Carcinoid Tumor Market Report and Forecast 2024-2032

Carcinoid Tumor Market Size

The carcinoid tumor market was valued at USD 1.03 billion in 2023, driven by the growth of clinical trials and the rising adoption of targeted therapies across the 8 major markets. The market is expected to grow at a CAGR of 10.50% during the forecast period of 2024-2032, with the values likely to reach USD 2.53 billion by 2032.

Carcinoid Tumor Market Outlook

• The rise in the volume of clinical trials exploring the efficacy of new treatment combinations is anticipated to impact market dynamics positively.

• The growing adoption of targeted therapies and significant investment in research and development are expected to elevate the market value in the forecast period.

• The increasing availability of generic drugs for carcinoid tumor treatment is likely to drive their adoption among patients.

Carcinoid Tumor Market Overview

Carcinoid tumor refers to a slow-growing cancerous mass of cells that can occur in several places throughout the body. These tumors usually originate in the digestive tract (stomach, small intestine, appendix, colon, or rectum) or the lungs. Carcinoid tumors fall under the category of neuroendocrine tumors and are commonly treated with the help of surgery and medications that block cancer cells from releasing hormones. Advancements in diagnostic techniques and the growing awareness among healthcare professionals are resulting in rising detection rates of carcinoid tumors, which is contributing to the market growth. The increasing aging population which is at a higher risk of developing carcinoid tumors further fuels the market demand. Moreover, the rising introduction of targeted therapies, significant investment in research and development, and the growth in clinical trials are some of the factors poised to impact the market dynamics.

Carcinoid Tumor Market Growth Drivers

Growth in Clinical Trials to Fuel Market Growth

In March 2024 , the findings of a clinical trial called NETTER-2 revealed that individuals with advanced neuroendocrine tumors (carcinoid tumors) in the digestive tract may benefit from a combination treatment that includes the drugs Lu 177-dotatate (Lutathera) and octreotide (Sandostatin). The data demonstrated that participants who took the combination therapy lived around 3 times longer without progression of their cancer than those who received octreotide alone. The growth in such clinical trials exploring the efficacy of new treatment combinations is expected to bolster the market demand in the forecast period. 

Carcinoid Tumor Market Trends

The market is witnessing several trends and developments to improve the current scenario. Some of the notable trends are as follows:

Growing Adoption of Targeted Therapies to Affect the Market Landscape Significantly 

One of the major market trends is the rising adoption of targeted therapies for the treatment of carcinoid tumors. There is an increasing preference for medications such as somatostatin analogs including octreotide and lanreotide. These drugs are known to control symptoms and slow tumor growth by targeting specific receptors on tumor cells. The increasing introduction of such targeted therapies is likely to shape the market landscape significantly. 

Availability of Generic Drugs Poised to Augment Carcinoid Tumor Market Demand

In May 2024 , Cipla Limited and its wholly-owned US-based subsidiary (Cipla USA Inc.) announced the US Food and Drug Administration (FDA) final approval for its Abbreviated New Drug Application (ANDA) for Lanreotide Injection indicated for the treatment of gastroenteropancreatic neuroendocrine tumors. Cipla’s Lanreotide Injection, available in multiple strengths, is a generic equivalent to Somatuline Depot (lanreotide) Injection. The rising availability of generic drugs for carcinoid tumor treatment is anticipated to increase their access as well as boost market demand in the coming years.

Advancements in Minimally Invasive Procedures to Elevate the Carcinoid Tumor Market Value

The rising advancements in minimally invasive surgical techniques, such as laparoscopic surgery, for the removal of carcinoid tumors is a significant trend projected to elevate the market value. In addition, innovations in endoscopic tools and techniques for the removal of localized carcinoid tumors is expected to aid market growth. 

Favorable Regulatory Environment Likely to Boost Carcinoid Tumor Market Size

The market also benefits from the presence of a favorable regulatory framework that encourages pharmaceutical and biotechnological companies to invest in the development of treatments for rare tumors such as carcinoid tumors. Incentives from regulatory bodies like the FDA and EMA such as extended market exclusivity, tax credits, and reduced fees, also stimulate the expansion of the market. 

