The global gastrointestinal stromal tumor (GIST) therapeutics market is expected to garner a market value of USD 890 Million in 2023 and is expected to accumulate a market value of USD 1593 Million by registering a CAGR of 6% in the forecast period 2023 to 2033.
Growth of the gastrointestinal stromal tumor (GIST) therapeutics market can be attributed to growing prevalence of GIST in the aging population across the globe. The market for gastrointestinal stromal tumor (GIST) therapeutics registered a CAGR of 3.5% in the historical period 2018 to 2022
Gastrointestinal Stromal Tumor (GIST) Therapeutics refers to the medical treatments used to manage GIST, a type of cancer that occurs in the cells of the gastrointestinal tract. The goal of GIST therapeutics is to control or eliminate the cancer cells and reduce symptoms.
The treatment options for GIST include surgery, targeted therapy with tyrosine kinase inhibitors (TKIs), radiation therapy, and chemotherapy. The choice of therapy depends on the size, location, and stage of the tumor, as well as the patient's overall health. The goal is to provide the most effective treatment while minimizing side effects.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 890 Million |
| Anticipated Forecast Value (2033) | USD 1593 Million |
| Projected Growth Rate (2023 to 2033) | 6% CAGR |
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According to market research and competitive intelligence provider Future Market Insights- the market for Gastrointestinal stromal tumor (GIST) therapeutics reflected a value of 3.5% during the historical period, 2018 to 2022.
The Gastrointestinal Stromal Tumor (GIST) Therapeutics Market was growing during the period from 2018 to 2022. The growth was primarily driven by the increasing incidence of gastrointestinal stromal tumors and the approval of new drugs for the treatment of GIST. In addition, the rising awareness about GIST and the availability of advanced therapies are also contributing to the growth of the market. However, the high cost of treatment and the limited number of approved drugs may hinder the growth of the market.
Thus, the market for Gastrointestinal stromal tumor (GIST) therapeutics is expected to register a CAGR of 6% in the forecast period 2023 to 2033.
Demand for effective therapies driving growth for GIST therapeutics market
The incidence of GIST is increasing worldwide, which is driving the demand for effective treatment options. As GIST is a difficult cancer to treat, there remains a significant unmet medical need for new and effective therapies. Moreover, development of new technologies, such as tyrosine kinase inhibitors (TKIs), has led to improved treatment outcomes for patients with GIST.
Furthermore, increasing awareness about GIST and its treatment options, among healthcare providers and patients, is driving demand for GIST therapeutics. In addition, governments around the world are providing support for cancer research and drug development, which is helping to drive growth in the GIST therapeutics market.
Availability of various treatments creating lucrative opportunities for GIST therapeutics market
As GIST cannot be completely treated with surgery, the dependency on various therapeutics has increased. Moreover, healthcare professionals are suggesting different therapeutics methods that would cater to the condition of the patients.
Surgery: Surgical removal of the tumor is the primary treatment option for localized GISTs.
Imatinib: This is a tyrosine kinase inhibitor (TKI) that targets the KIT and PDGFRA genes that are often mutated in GISTs. Imatinib is the first-line therapy for advanced GISTs.
Sunitinib: This is another TKI that is used as a second-line treatment for patients who have developed resistance to imatinib.
Regorafenib: This is another TKI that is used as a third-line treatment for patients who have become resistant to both imatinib and sunitinib.
Radiation therapy: Radiation therapy may be used in conjunction with surgery or as palliative treatment for GISTs that cannot be surgically removed.
Chemotherapy: Chemotherapy is generally not effective in treating GISTs, but it may be used in combination with other therapies.
Lengthy approval process and drug resistance restricting market growth
The cost of GIST treatments, especially targeted therapies and other innovative drugs is high. This, in turn, limits access to these treatments for some patients. GIST is a relatively rare type of cancer, which means that the market for GIST therapeutics is smaller compared to other cancer indications.
As patents for GIST treatments expire, generic versions of these drugs may become available, which can decrease the market share and profitability of brand-name treatments. Some patients with GIST may develop resistance to TKIs, which can limit the effectiveness of these treatments over time.
