Carcinoid tumor is a type of the neuroendocrine tumor. A neuroendocrine tumor develops in the body’s neuroendocrine system, which is made up of cells that are a combination of hormone-producing endocrine cells and nerve cells. The most common site of carcinoid tumors is GI (gastrointestinal) tract and lungs. The other sites for the development of the carcinoid tumors is inclusive of the pancreas, testicles, and ovaries. According to the American Society of Clinical Oncology (ASCO) in 2016, approximately 8,000 adults in the US were diagnosed with a carcinoid tumor in their GI tract. Moreover, it was also estimated that each year approximately 4,000 adults in the United States diagnose with the carcinoid tumor in their lung. Thus, the prevalence of the carcinoid tumor is expected to drive the market. Global Carcinoid Tumor Market provide a detailed analysis, mainly based on Value Chain analysis, Porter’s Five Forces, Price analysis, and Supply Chain analysis etc. The global carcinoid tumor market is expected to grow at an approximate of CAGR of 10.5% during forecast period.
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In 2016, American Society of Clinical Oncology (ASCO) published a report stating that the people who were diagnosed with carcinoid tumor were in their early 60s. Additionally, according to the report of WHO published in 2015, the geriatric population is expected to double and reach 2.1 billion by 2050. Thus, the growing geriatric population along with rising healthcare expenditure is set to boost the market growth during the forecast period. However, lack of awareness, treatment cost and related side effects may restrain the market growth during the forecast period.
Key Players in the Global Carcinoid Tumor Market:
Some of the key players in the global carcinoid tumor market are Novartis AG (Europe), Amgen Inc. (U.S.), Boehringer Ingelheim GmbH (Europe), AVEO Pharmaceuticals, Inc. (U.S.), Chiasma, Inc. (U.S.), Aegis Therapeutics, LLC (U.S.), CRINETICS PHARMACEUTICALS (U.S.), Delcath Systems Inc. (U.S.), Exelixis, Inc. (U.S.), and others.
America dominates the global Carcinoid Tumor Industry owing to a well-developed healthcare sector and huge patient population. Apart from this, increasing healthcare expenditure and presence of developed economies within the region are adding fuel to the growth of the market in America.
Europe is the second leading region in the global carcinoid tumor market, which is followed by Asia Pacific. Availability of funds for research, huge patient population and government support for research & development are projected to drive the market. According to the National Health Service in 2015, each year about 1,200 people diagnose with carcinoid tumor in the UK.
Asia Pacific is the fastest growing region in the market due to the presence of a huge patient population, continuously developing economies like India and China, and the presence of huge opportunity in the market. Moreover, there are huge opportunities within the region for the growth of the untapped market.
On the other hand, the Middle East & Africa accounts the least share of the global carcinoid tumor market due to presence of poor economy, especially, in Africa region. Majority of the market of this region is held by the Middle East due to a well-developed healthcare sector and huge healthcare expenditure.
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