NEUROENDOCRINE TUMOR TREATMENT MARKET ANALYSIS

Neuroendocrine Tumor Treatment MarketSize and Trends

The global neuroendocrine tumor treatment market is estimated to be valued at US$  3.24 Bn in 2023 and is expected to exhibit a CAGR of 6.2% during the forecast period (2023-2030).

Among all the segmentation, the drug class segment is expected to have high potential in the global neuroendocrine tumor treatment market over the forecast period, and this is attributed to the increasing product approvals from the regulatory authorities. For instance, in December 2021, Cipla Limited, an India-based multinational pharmaceutical company, and its subsidiary Cipla USA, Inc. announced that they had received final approval for their lanreotide injection from the U.S. Food and Drug Administration (FDA). Lanreotide is a somatostatin analogue. It can be used for the treatment of patients with acromegaly and gastroenteropancreatic neuroendocrine tumors (GEP-NETs).

Market Trends

Increasing adoption of growth strategies: Market players are focusing on inorganic growth strategies such as collaboration to expand the sales of their products, and this is expected to boost the growth of the global neuroendocrine tumor treatment market over the forecast period. For instance, in December 2021, Radiomedix, Inc., a biotechnology company, in collaboration with Orano Med LLC, the global leader in high performance chelating agent technology that offers a broad range of services and products, announced the initiation of a multicenter Phase 2 study of 212Pb-DOTAMTATE enrolling adult subjects with positive somatostatin-positive neuroendocrine tumors with no prior history of peptide receptor radionuclide therapy (PRRT naive). This is currently in Phase 2 and is expected to get completed by December 2023.

Increasing number of clinical trials: A rising number of clinical trials for peptide-targeted radionuclide therapy development by market players is expected to create growth opportunities for the global neuroendocrine tumor treatment market in the near future. For instance, in June 2021, Clovis Oncology, Inc., a U.S.-based pharmaceutical company, announced that the first clinical site for the Phase 1/2 LuMIERE study of FAP-2286, its novel peptide-targeted radionuclide therapy and imaging agent targeting fibroblast activation protein (FAP), is now open at the O’Neal Comprehensive Cancer Center at The University of Alabama at Birmingham (UAB). The Phase 1 portion of the LuMIERE study will evaluate the safety of the FAP-targeting investigational therapeutic agent and identify the recommended Phase 2 dose and schedule of lutetium-177 labeled FAP-2286 (177Lu-FAP-2286). FAP-2286 labeled with gallium-68 (68Ga-FAP-2286) will be utilized as an investigational imaging agent to identify patients with FAP-positive tumors appropriate for treatment with the therapeutic agent. Once the Phase 2 dose is determined, Phase 2 expansion cohorts are planned for multiple tumor types.