The pituitary cancer market comprises products associated with diagnosis and treatment of pituitary cancer. Pituitary cancer is a type of brain cancer that occurs in the pituitary gland, which is located at the base of the brain. The mainstay of pituitary cancer treatment involves surgery, radiation therapy, chemotherapy, hormone therapy and target therapy. Rising cases of pituitary cancer globally is expected to drive demand for effective diagnostic and therapeutic options over the forecast period.
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:
Increasing research and development activities focused on developing innovative therapeutic options for pituitary cancer treatment is expected to drive market growth over the forecast period. For instance, in January 2023, Novartis International AG announced commencement of a Phase III clinical trial to evaluate the efficacy and safety of Lutathera in combination with capecitabine in patients with pituitary carcinoma.
Additionally, rising awareness regarding early symptoms of pituitary cancer is also expected to aid early diagnosis, thereby supporting market growth during the forecast period. However, lack of availability of effective treatment options and considerable side effects associated with available therapies are some of the factors expected to hamper market growth over the forecast period.
SWOT Analysis
Strength: Pituitary cancer market has a high growth potential due to the increasing prevalence of pituitary tumors worldwide. The rising awareness about pituitary cancer and availability of various treatment options also support the growth of this market. Additionally, strong product pipeline with novel drugs in clinical trials will further boost the market in coming years.
Weakness: High cost associated with pituitary cancer treatment act as a major restraint for this market. Lack of comprehensive healthcare facilities in underdeveloped and developing nations also hampers the market growth.
Opportunity: Growing geriatric population prone to pituitary cancer creates new opportunities. Moreover, initiatives by key players to develop orphan drugs for rare cancers like pituitary will open new avenues.
Threats: Stringent regulations for drug approval pose major threat. Secondly, complications associated with various pituitary cancer treatments challenge the growth of this market.
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 prevalence of pituitary adenomas worldwide. As per recent study, around 160,000 new cases of non-cancerous pituitary adenomas are reported globally every year. This growing patient pool will boost the market during analysis period.
Regional analysis: North America dominated the global pituitary cancer market and held around 35% share in 2023 owing to rising healthcare expenditure and availability of advanced treatment facilities in the US and Canada. Europe stood second due to growing patient awareness and supportive government initiatives for rare disease treatment. However, Asia Pacific is anticipated to witness highest growth rate owing to improving healthcare infrastructure and rapidly growing geriatric population in China and India.
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. These players are focusing on new drug development and acquisition strategies to strengthen their product portfolio and market position. For instance, in 2022, Novartis received FDA approval for Signifor LAR, a long-acting somatostatin analog for acromegaly and Cushing’s disease treatment.
