Pheochromocytoma refers to a rare neuroendocrine tumor that grows in chromaffin cells of the medulla of the adrenal glands. The treatment products used are usually aimed at managing symptoms, blocking catecholamine production and reducing tumor size. Notable products include targeted therapies, chemotherapy agents and procedures such as adrenalectomy. Easy availability and access to effective targeted therapies are projected to drive higher demand over the forecast period.
The Global Pheochromocytoma Treatment Market is estimated to be valued at US$ 271.1 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the pheochromocytoma treatment are Pfizer Inc, Zydus Cadila, Novartis AG, Curium Pharma, AstraZeneca. Key players are majorly focused on developing innovative targeted therapies to effectively reduce tumor size and its recurrence.
Growing patient demand for targeted drugs over conventional chemotherapy and adrenalectomy is a major factor boosting market growth. Higher efficacy and minimal side effects of targeted drugs make them a preferred line of treatment for pheochromocytoma.
North America dominates the global market and is expected to grow further owing to high awareness, developed healthcare infrastructure and increasing adoption of advanced therapeutics. However, Asia Pacific is likely to witness fastest growth over the forecast period driven by growing cases, strengthening healthcare facilities and expanding target population.
Market key trends
Expanding access to targeted therapies: Easy availability and access to orally administered targeted drugs such as cabozantinib and olaparib through major pharmacies and hospitals' drug stores is a prominent trend in the market. This has boosted adoption rates.
Porter's Analysis
Threat of new entrants: The high costs associated with R&D, manufacturing, marketing and distribution of drugs poses as a barrier.
Bargaining power of buyers: The presence of substitutes and availability of generic drugs increases buyers' bargaining power.
Bargaining power of suppliers: Established supply chains and supplier contracts balance the bargaining powers.
Threat of new substitutes: Modification and innovation in existing treatment options pose a threat of substitution.
Competitive rivalry: Competition is high between large players with wide product portfolios.
Geographical Regions
North America currently holds the largest share of the pheochromocytoma treatment market owing to higher prevalence of the disease and availability of advanced healthcare facilities in the US and Canada.
Asia Pacific is expected to witness the highest CAGR during the forecast period. This is attributed to rising healthcare expenditure, growing awareness about rare diseases, and expanding pharmaceutical industry in China and India.
What Are The Key Data Covered In This Pheochromocytoma Treatment Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Pheochromocytoma Treatment 's growth between 2024 and 2031.
:- Accurate calculation of the size of the Pheochromocytoma Treatment and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Pheochromocytoma Treatment Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Pheochromocytoma Treatment vendors
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it