The approval process for new drugs can be lengthy and expensive, and there is always the risk that a new treatment may not be approved by regulatory agencies. Some GIST treatments can cause adverse effects, such as nausea, vomiting, fatigue, and low blood counts, which can impact patient quality of life and limit the use of these treatments. All these factors are hampering the growth of the GIST market.
Introduction of new and innovative therapies creating lucrative opportunities for GIST therapeutics
The North American market for Gastrointestinal Stromal Tumor (GIST) therapeutics is one of the largest and most mature markets globally, driven by factors such as a large and aging patient population, high levels of healthcare spending, and a strong presence of pharmaceutical companies. The United States is the largest market for GIST therapeutics in North America, accounting for the majority of sales in the region.
In recent years, the North American market for GIST therapeutics has seen steady growth due to the increasing incidence of GIST, the introduction of new and innovative therapies, and growing demand for effective treatments. The availability of targeted therapies, such as tyrosine kinase inhibitors (TKIs), has been a major driver of growth in the market, as these drugs have proven to be highly effective in treating GIST. Thus, North America is expected to possess 39% market share for GIST therapeutics market in 2023.
Growing prevalence of GIST in aging population propelling market growth
The Asia Pacific market for gastrointestinal stromal tumor (GIST) therapeutics is a rapidly growing market, driven by factors such as increasing incidence of GIST, rising levels of healthcare spending, and a growing middle-class population. The market is expected to continue to grow in the coming years, driven by factors such as the increasing availability of targeted therapies, such as tyrosine kinase inhibitors (TKIs), and the growing awareness of GIST among healthcare providers and patients.
Despite these challenges, the Asia Pacific market for GIST therapeutics is expected to continue to grow in the coming years, driven by increasing demand for effective treatments, advances in research and development, and improving economic conditions in the region. The market is also likely to benefit from the growing aging population and the increasing incidence of GIST, which are expected to drive demand for GIST treatments in the future. Thus, Asia Pacific is expected to hold 31% market share for GIST therapeutics market in 2023.
Presence of innovative drugs and technology making hospitals a viable option for treatment of GIST therapeutics
Hospitals have a high level of expertise in treating complex and rare diseases such as GIST, and often have a dedicated team of specialists who are experienced in diagnosing and treating the condition. In addition, hospitals provide comprehensive care for GIST patients, including surgery, chemotherapy, radiation therapy, and targeted therapies such as tyrosine kinase inhibitors (TKIs). Access to the latest technologies and treatments, including innovative drugs and cutting-edge diagnostic and therapeutic tools, which can improve patient outcomes are making hospitals a go-to option for patients suffering frm GIST.
Moreover, strict quality and safety standards ensure that patients receive high-quality care and are protected from medical errors. In addition, hospitals offer the convenience of having all necessary diagnostic and therapeutic services in one location, reducing the need for multiple trips to different healthcare providers. Thus, hospitals are expected to procure 45% market share for GIST therapeutics market in 2023.
Key players in the gastrointestinal stromal tumor (GIST) therapeutics market are Arog Pharmaceuticals, Taiho Pharmaceutical, Turning Point Therapeutics, Inc, Cogent Biosciences, Inc, Plexxikon Inc, Theseus Pharmaceuticals, Exelixis, Inc, Ipse, Bristol-Myers Squibb and Takeda
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 890 Million |
| Market Value in 2033 | USD 1593 Million |
| Growth Rate | CAGR of 6% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Drug Type, Therapy, End User, Region |
| Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; MEA |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, United kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Arog Pharmaceuticals; Taiho Pharmaceutical; Turning Point Therapeutics, Inc.; Cogent Biosciences, Inc.; Plexxikon Inc.; Theseus Pharmaceuticals; Exelixis, Inc.; Ipsen; Bristol-Myers Squibb; Takeda |
| Customization | Available Upon Request |
The hospital segment holds high revenue potential.
The United States and China are estimated to dominate the global market.
The market is forecast to register a CAGR of 6% through 2033.
During 2018 to 2022, the market registered a CAGR of 3.5%.
The adoption of chemotherapy treatment disrupts the current market trends.
Gastrointestinal Stromal Tumor (GIST) Therapeutics Market
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