatic neuroendocrine tumor market.
The steadily growing prevalence of GEP-NETs, rising awareness programs, and increasing research for developing novel treatments/therapies are some of the key factors responsible for the revenue growth of the global market.
*Insights on financial performance are subject to the availability of information in the public domain