Carcinoid Syndrome Management Market Increasing Rapidly: Covid-19 Impacts, Industry Opportunity, Analysis and Forecast
Carcinoid syndrome is the aftermath which occurs after carcinoid tumors. Signs of the syndrome include unexplained weight gain, sweating, fast heartbeat, intestinal bleeding, vasoconstriction, and shortness of breath. A combination of palliative and supportive care is required for controlling the syndrome. Market Research Future (MRFR) outlines various trends and opportunities in the global carcinoid syndrome management market which estimate an accurate market valuation.
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The global carcinoid syndrome management market is poised for a meteoric valuation with a high growth rate between 2017 and 2022 (forecast period). Rising incidence of hormonal disorders, high levels of carcinogens, and unbreakable smoking habits are factors which can drive the market growth. As per the National Institute of Health, incidence of carcinoid tumor is reportedly 2 for every 100,000 with the possibility of tumor in the gastrointestinal (GI) tract. Surgical options for removal or elimination of carcinoid tumors can also be one of the biggest drivers of the market.
Paucity of approved drugs and vaccines for controlling the disease can be the only restraining factor in the market.
The carcinoid syndrome management market is segmented by organs affected by the disease, treatment, and end-user.
By organs affected by the disease, it is segmented into liver, pancreas, stomach, colon, appendix, lungs, rectum, small intestine, and others. The small intestine segment accounted for 40% share followed by rectum at 14% share in 2017.
By treatment, it is segmented into hepatic artery embolization agents, biological therapy, and chemotherapy. Chemotherapy is projected to gain a large market share due to being the first line of treatment for cancers. Bu hepatic artery embolization agents are gaining traction and may contribute to overall market revenue. This can be attributed to awareness of carcinoid syndrome among patients.
By end-user, it is segmented into cancer institutions and treatment centers, clinics, hospitals, and others. Cancer institutions and treatment centers can vouch for the largest market share due to inflow of sufficient capital for hosting patients with serious conditions. Pharmacies attached to these centers provide medicines and drugs to alleviate pain can bode well for the market. On the other hand, hospitals are likely to command a significant market share in the coming years.
Asia Pacific (APAC), the Americas, the Middle East & Africa (MEA), and Europe are regions covered in the global carcinoid syndrome management market report.
The Americas accounted for the lion’s share of the market due to availability of drugs and screening tests required for early identification of the disease. Developed healthcare sector and high healthcare budget of countries with the introduction of people-friendly policies can drive the regional market growth.
The APAC region is presumed to exhibit a robust growth rate during the forecast timespan
The MEA region is expected to control the lowest market share due to presence of economies with uncertain policies and underdeveloped healthcare infrastructure.
Ipsen Biopharmaceuticals, Inc., Omega Laboratories Ltd., Sun Pharmaceutical Industries Limited, Mylan N.V., Wockhardt Ltd., BTG International Ltd., Sirtex Medical Limited, Teva Pharmaceutical Industries Ltd., Pharmascience Inc., Novartis International AG (Sandoz), and others are some of the eminent names in the carcinoid syndrome management market.
The market is highly competitive with major companies investing in research and development and filing of patents to keep a firm hold on licensing and distribution rights. Presence of large and small players make it highly fragmented with players resorting to price arbitration for gaining leverage in the industry. Novel product launches, expansions, partnerships, collaborations, and acquisitions are prime strategies of the players.
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