Paraganglioma, also known as extra-adrenal pheochromocytoma is a rare neuroendocrine tumor that arises from chromaffin cells of the autonomic nervous system. The tumors are usually functional and secret hormones like catecholamines which can cause high blood pressure, headaches and other symptoms. Paraganglioma can be benign or malignant and occur in various parts of the body like the head and neck region, chest, abdomen and pelvic cavity. For diagnosis, CT or MRI scans are conducted followed by biochemical tests to detect catecholamine levels in blood or urine. Treatment involves surgical removal of tumors along with beta-blockers or alpha-blockers for management of high blood pressure during surgery. In some advanced cases, radiation therapy or chemotherapy may also be recommended.
The Paraganglioma Market is estimated to be valued at USD 366.2 Mn in 2024 and is expected to reach USD 412.5 Mn by 2031, growing at a compound annual growth rate (CAGR) of 1.7% from 2024 to 2031.
Key Takeaways
Key players operating in the Paraganglioma market include copyright Inc, Direct Therapeutics, Dauntless Pharmaceuticals, Boehringer Ingelheim GmbH, Lexicon Pharmaceuticals and Mount Sinai Medical Center. These players are focusing on developing novel therapeutics for advanced and metastatic Paraganglioma.
The growing incidence of Paraganglioma owing to rising lifestyle diseases and obesity is a major factor driving the market growth. According to Cancer Research UK, about 800 new cases of Paraganglioma are diagnosed annually in the UK.
The market is also witnessing increased expansion in developing regions of Asia Pacific and Latin America owing to improved access to diagnosis and treatment. Countries like China, India and Brazil are expected to lucrative growth opportunities due to rising healthcare investments.
Market Drivers
The rising global prevalence of cancers is a key growth driver for the Paraganglioma Market. According to estimates by World Health Organization (WHO), cancer burden has risen to 18.1 million new cases and 9.6 million cancer deaths in 2018. Additionally, improving access to advanced treatment options and medical insurance coverage in developing nations will also propel the market growth during the forecast period.
Geopolitical Impact on Paraganglioma Market Growth
The global Paraganglioma market is facing challenges due to ongoing geopolitical conflicts between major countries. The rising trade protectionism policies and economic sanctions have disrupted supply chains across borders. This has negatively impacted the availability of key materials and components for paraganglioma diagnosis and treatment. Moreover, currency fluctuations caused by geopolitical tensions have increased the overall costs for market players. Going forward, companies will need to diversify their supplier networks and focus on developing localized manufacturing capabilities. This will make their operations more resilient to geopolitical risks.
Regions with High Market Concentration
North America currently dominates the global Paraganglioma market in terms of value. This can be attributed to increasing healthcare expenditure and developed medical infrastructure in the US and copyright. According to reports, over 50% of the total market revenue comes from these two countries. presence of leading industry players and availability of advanced treatment options have strengthened North America's position as the highest revenue generator. However, growing medical tourism and improving accessibility may help shift market concentration to other emerging regions in the coming years.
Fastest Growing Regional Market
The Asia Pacific Paraganglioma market is poised to witness the fastest value growth during the forecast period. This can be credited to rising medical spending, growing public awareness, and increasing incidence of paraganglioma cases across countries like India and China. Additionally, governments in the region have implemented several initiatives to strengthen their healthcare systems which is facilitating wider access to diagnosis and care. With improving diagnostic capacities and continued economic expansion, the APAC Paraganglioma market is expected to attract higher investments and partnerships.
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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.
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