LONDON--(BUSINESS WIRE)--The global neuroendocrine tumors therapeutics market is expected to post a CAGR of close to 9% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global neuroendocrine tumors therapeutics market is the increasing research grants and funding. Many government and non-government organizations including companies are striving to bring awareness about neuroendocrine tumors, which can fatal if left untreated. Organizations are focusing on providing funding and grants and clinical assistance for the treatment of various neuroendocrine tumors. The purpose of this grant is to study neuroendocrine tumors, which are commonly misdiagnosed cancer types, and do not have adequately identified genomic drivers. Such funding programs help in better and quicker development of therapies for the treatment of neuroendocrine tumors.
As per Technavio, the rising awareness and strategic alliances will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global neuroendocrine tumors therapeutics market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global neuroendocrine tumors therapeutics market: Rising awareness and strategic alliances
Several organizations across the world are conducting national and international programs to increase awareness about neuroendocrine tumors for early diagnosis of the disease. For instance, the International Neuroendocrine Cancer Alliance (INCA) observes the neuroendocrine day on November 10, every year. Such awareness programs also help vendors to understand opportunities in the current market scenario and invest in research to develop new therapies. Further, many companies are collaborating with other organizations to develop and market treatments and therapies to share the high cost involved in the drug development and commercialization process. Thus, the growing number of awareness programs and strategic alliances between brands will drive market growth during the forecast period.
“The neuroendocrine tumors may develop anywhere in the body, such as intestines, stomach, pancreas, and lungs, which makes diagnosis more difficult at early stages. Although the traditional Positron emission tomography (PET) scans are majorly used to detect cancers, they are not an optimum effective measure in detecting malignant neuroendocrine tumors. Thus, companies are focusing on the development of novel diagnostic tools and methods. Techniques such as scintillography and peptide-1 receptor imaging have been developed and used for detecting neuroendocrine tumors. The emergence of such advances in diagnostic techniques will positively impact market growth during the forecast period,” says a senior research analyst at Technavio.
Global neuroendocrine tumors therapeutics market: Segmentation analysis
This market research report segments the global neuroendocrine tumors therapeutics market by type (somatostatin analogs, targeted therapies, and other therapies) and geographic regions (North America, Europe, Asia, and ROW).
The North America region led the market in 2018, followed by Europe, Asia, and ROW respectively. The market growth in North America can be attributed to the growing incidence of neuroendocrine tumors, increase in research funding and grants to the diagnostic landscape and R&D activities, and the support of insurance policies such as Medicaid and Medicare.
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Five Forces Analysis
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- Vendors covered
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- Competitive scenario
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