Market Highlights
Paragangliomas, also called glomus tumors, is a rare and slow-growing tumor arising from non-chromaffin paraganglion cells, which are distributed throughout the body from the base of the skull to the urinary bladder. However, in over 50% cases it occurs in the temporal bone. The global paraganglioma market is expecting a healthy growth in the coming future. The global market is majorly driven by increasing paraganglioma patients across the globe. Additionally, increasing smoking population and rising consumption of alcohol have spurred the growth of the market. However, side effects of the treatment, long time for approval, and high cost may slow the growth of the market over the review period.
The global paraganglioma market is expected to grow at a CAGR of 1% during the forecast period 2022-2030.
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Segmentation
The global paraganglioma market is segmented on the basis of types, treatment, and end users.
On the basis of types, the market is segmented into caroid paraganglioma, cervical paraganglioma, jugular paraganglioma, secretory paraganglioma, temporal paraganglioma, vagal paraganglioma, and others.
On the basis of the treatment, the market is categorized into therapeutic treatment and diagnostic treatment. The therapeutic treatment is further segmented into surgery, embolization, and radiotherapy. The embolization is further categorized into liquid embolic agents, sclerosing agents, particulate embolic agents, and others. The radiotherapy is sub-segmented into external beam radiation therapy, brachytherapy, and unsealed source radiotherapy. The diagnostic treatment is further segmented into CT scans, MRI, angiography, blood test, and others.
On the basis of the end users, the market is segmented into hospital & clinics, ambulatory care centers, and others.
Key Players
Some of key the players in the market are Bristol-Myers Squibb Company (U.S.), GlaxoSmithKline Plc. (U.K.), Bayer AG (Germany), Novartis AG (Switzerland), Spectrum Pharmaceuticals Inc. (U.S.), Amgen, Inc. (U.S.), Eli Lilly and Company (U.S.), AstraZeneca Plc. (U.K.), F. Hoffmann-La Roche Ltd. (Switzerland), Janssen Biotech, Inc. (U.S.), AbbVie Inc. (U.S.), Takeda Pharmaceuticals (Japan), Pfizer, Inc. (U.S.), Sanofi (France), Merck & Co., Inc. (U.S.), Immunomedics (U.S.), and Oncomed Pharmaceuticals (U.S.).
Regional Analysis
The Americas dominate the global market owing to a huge population suffering from paraganglioma, strong government support for research & development and high health care spending. According to the Centers for Disease Control and Prevention, in 2014, over 14.1 million of new cancer cases were registered worldwide. Increasing prevalence of the disease has boosted the market growth in America. Additionally, changing lifestyle and smoking further fuel the growth of the market.
Europe accounts for the second leading market in the global paraganglioma market, which is followed by Asia Pacific. Asia Pacific is the fastest growing paraganglioma market. It is majorly driven by India, China and Japan owing to a huge number of patients and rapidly growing economy. Governments in Asia Pacific region are supporting manufacturers for research & development, which can serve as a path for the development of the market. The Middle East and Africa contribute the least to the growth of the global market. The Middle East dominates the market of the Middle East and African region owing to the presence of the UAE, Saudi Arabia, and Kuwait. Africa holds the least share of the global market due to limited availability of medical facilities and poor economic condition of the region. However, the growth of the African market is high due to the presence of opportunities for the development of the market.
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