Carcinoid Tumor Market Segmentation

Market Breakup by Tumor Site 

• Lung

• Gastrointestinal

• Others

Market Breakup by Treatment Type 

• Chemotherapy

• Targeted Drug Therapy

• Radiotherapy

• Immunotherapy

• Others

Market Breakup by End User 

• Hospitals & Clinics

• Academic Institutes

• Research Laboratories

• Others

Market Breakup by Region 

• United States

• EU-4 and the United Kingdom 
  • Germany 
  • France 
  • Italy 
  • Spain 
  • United Kingdom 
• Japan

• India

Carcinoid Tumor Market Share

Market Segmentation Based on Tumor Site is Anticipated to Witness Substantial Growth

Based on the site of the tumor, the market is segmented into lung and gastrointestinal carcinoid tumors, among others. Lung carcinoid tumors refer to a type of neuroendocrine tumor that occurs in the lungs. These carcinoid tumors are treated with the help of surgery, chemotherapy, and targeted therapies. The rising innovations in surgical techniques, radiation therapy, and novel targeted therapies are expected to fuel the growth of this segment. 

On the other hand, gastrointestinal carcinoid tumors usually occur in the digestive tract, including the stomach, small intestine, appendix, colon, and rectum. The high prevalence of gastrointestinal carcinoid tumors and the increasing advancements in minimally invasive surgical techniques are the key factors propelling the demand for this segment. 

Carcinoid Tumor Market Analysis by Region

The market segmentation by region includes the United States, EU-4 (Germany, France, Italy, Spain), and the United Kingdom, Japan, and India. The United States covers a high market share due to the significant investments in research and development and the presence of a well-established healthcare system. The availability of advanced diagnostic tools such as PET/CT scans and MRI which facilitates early detection and monitoring of carcinoid tumors also supports the market growth in the region. Moreover, the rising healthcare expenditure and the growth in clinical trials investigating new treatment options are anticipated to aid market expansion.

Leading Players in the Carcinoid Tumor Market

The key features of the market report comprise patent analysis, grants analysis, clinical trial analysis, funding and investment analysis, and strategic initiatives by the leading key players. The major companies in the market are as follows:

Pfizer, Inc.

Global pharmaceutical giant Pfizer is focused on developing treatments in the oncology and rare disease domain. Pfizer's SUTENT® (sunitinib malate ), a tyrosine kinase inhibitor, is used to treat progressive, well-differentiated pancreatic neuroendocrine tumors or carcinoid tumors. The company's strong focus on developing next-generation therapies for cancer treatment is likely to help it maintain its leading market position.

Cadila Pharmaceuticals

Cadila Pharmaceuticals, headquartered in Gujarat, India, is a multinational pharmaceutical company known for its innovative and affordable treatment solutions across various therapeutic areas including oncology, cardiology, respiratory, and gastroenterology.

Eli Lilly and Company

Eli Lilly and Company, headquartered in Indianapolis, Indiana, is one of the key players in the market with a robust pipeline of oncology products. Eli Lilly's anti-VEGFR 2 monoclonal antibody Ramucirumab  is undergoing clinical development or the treatment of various cancers including carcinoid cancer. The company's investment in targeted therapies and immuno-oncology is anticipated to expand its market presence in the coming years.

F. Hoffmann-La Roche Ltd 

F. Hoffmann-La Roche AG (Roche), a Swiss multinational holding healthcare company, plays a significant role in the growth of the market. It focuses on developing targeted therapies for cancer treatment, including rare diseases like carcinoid tumors. The company is engaged in exploring innovative oncology drugs that help to slow tumor growth by blocking certain pathways involved in the division of cancer cells.

Other key players in the market include AstraZeneca and AbbVie Inc.

Key Highlights of the Report

Key Questions Answered in the Carcinoid Tumor Market Report

• What was the carcinoid tumor market value in 2023?
• What is the carcinoid tumor market forecast outlook for 2024-2032?
• What are the regional markets covered in the EMR report?
• What is market segmentation based on the tumor site?
• What is the market breakup based on treatment type?
• Who are the major end users in the market?
• What are the major factors aiding the carcinoid tumor market demand? 
• How has the market performed so far and how is it anticipated to perform in the coming years?
• What are the market's major drivers, opportunities, and restraints? 
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to experience expedited growth during the forecast period? 
• How do the prevalence and incidence of carcinoid tumors affect the market landscape?
• What are the major carcinoid tumor market trends?
• How do the advancements in diagnostic tools and biomarkers impact the market size?
• Which tumor site will dominate the market share? 
• Which treatment type is expected to have a high market value in the coming years?
• Which end user is projected to contribute to the highest market growth?
• Who are the key players involved in the carcinoid tumor market?
• What is the patent landscape of the market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers and acquisitions among the key market players shaping the market dynamics?