Gastrointestinal Stromal Tumors Therapeutics Market to grow at a CAGR of 6.01% during 2024-2028
The Gastrointestinal Stromal Tumors Therapeutics Market is expected to grow at a CAGR of 6.01% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1.02 billion. The gastrointestinal stromal tumors (GISTs) therapeutics market faces a significant challenge due to the disease's propensity to recur. Surgical interventions may not eradicate the tumor entirely, necessitating the use of adjuvant therapies to address residual growths. Even post-surgical remission, GISTs have a high likelihood of recurrence. To combat this, pharmaceutical companies are investing in targeted therapies, such as tyrosine kinase inhibitors, and exploring regenerative approaches, including gene therapy, to ensure comprehensive tumor elimination. Recent research has identified several genes implicated in GISTs' progression, providing potential targets for novel therapeutic interventions.
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Technavio analysts predict that the Hospital pharmacies subsegment will lead the Distribution Channel segment during 2024 and 2028 Hospital pharmacies play a pivotal role in the distribution and management of pharmaceuticals used to treat Gastrointestinal Stromal Tumors (GIST). These pharmacies serve as crucial intermediaries between healthcare professionals, suppliers, and pharmaceutical companies. They ensure the availability of essential medications, such as KEYTRUDA and OPDIVO, for the treatment of GIST patients within the hospital setting. Through close collaboration with suppliers and pharmaceutical firms, hospital pharmacies procure and manage an inventory of GIST-related drugs. Inventory management systems enable efficient monitoring of stock levels and guarantee a consistent supply of these vital medications. Accurate documentation of patient prescriptions and medication administration is imperative in healthcare, and hospital pharmacies adhere to stringent protocols to maintain this critical information.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish growing geriatric population
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Gastrointestinal stromal tumors (GISTs) are mesenchymal tumors originating from the precursor cells of the digestive tract, primarily affecting the abdomen. These tumors are characterized by mutations in the KIT gene or PDGFRA gene, leading to uncontrolled cell growth and proliferation. The pathophysiology of GISTs involves the activation of tyrosine kinase signaling pathways, resulting in morbidity and the need for post-treatment hospitalization. The GIST therapeutics market includes approved drugs such as imatinib, sunitinib, and regorafenib, which target specific gene alterations in cancer cells. Healthcare providers utilize chemotherapy, radiation therapy, surgery, and targeted therapy to manage GISTs. Tyrosine kinase inhibitors, like imatinib and sunitinib, are commonly used in targeted therapy. The aging population increases the prevalence of GISTs, leading to a growing demand for effective therapeutics. Medical research institutes are continuously investigating new treatments, including the potential role of stem cells in GISTs. The market for GIST therapeutics is expected to grow significantly due to the increasing incidence of these tumors and the development of new treatments. GISTs can occur anywhere in the gastrointestinal tract, with the stomach being the most common site. These tumors can be benign or malignant, leading to various symptoms and complications. Effective therapeutic strategies are crucial to improve patient outcomes and reduce morbidity and post-treatment hospitalization.
In the broader context of the global healthcare industry, Technavio identifies the gastrointestinal stromal tumors (GIST) therapeutics market as a segment of the larger pharmaceuticals market. The pharmaceuticals market encompasses entities involved in R&D or manufacturing of various drug categories, including generic, non-generic, and veterinary drugs. The expansion of the global pharmaceuticals market is anticipated to be influenced by several key factors, one of which is the increasing global population aging, with the number of individuals above 60 years projected to rise significantly.
The Gastrointestinal Stromal Tumors Therapeutics Market is experiencing significant growth, fueled by the growing geriatric population. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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