Global Market Overview 2024: Gastrointestinal Stromal Tumor (GIST) Treatment Trends

"The Business Research Company recently released a comprehensive report on the Global Gastrointestinal Stromal Tumor Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The gastrointestinal stromal tumor market size has grown strongly in recent years. It will grow from $1.18 billion in 2023 to $1.28 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increased awareness and early diagnosis, emergence of targeted therapies, enhanced surgical techniques, development of personalized medicine, improvements in supportive care.

The gastrointestinal stromal tumor market size is expected to see strong growth in the next few years. It will grow to $1.69 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to continued research and drug development, rise in patient-centric healthcare, integration of precision medicine in clinical practice, increasing access to targeted therapies, expanding genomic profiling capabilities. Major trends in the forecast period include growing collaboration in research and development, advancements in diagnostic technologies, collaborative research and clinical trials, increased focus on early detection and diagnosis, exploration of combination therapies.

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Market Drivers and Trends:

The growing incidence of stomach cancer is expected to propel the growth of the gastrointestinal stromal tumor market going forward. Stomach cancer refers to the uncontrolled growth and multiplication of malignant cells in the lining of the stomach. while gastrointestinal stromal tumors (GISTs) can occur in the stomach, they are distinct from stomach cancer. When two separate tumors collide and merge into one, patients with GISTs have been found to have an increased risk of developing additional cancers, including small bowel adenocarcinoma. For instance, according to Cancer Research UK, a UK-based independent cancer research organization, the incidence of stomach cancer in the UK is projected to fall by 12% between 2023-2025 and 2038-2040, to 8 cases per 100,000 people on average each year. Therefore, the growing incidence of stomach cancer is driving the growth of the gastrointestinal stromal tumor market.

Major companies operating in the gastrointestinal stromal tumor market are innovating new drugs such as QINLOCK (Ripretinib) to meet larger customer bases, more sales, and increased revenue. QINLOCK (Ripretinib) is a prescription medicine used to treat advanced gastrointestinal stromal tumor (GIST). For instance, in March 2021, Zai Lab Ltd, a China-based biotechnology company announced that the National Medical Products Administration (NMPA) of China had approved a new drug QINLOCK (Ripretinib), for the treatment of GIST, an advanced form of gastrointestinal stromal tumor. A prescription drug called QINLOCK (ripretinib) is used to treat advanced gastrointestinal stromal tumors (GIST) in adult patients who have previously been treated with three or more kinase inhibitors, including imatinib.

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Major Key Players of the Market:

Pfizer Inc., F. Hoffmann-La Roche AG, Bayer AG, Novartis AG, Merck & Co. Inc., GlaxoSmithKline plc, Bristol-Myers Squibb Company, Sanofi S.A., AstraZeneca plc, Eli Lilly and Company, Daiichi Sankyo Co. Ltd., Eisai Co. Ltd., Sun Pharmaceutical Industries Limited, Jiangsu Hengrui Medicine Co. Ltd., Exelixis Inc., NATCO Pharma Ltd., Blueprint Medicines Corporation, Array BioPharma Inc., Deciphera Pharmaceuticals Inc., Ono Pharmaceutical Co. Ltd., Boston Biomedical Inc., DNAtrix Inc., Advenchen Laboratories LLC, Arog Pharmaceuticals Inc., AB Sciences S.A.

Gastrointestinal Stromal Tumor Market 2024 Key Insights:

• The gastrointestinal stromal tumor market size is expected to grow to $1.69 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Growing Incidence Of Stomach Cancer To Boost The Market
• Increasing Focus On Drug Approvals To Drive The Revenues
• North America was the largest region in the gastrointestinal stromal tumor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gastrointestinal stromal tumor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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