Pituitary cancer is also called as pituitary adenoma, which refers to benign and malignant tumors formed within the pituitary gland. Pituitary cancers arise from tumors or abnormal growth in the pituitary gland which is a pea-sized gland located at the base of the brain. Pituitary cancers are rare and may not cause any symptoms in the early stages. Surgery and radiation therapy are the main treatment options for pituitary cancer depending on the size and location of the tumor.
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 key trends:
One of the key trends spurring the growth of pituitary cancer market is rising incidence of pituitary tumors across the globe. According to statistics by National Organization for Rare Disorders (NORD), approximately 15 to 25 people out of every million in the United States are diagnosed with pituitary tumors each year. Moreover, environmental factors such as industrial chemicals and occupational exposure are responsible for increasing cases of pituitary adenomas. For instance, exposure to metalworking fluids, motor fluids, and organic solvents increases the risk of developing pituitary tumors. Increasing research funding for developing innovative drug formulations and lack of effective treatment options are some other factors boosting the pituitary cancer market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high regulatory barriers and need to spend significantly on research and development to develop new treatment options. Established players also have strong brand recognition and distribution channels.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of few treatment alternatives and life-threatening nature of the disease. However, price sensitivity varies significantly based on the type and stage of cancer.
Bargaining power of suppliers: Suppliers of active pharmaceutical ingredients and contract manufacturing organizations face moderate bargaining power due to a concentrated customer base and need for significant investments to enter this market.
Threat of new substitutes: Threat from new substitutes is low as pituitary cancer has limited treatment alternatives and is a complex condition to address. Most alternative treatments target symptoms rather than the underlying disease pathology.
Competitive rivalry: Intense as key players competing to develop innovative treatment therapies and gain higher market share.
SWOT Analysis
Strengths: Rapidly growing prevalence of pituitary cancer globally due to aging population and changing lifestyle. Strong pipeline of treatment candidates in clinical trials.
Weaknesses: Low diagnosis rates in developing regions due to lack of awareness and screening. High costs associated with RD of novel therapies.
Opportunities: Partnerships with biotech companies to accelerate drug development. Emerging economies in Asia Pacific and Latin America present high growth potential.
Threats: Safety concerns linked to chemotherapy and radiotherapy. Stringent regulatory norms for drug approval.
Key Takeaways
The global pituitary cancer market size is expected to reach at a CAGR of 9.6% during the forecast period. Increasing incidence of pituitary adenomas or related conditions is a key factor driving the market.
The Asia Pacific region is anticipated to witness the highest growth rate over the next few years attributed to rapidly developing healthcare systems and growing medical tourism across China, India, and South Korea. Regional players are expanding their manufacturing capabilities and distribution networks to capitalize on the high-potential market.
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 companies are focusing on strategic acquisitions and partnerships to develop novel treatment modalities such as targeted drug therapies, gene therapies, etc. to gain competitive advantage.