by 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 Overview:
Pituitary cancer is a rare form of tumor that forms in the pituitary gland in the brain. The pituitary gland controls many important body functions through the production of hormones. Pituitary cancer exhibits symptoms such as headache, vision problems, and hormonal issues. The standard treatment for pituitary cancer involves surgery, radiation therapy, chemotherapy and hormone therapy either alone or in combination depending on the type, stage and location of the tumor.
Market Dynamics:
The growth of the pituitary cancer market is attributed to the rising prevalence of pituitary tumors and increasing healthcare expenditure. According to the National Organization for Rare Disorders, approximately 25% of people have noncancerous tumors of the pituitary gland, most of which secrete prolactin (the hormone that stimulates breast milk production). Moreover, rising investment in brain tumor research is also driving market growth. However, the lack of awareness about pituitary cancer coupled with the low incidence rate is expected to hinder the market growth over the forecast period.
Segment Analysis
The pituitary cancer market can be segmented into functioning cancer and non-functioning cancer. The non-functioning cancer segment dominated the market in 2022 owing to higher prevalence as compared to functioning cancer. Non-functioning pituitary adenomas are far more common and account for approximately 60-70% of all pituitary adenomas. They do not secrete excessive levels of pituitary hormones and hence often detected at a later stage when tumor has become large in size.
PEST Analysis
Political: Government initiatives to increase healthcare funding especially for cancer treatment and awareness programs will stimulate the market growth.
Economic: Rising healthcare expenditures, growing per capita incomes in developing nations will positively impact the market.
Social: Increasing cancer incidence, changing lifestyles leading to sedentary habits and growinggeriatric population are the key social factors.
Technological: Advancements in diagnostic techniques like MRI scans, development of less invasive surgeries and targeted therapies are giving boost to the market.
Key Takeaways
The global Pituitary Cancer Market Growth is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing prevalence of endocrine disorders globally and availability of advanced treatment options.
The North America region is expected to dominate the market during the forecast period. Increasing healthcare expenditures, presence of advanced healthcare infrastructure, and strong presence of key market players in the region drives the market.
The Europe region is anticipated to exhibit a significant growth rate during 2023-2030 owing to growing research funding for development of innovative therapies.
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). Key players are focusing on new product launches and developing innovative combination therapies to expand their product portfolio and strengthen market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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