The Global Carcinoid Tumor Market is expected to grow at an approximate of CAGR of 10.5% during forecast period 2018-2023.
Carcinoid tumor is a type of the neuroendocrine tumor. The most common site of carcinoid tumors is the GI (gastrointestinal) tract and the lungs. However, it can also be developed in pancreas, testicles, and ovaries. The increasing prevalence of the carcinoid tumor is expected to drive the market growth. 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 US are diagnosed with a carcinoid tumor in their lung. Moreover, growing geriatric population along with rising healthcare expenditure is likely to boost the market growth during the forecast period. However, lack of awareness, high treatment cost and related side effects may hamper the market growth during the forecast period.
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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 market owing to a well-developed healthcare sector and huge patient population. Apart from this, increasing healthcare expenditure and presence of developed economies like the U.S. and Canada within the region have boosted the growth of the market in America.
Europe is the second leading market across the globe, which is followed by Asia Pacific owing to availability of funds for research, huge patient population, and strong government support for research & development. According to the National Health Service in 2015, each year about 1,200 people are diagnosed 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 and continuously developing economies like India and China, which have rising healthcare expenditure. Moreover, favorable governmental policies and the presence of huge opportunity in the untapped market within the region are likely to fuels the market growth during the forecast period.
On the other hand, the Middle East & Africa holds the least share in 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. The presence of developed economies like Qatar, Saudi Arabia, Dubai, and others within the region fuels the market growth.
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