Global Neuroendocrine Tumor Treatment Market Size

Neuroendocrine Tumor Treatment Market Analysis

The Neuroendocrine Tumor Treatment Market is projected to register a CAGR of 10% during the forecast period (2022 - 2027).

The ongoing outbreak of COVID-19 showed an impact on the Neuroendocrine Tumor Treatment market because hospital and healthcare services were significantly reduced due to social distancing measures taken by governments across the globe. Moreover, the COVID-19 pandemic not only affected the global economy but also showed a huge impact on the functioning of general hospital care for non-COVID-19 patients in hospitals across the globe. An article titled 'Impact of the COVID-19 pandemic on neuroendocrine tumour services in England' published in the journal of Endocrine in January 2021 indicated that during the COVID-19 pandemic, there were particular concerns regarding the specialist tumor treatment services. The article stated that the major disruption in specialist neuroendocrine treatment services included relevantly increased waiting times for both new and follow-up appointments, with an especially substantial delay of follow-up appointments. The lag in other treatment services during the COVID-19 pandemic greatly impacted the neuroendocrine tumor treatment market.

The neuroendocrine tumor treatment market is driven by the factors such as the growing prevalence of neuroendocrine cancer, technological advancements in the field of neuroendocrine tumor treatment, and the rise in the number of government initiatives. An article titled 'Advances in the Diagnosis and Therapeutic Management of Gastroenteropancreatic Neuroendocrine Neoplasms (GEP-NENs)' published in the Journal of Cancers in April 2022 indicated the occurrence of neuroendocrine have been largely increasing in the past three to four decades. Also, there has been an increase in the innovations in the treatment methods for neuroendocrine treatment including somatostatin analogs, INF α, Radionuclide Treatment, Transarterial treatment, Targeted therapy, immunotherapy, CAR-T-Cell therapy, bispecific antibodies, vaccines, Cytotoxic Chemotherapy of Highly Differentiated and Low Differentiated G1 and G2 GEP NETs. The rising number of innovative treatments for the neuroendocrine tumor in the recent years have significantly improved the growth of the neuroendocrine tumor treatment in recent years.

The Department of Health of Commonwealth of Australia in January 2022 released a grant of USD 63.4 million for the rare cancers and rare diseases research under the 2021 Rare Cancers, Rare Diseases and Unmet Need (RCRDUN) grant opportunity. Specifically, the Flinders University received a funding of USD 2,374,220.10 for the project 'Implementing a Nurse-Enabled, Shared-Care Model to Address Unmet Needs of People with Neuroendocrine Tumours: the AUS-NET Trial'. The investments in the rare cancer treatment studies are a part of the long-term national health plan of the Australian government. Such investments by various government organizations are likely to add to the growth of the neuroendocrine tumor treatment market in the forecast period.

However, the high cost of neuroendocrine tumor treatment methods along with the lack of awareness among people are hindering the growth of the studied market.