LOS ANGELES , Nov. 03, 2022 (GLOBE NEWSWIRE) -- The Global NET Treatment Market Size accounted for USD 2,741 Million in 2021 and is estimated to achieve a market size of USD 6,336 Million by 2030 growing at a CAGR of 10% from 2022 to 2030.
NET Treatment Market Statistics
- Global NET treatment market revenue was worth USD 2,741 million in 2021, with a 10% CAGR from 2022 to 2030
- North America region was accounted 34% of NET Treatment market share in 2021
- Asia-Pacific market is expected to grow at a CAGR of 10.8% from 2022 to 2030
- Based on product, somatostatin analogs (SSAs) capture over 54% of the overall market share in 2021
- Growing number of drug approvals for the treatment, drives the NET treatment market value
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NET Treatment Market Report Coverage:
| Market | NET Treatment Market | |
| NET Treatment Market Size 2021 | USD 2,741 Million | |
| NET Treatment Market Forecast 2030 | USD 6,336 Million | |
| NET Treatment Market CAGR During 2022 - 2030 | 10% | |
| NET Treatment Market Analysis Period | 2018 - 2030 | |
| NET Treatment Market Base Year | 2021 | |
| NET Treatment Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Product, By Site, By End-User, And By Geography | |
| NET Treatment Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | BoehringerIngelheim International GmbH, Hutchison MediPharma Limited, AVEO Oncology, Pfizer, Inc., Novartis AG, IpsenPharma, Tarveda Therapeutics, and Progenics Pharmaceuticals. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
NET Treatment Market Overview
A neuroendocrine tumor is a rare cancerous tumor that develops from specialized body cells termed neuroendocrine cells. The neuroendocrine tumor develops from hormone-producing cells. As a result, in accordance with nervous system impulses, it manufactures as well as distributes the neurotransmitter dopamine. It can arise everywhere in the body, although the pancreas, lungs, rectum, digestive tract, as well as an appendix, are the most usually affected. The neuroendocrine tumor can be benign (non-cancerous) or malignant (cancerous) (cancerous).
NET Treatment Market Growth Factors
- Growing number of drug approvals for the treatment of NET
- Increasing prevalence and incidence of NET
- Increasing government and public funding in R&D
Global NET Treatment Market Trends
The increased prevalence of characinoid tumors is expected to propel the neuroendocrine tumor treatment market growth in the future years. Another factor fueling the growth of the neuroendocrine tumor treatment market value is a significant investment in clinical studies by several pharmaceutical companies to develop new medications.
For instance, Novartis AG has seen the greatest number of clinical trials, followed by Pfizer Inc. as well as Ipsen Pharma. Furthermore, technological improvements in neuroendocrine tumor medicines are likely to fuel the NET therapy market expansion in the future years. Targeted pharmacological therapy, PET scanning with Ga labeled Somatostatin, & tyrosine kinase therapies are a few examples. For example, Novartis AG's Lutathera got FDA approval for the first-ever radio nucleotide treatment.
To strengthen their market position, several of these companies have used initiatives such as new releases, regional development, strategic collaborations, and distribution agreements. For example, Novartis AG said that it will purchase all of the ordinary shares of its subsidiary group, Novartis Groupe France S.A. in January of this year
In June 2018, Boehringer Ingelheim announced an investment of around USD 270 million to construct (BDC) a new Biologicals Technology Center focused on immunology and immuno-oncology. Initiatives such as these are expected to drive the growth of the neuroendocrine tumor treatment market size throughout the forecast period.
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NET Treatment Market Segmentation
The global NET treatment market has been segmented by Acumen Research and Consulting based on product, site, and end-user. By product, the segment is separated into targeted therapy, somatostatin analogs (SSAs), and others. According to the NET treatment market forecast, the somatostatin analogs (SSAs) segment is predicted to develop significantly in the next years.
In terms of site, the market is categorized into pancreas, lungs, colon, small intestine, and others. Moreover, the market is divided into hospitals, clinics, and others, based on the end-user. According to end-user, the hospital sub-segment dominated the global market in terms of revenue. The emergence of sophisticated technology and the availability of different options for NET diagnostics are expected to boost the growth of the NET treatment segment. Furthermore, the clinic's sub-segment is expected to grow profitably in the next years as a result of acquiring the capability of patient-centric treatment alternatives and trained doctors. The others category, which includes cancer research businesses and government institutes, is likely to provide the market with strong expansion potential in the coming years.
NET Treatment Market Regional Overview
The global NET treatment market is separated into several geographic regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa. According to a NET treatment industry analysis, the Europe region is likely to gain a considerable market share of the global market throughout the projection period. This development has been aided by increased public investment in Europe's healthcare system. Furthermore, the presence of a target population base, along with government funding for cancer control, points to a major development in this region. The European Cancer Observatory, for example, developed cancer consciousness through the formation of bodies.
Asia-Pacific is expected to see lucrative growth in the next years as a result of beneficial government initiatives and improved healthcare infrastructure. Furthermore, economic expansion in nations such as China and India is expected to help drive market development. A large population base with a low per capita income in the region creates a significant need for reasonable treatment choices.
North America captures the greatest market share in 2021, accounting for the highest proportion, and is expected to maintain its dominance in the future. The key factor influencing the expansion of this region is government assistance for high spending power parity, adequate healthcare, reimbursement accessibility, and the increasing occurrence of malignancies in the United States and Canada. In the United States, for example, the Patient Protection and Affordable Care Act, popularly known as ObamaCare, encourages the quality and accessibility of health insurance while lowering the cost of healthcare for individuals and the government. Government initiatives, such as the Precision Medicine Initiative, which develops specialized tactics based on unique traits of diseases, help to improve the whole healthcare system, hence increasing market growth.
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NET Treatment Market Players
Some of the prominent NET treatment market companies are BoehringerIngelheim International GmbH, AVEO Oncology, Novartis AG, Tarveda Therapeutics, Hutchison MediPharma Limited, Pfizer, Inc., IpsenPharma, and Progenics Pharmaceuticals.
Questions Answered By This Report
- What was the market size of NET Treatment Market in 2021?
- What will be the CAGR of NET Treatment Market during the forecast period from 2022 to 2030?
- Who are the major players in Global NET Treatment Market?
- Which region held the largest share in NET Treatment Market in 2021?
- What are the key market drivers of NET Treatment Market?
- Who is the largest end user NET Treatment Market?
- What will be the NET Treatment Market value in 2030?
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