The Gastrointestinal Stromal Tumor Market is all set to be in the driver’s seat shortly. Technology adoption once looked upon as a costly endeavor, is slated to witness a drastic transformation in the form of granular applications. Technologies like DevOps and AIOps are constructively disrupting the healthcare IT sector and are expected to create wonders in this regard in the upcoming period.
The Gastrointestinal Stromal Tumor Market is expected to be worth US$ 1.5 Billion at a CAGR of 6.6% between 2026. Healthcare is going the “digital” way. In other words, artificial intelligence (AI)-enabled medical devices and telemedicine are the concrete instances of the proliferation of the digital wave in the healthcare industry. This factor would be the one traversing the healthcare vertical in the forecast period.
Persistence Market Research’s exclusive forecast study on the global market for gastrointestinal stromal tumor (GIST) estimates that the treatments for such malignant cancer will bring in more than US$ 1.5 Bn revenues, globally, by the end of 2026.
The study has addressed a range of factors influencing the growth of the global gastrointestinal stromal tumor market for the assessment period, 2017-2026. From genetic changes to bad dietary lifestyles and increasing presence of adulterants in common foods, several factors are expected to fuel the demand for treatments on GISTs.
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- Novartis AG
- Sun Pharmaceutical Industries Limited
- Pfizer Inc.
- Bayer Aktiengesellschaft
- NATCO Pharma Limited
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While most of the drivers for the global gastrointestinal stromal tumor market are indicative of driving the incidence of this tumor, some factors are expected to represent patient attitudes and pharmaceutical outcomes.
During the forecast period, the global gastrointestinal stromal tumor market is estimated to expand robustly at a CAGR of 6.6%. Increasing developments in the research on new drug candidates for controlling the outgrowth of gastrointestinal stromal tumor cells will be factoring the market’s growth to a considerable extent. Notwithstanding as one of the most common forms of cancer, the incidence rate of GIST continues to be remarkably low.
The World Health Organization states that in the US, the estimated incidence rate of gastrointestinal stromal tumor is 14.5 per million. The study projects that through 2026, North America will be observed as the largest market for gastrointestinal stromal tumor.
Increasing presence of genetic disorders in the US, robust healthcare infrastructure, availability of exclusive medical facilitates for caretaking of patients suffering from inoperable cancers will continue to drive the growth of North America’s gastrointestinal stromal tumor market through 2026.
Over the forecast period, the gastrointestinal stromal tumor market in North America is anticipated to register a 6.9% CAGR, recording highest revenues. The study also estimates that Europe will be at the forefront of the global gastrointestinal stromal tumor market expansion during the forecast period.
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Patients to Opt for Conventional Symptomatic Treatments such as Chemotherapy
Being inoperable in nature, gastrointestinal stromal tumor has a limited treatment scope. The role of radiotherapy in gastrointestinal stromal tumor treatment remains unestablished till date. Patients seek symptomatic treatments such as chemotherapy while medical professionals await a clinical practice breakthrough.
In 2017, more than US$ 185 Mn worth of revenues were procured globally from treatment of gastrointestinal stromal tumor with chemotherapy. The study also projects that targeted drug therapy will gain traction as a viable treatment for early-stage GISTs in the foreseeable future.
Difficulties in Clearing FDA Pipeline
Currently, the competition landscape in the global gastrointestinal stromal tumor market exhibits the presence of only a handful of players. Companies namely, Sun Pharmaceutical Industries Limited, Novartis AG, Pfizer Inc., NATCO Pharma Limited, and Bayer Aktiengesellschaft are expected to remain active in expansion of the global GIST market from 2017 to 2026.
Several leading pharma companies are anticipated to penetrate the consolidated competition in the global market during the forecast period. Unable to clear the FDA approvals remains the key impediment and entry barrier in the global gastrointestinal stromal tumor market.
High End-use in Hospitals; Stomach Indication to Account for Nearly 3/5th Share of Global Revenues
Additional research findings from the report reveal that stomach is the key segment in terms of indication of GISTs. While the occurrence of gastrointestinal stromal tumor may take place in any part of the GI tract, its localization remains common in the stomach.
In 2017, stomach as an indication will account for nearly US$ 500 Mn revenues in the global market. The report also expects that hospitals will be the largest end-users in the global market, and will rake in over US$ 485 Mn revenues from treatments of GISTs by 2026-end.
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