The pituitary cancer market is estimated to be valued at US$ 380.7 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The pituitary cancer market is characterized by the presence of a large number of companies developing and marketing pituitary cancer therapeutics. These companies are involved in developing and commercializing therapies targeting various types of pituitary tumors including prolactinomas, nonfunctioning pituitary adenomas, Cushing’s disease, and acromegaly.
Pituitary cancer arises from abnormal growth of pituitary gland cells, resulting in pituitary tumors. The pituitary gland, found at the base of the brain, secretes important hormones that regulate growth, metabolism, blood pressure, water balance, and other bodily functions. Pituitary cancer is rare but requires medical treatment if the tumor presses on nearby nerves and blood vessels or affects hormone levels. Common treatment options include surgery, radiation therapy, and drug therapy targeting tumor growth and hormone levels.
Market key trends:
Rising incidence of pituitary adenomas is expected to drive the pituitary cancer market growth over the forecast period. Pituitary adenomas are benign tumors that arise in the pituitary gland and are the most common type of pituitary tumors found. According to National Organization for Rare Disorders (NORD), pituitary adenomas occur in 1 in 1,000 people worldwide. Increasing healthcare spending on cancer research and advancements in treatment options are also aiding market growth. For instance, emerging targeted drug therapies are helping improve clinical outcomes in patients with aggressive pituitary tumors. Ongoing clinical trials evaluating new drug candidates are further expanding treatment landscape.
Threat of new entrants: The threat of new entrants in the pituitary cancer market is low due to high capital requirements for research and development. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of limited treatment options for pituitary cancer. Bargaining power of suppliers: Suppliers have low bargaining power due to the presence of a large number of raw material suppliers. Threat of new substitutes: There is no significant threat from substitutes. Competitive rivalry: The competition among the existing players is high.
Strength: Advancements in therapeutic approaches such as drug treatment, radiation therapy, and surgery are driving the market growth. Weakness: Low disease awareness among people and lack of effective treatment options are major weaknesses. Opportunity: Increasing research funding for developing effective drugs and diagnostic techniques present opportunities for market growth. Threats: High costs associated with treatment and longer duration of treatment pose threats to the market.
The global Pituitary Cancer Market Growth is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing research funding for developing effective drugs and diagnostic techniques. Regionally, North America dominated the market in 2020 owing to increasing prevalence of pituitary cancer and advanced healthcare facilities.
Europe is anticipated to be the fastest growing market over the forecast period owing to growing public awareness and healthcare expenditure.
Key players operating in the pituitary cancer market are Novartis International AG, Pfizer Inc., Merck & Co., Inc., Ipsen Biopharmaceuticals, Inc., Bayer AG, Novo Nordisk A/S, Eli Lilly and Company, Bristol Myers Squibb Company, F. Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., Sanofi SA, AstraZeneca PLC, Eisai Co., Ltd., Janssen Pharmaceuticals, Inc. (Johnson & Johnson). The key market players are majorly focused on developing new drugs and technologies to expand their product portfolio and strengthen their market position.