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Pituitary cancer refers to rare type of cancer that develops in the pituitary gland, which is a pea-sized gland located at the base of the brain. Pituitary cancers can be functional or non-functional depending on the hormone secretion. The major types of pituitary cancer include prolactinoma, non-functional pituitary adenoma, Cushing’s disease, and acromegaly. The symptoms of pituitary cancer include headaches, vision problems, menstrual irregularities, infertility and decreased libido. Conventionally, surgery, radiation therapy and drug therapy are used for treatment of pituitary cancer depending on the stage and type of cancer.
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.
Market Dynamics:
The pituitary cancer market is primarily driven by increasing prevalence of pituitary tumors globally. According to Nationwide Children’s Hospital, Ohio, U.S., approximately 25,000 pituitary tumors are diagnosed each year in the United States alone. This growing prevalence of pituitary tumors is expected to propel the pituitary cancer market growth over the forecast period. Additionally, growing research in targeted therapies for pituitary cancer treatment, such as medicines that target specific hormones or molecules involved in tumor growth is also expected to aid in market growth. For instance, the USFDA approval ofCabometyx (cabozantinib) for progressive, unresectable locally advanced or metastatic medullary thyroid cancer in 2016 has provided an additional treatment option for pituitary cancer patients.
Segment Analysis
The pituitary cancer market can be segmented into functioning and non-functioning tumors based on the hormone secretion by the tumor. The non-functioning tumors segment dominates the market as around 60-70% of pituitary tumors are non-hormonal and do not secrete hormones. Since these tumors do not produce any hormone excess or deficiency, they are hard to identify at an early stage and tend to grow larger in size before getting diagnosed.
PEST Analysis
Political: The regulations around drug approval processes and healthcare reforms play a key role in market growth. Supportive regulations encouraging the R&D and adoption of new treatment options could boost the market.
Economic: A rise in per capita healthcare spending and availability of health insurance coverage positively impacts patient access to advanced treatment options and market revenues.
Social: Increased public awareness about pituitary cancer symptoms and risk factors aided by cancer patient advocacy groups helps in early detection and treatment seeking behavior.
Technological: Advancements in drug delivery mechanisms, targeted therapies, and surgical technologies aid improved treatment outcomes and quality of life, supporting market demand.
Key Takeaways
The global pituitary cancer market is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing adoption of advanced treatment options. The North America region dominates the market owing to high healthcare expenditures and availability of informed patients and sophisticated healthcare infrastructure for early diagnosis and management of the condition in the region.
Regional analysis:
North America is expected to maintain its dominance in the global pituitary cancer market over the forecast period. This is attributed to presence of advanced healthcare facilities, high per capita healthcare expenditure, and presence of major market players in the region. The Asia Pacific region is likely to witness fastest growth during the forecast period supported by rising income levels, growing medical tourism, improving healthcare infrastructure, and expansion of private healthcare facilities in the region.
Key players:
Key players operating in the pituitary cancer market are Novartis International AG, Pfizer Inc., Ipsen Biopharmaceuticals, Inc., Endocyte, RECORDATI GROUP, Camurus AB, Endeavor Biomedicines, Inc., and Debiopharm International SA. Major players are focusing on developing novel targeted therapies and drug delivery mechanisms to improve treatment efficacy and quality of life of pituitary cancer patients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
