North America to Dominate the Carcinoid Syndrome Diarrhea Treatment Market, Due to Increasing Adoption of Drugs and Therapies Associated With Carcinoid Syndrome

Thu, 18 April 2019 4:11

Increasing prevalence of carcinoid tumors and neuroendocrine tumors are driving the growth of the carcinoid syndrome diarrhea treatment market. Smoking and dietary intake are the key factors that have been associated with carcinoid tumors. In carcinoid tumors and neuroendocrine tumors, the high secretion of serotonin and other hormones into patients’ bloodstream causes diarrhea.

Prominent market participants are focusing on advanced treatments; for instance, somatostatin analogs are the frontline treatment for patients with advanced gastro-entero-pancreatic neuroendocrine tumors.

Market Segmentation

The carcinoid syndrome diarrhea treatment market has been segmented by treatment type, distribution channel, end user and geography.

Based on treatment type, the carcinoid syndrome diarrhea treatment market has been segmented into chemotherapy, oral therapy, and somatostatin analog (SSA) therapy. Somatostatin analog (SSA) therapy is the most common therapy for the treatment of carcinoid syndrome diarrhea. In 2002, the FDA approved the targeted therapy of imatinib.

By distribution channel, the market has been segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment is expected to account for a prominent share during the forecast period.

Based on end user, the carcinoid syndrome diarrhea treatment market has been segmented into hospitals, clinics, and cancer research institutes. Carcinoid syndrome diarrhea belongs to the rare disease category and thus, diagnosis and treatment require higher expertise. The cancer research institutes segment held the largest market share in 2018, owing to the efficient management of medical equipment, patients and employees.

Regional Analysis

By geography, the carcinoid syndrome diarrhea treatment market has been segmented into North America, Europe, Asia Pacific, and LAMEA.

North America is a leading region in the carcinoid syndrome diarrhea treatment market, owing to the increasing adoption of drugs and therapies associated with carcinoid syndrome. According to the American Cancer Society, in the U.S., more than 12,000 people were diagnosed with neuroendocrine tumors in 2016. Carcinoid tumor is a rare disease with only 27 new cases per million diagnosed in the U.S. every year; however, the treatment cost is high due to the requirement of orphan drugs.

Europe is pegged to be the second largest revenue generator in the global carcinoid syndrome diarrhea treatment market. The market in the region is driven by the increasing prevalence of neuroendocrine tumors. Moreover, healthcare providers in Europe are posed with the challenge of improving patient care and satisfaction while facing increasing time pressures and budget cuts. Therefore, the demand for carcinoid syndrome diarrhea treatment is expected to increase in countries across Europe in the coming years.

The Asia Pacific carcinoid syndrome diarrhea treatment market is projected to grow with the highest CAGR during the forecast period, due to the high cost of orphan drugs. Growing private sectors are anticipated to achieve improved clinical outcomes, which in turn is expected to boost market growth in the region.

The LAMEA region is anticipated to grow at a healthy growth rate, owing to development in the region’s healthcare sector. Rising cost is motivating the LAMEA healthcare industry to improve patient experience and simplify access to healthcare.

Key Players

Some of the key market players in the carcinoid syndrome diarrhea treatment market are Lexicon Pharmaceuticals, Inc., Novartis International AG (Sandoz) (Switzerland), Pharmascience Inc. (Canada), Omega Laboratories Ltd. (Canada), Teva Pharmaceutical Industries Ltd. (Israel), Mylan N.V. (U.S.), Ipsen Biopharmaceuticals, Inc. (U.S.), Sirtex Medical Limited (Australia), BTG International Ltd. (U.K.), Wockhardt Ltd., and Sun Pharmaceutical Industries Limited (India).