The global Gastrointestinal Stromal Tumor (GIST) market is primarily driven by rising adoption of targeted therapy drugs over chemotherapy for GIST treatment. Gastrointestinal stromal tumors (GISTs) are the most common mesenchymal tumors of the gastrointestinal tract. GISTs arise from the interstitial cells of Cajal or a stem cell common to the interstitial cells of Cajal in the gastrointestinal tract. Targeted therapies such as imatinib have emerged as the standard of care for patients with advanced GISTs, significantly prolonging both progression-free and overall survival compared with historical controls treated with surgery alone.
The gastrointestinal stromal tumor (GIST) market is estimated to be valued at USD 1.2 Bn in 2024 and is expected to reach USD 2.28 Bn by 2031, growing at a compound annual growth rate (CAGR) of 9.6% from 2024 to 2031.
Key Takeaways
Key players operating in the Gastrointestinal Stromal Tumor (GIST) are Novartis, Pfizer, Bayer, Natco Pharma, and Arog Pharmaceuticals.
The rising prevalence of GIST and increasing FDA approvals for targeted drugs present significant growth opportunities in the market.Advancements in targeted therapy drugs and launch of new pipeline drugs with improved efficacy are expected to drive technological developments in the Gastrointestinal Stromal Tumor (GIST) Market.
Market drivers
The rising adoption of targeted therapy drugs such as imatinib and sunitinib over traditional chemotherapy regimens for GIST treatment is a major market driver. Targeted drugs have superior efficacy and improved safety profiles compared to chemotherapy. Additionally, factors such as rising healthcare expenditure, growing awareness about GIST, and increasing FDA approvals are expected to further aid the growth of the GIST market over the forecast period.
Current Challenges in Gastrointestinal Stromal Tumor (GIST) Market
Some key challenges currently being faced by the Gastrointestinal Stromal Tumor (GIST) market are:
- High treatment cost associated with targeted therapies for GIST. Imatinib Mesylate, the first line of treatment for GIST and its generic version are very expensive putting burden on healthcare budgets as well as patients.
- Lack of approved treatment options after failure of first and second line therapies. Only a few targeted therapies are approved for advanced stages of GIST leaving very limited treatment choices for patients resistant to first and second line therapies.
- Low diagnosis rates in developing regions. Due to lack of awareness and inadequate diagnostic facilities, many cases of GIST go undiagnosed in developing parts of the world. This deprives patients from timely treatment.
SWOT Analysis
Strength: Targeted therapies like Imatinib have improved survival rates and quality of life of GIST patients. Growing number of clinical trials are evaluating newer targeted therapies.
Weakness: High treatment costs impose financial burden. Limited approved treatment choices after failure of first and second line therapies.
Opportunity: Emerging targeted therapies may expand treatment options. Rising awareness can improve diagnosis rates.
Threats: Development of resistance limits effectiveness of existing targeted therapies. Low penetration in developing regions.
Geographical regions in terms of value
Currently North America accounts for the largest share of the global GIST market in terms of value due to high diagnosis and treatment rates supported by favourable reimbursement policies in countries like United States. Europe is the second largest market driven by growing targeted therapy usage in major countries.
Fastest growing region
Asia Pacific region is projected to record the fastest growth over the coming years amongst all regions. This can be attributed to factors like rising healthcare expenditure, growing incidence of GIST, increasing awareness about this rare cancer, and expanding insurance coverage in several Asia Pacific countries including China and India.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
