Global Gastrointestinal Stromal Tumors Market – Overview
One of the most common form of sarcoma is gastrointestinal stromal tumors (GIST) involving the gastrointestinal tract.
Gastrointestinal stromal tumors can occur anyplace within the GI tract but is most often found in the stomach i.e. about in 40-70% of the cases and 20-30% in the small intestine. Every year approximately 11 to 20 million people worldwide are diagnosed with GIST.
The gastrointestinal stromal tumors market is expected to grow at a steady pace. The factors influencing the growth of the market include increasing prevalence of gastrointestinal diseases, increasing prevalence of cancer, growing geriatric population, changing reimbursement policies and various others.
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The market is forecasted to demonstrate a same growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period 2017 – 2023.
Global Gastrointestinal Stromal Tumors Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global market of gastrointestinal stromal tumors appears to be highly competitive and fragmented.
There has been increasing development in the field of Gastrointestinal Stromal Tumors. Companies are keen in developing new products for the same. In November 2016, announced supplemental New Drug Application (sNDA) for Stivarga tablets had been submitted for the approval to the U.S. Food and Drug Administration (FDA) for the second-line systemic treatment of patients with unresectable hepatocellular carcinoma (uHCC).
Hepatocellular carcinoma (HCC), is the most common form of liver cancer accounting for more than 70-85 percent of liver cancer across the world. Stivarga is already been approved for the treatment of patients with metastatic gastrointestinal stromal tumor (GIST), metastatic colorectal cancer (mCRC).
Adding to this in June 2017, Bayer announced that the Committee for Medicinal Products for Human Use (CHMP) the European Medicines Agency recommended regorafenib (oral multi-kinase inhibitor) for the treatment of grownup patients with hepatocellular carcinoma (HCC) who have been previously treated with Nexavar.
Regorafenib is the only treatment method that has been demonstrated a major improvement in overall survival in second-line hepatocellular carcinoma HCC patients who formerly had no other options for the treatment. The approval of European Commission on the commercial authorization is expected by the end of 2018.
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Global Gastrointestinal Stromal Tumors Market – Regional Analysis
Global gastrointestinal stromal tumors market is segmented on the basis of geographies or regions which mainly includes North America, Europe, Asia Pacific, and Middle East & Africa.
North America is dominating the global market for gastrointestinal stromal tumors with more than 35% share of the total market in 2016. The major factor for the growth of the market include due to increasing prevalence of liver cancer.According to Centers for Disease Control and Preventation, every year in the U.S. about 22,000 men & 9,000 women get liver cancer, and more than 16,000 men & 8,000 women die from the same disease.
Europe holds the second largest share of the global gastrointestinal stromal tumors market. Asia Pacific is the fastest growing gastrointestinal stromal tumors stimulation market across the globe.
The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities. The UAE, Saudi Arabia, and Kuwait are expected to drive the Middle East & African market. Whereas, the African region is expected to witness a moderate growth.