Somatostatin analogs market overview and analysis by types, by applications, by region- forecast till 2027. Somatostatin analogs market 2023 can expect to capture a significant valuation of close to USD 8,640 Million by 2027, reveals MRFR (Market Research Future). MRFR also projects favorable prospects for the market at a CAGR of 6.8% between 2021 and 2027 (assessment period). We will provide COVID-19 impact analysis with the report, combined with an in-depth analysis following the coronavirus disease outbreak.
Main Drivers and Deterrents
According to the most recent study by the American Association of Neurological Surgeons, there are roughly 10-15 per million new cases of Cushing's syndrome every year. The syndrome is frequently known to affect people between the ages of 20 and 50, and it is more common in females. In addition, the prevalence of NETs and neuroendocrine tumours has been rising over the past few years. According to estimates, there are 170,000 people living with NETs in the US alone, and over 12,000 people experience the disease every year. In a nutshell, the market for somatostatin analogues has expanded faster due to the rising prevalence of disorders including Cushing syndrome, neuroendocrine tumours, and acromegaly.
An increase in RD projects and the introduction of new, innovative drug therapies also help the global market generate large amounts of income. The latter is also favoured by the increased endorsement from international healthcare organisations like the FDA, which encourages players to launch more potent medications on the market worldwide.
As the need for somatostatin analogues has increased rapidly around the world over time, the situation has become incredibly favourable for the global market. As a result, an increasing number of vendors are actively working to produce new medications and generic somatostatin analogues. In addition, supportive government insurance programmes and policies for people with rare diseases can have a significant impact on the market's expansion in the years to come. The National Center for Advancing Translational Sciences (NCATS) and the National Institutes of Health (NIH), for instance, are recognised for offering patients in the area discounted medications for uncommon disorders.
Eminent Firms
Some of the highly eminent vendors profiled in the MRFR study are Ipsen Pharma (France), Peptron (South Korea), Teva Pharmaceuticals Inc. (Israel), Pfizer Inc. (US), Novartis AG (Switzerland), Fresenius Kabi (Germany), to mention a few.
The new industry entrants are Chiasma Inc. (US), Dauntless Pharmaceuticals (US), Sun Pharmaceutical Industries Ltd (India), Midatech Pharma plc (UK), Camurus AB (Sweden), Crinetics Pharmaceuticals (US), and more.
Segmental Insight
Somatostatin analogs market size can be categorized with respect to type and application.
The Somatostatin analogs types available in the market include Lanreotide, Pasireotide and Octreotide. Octreotide is most likely to emerge as the top segment in the market as it notes the highest demand as a commercial vaccine. Pasireotide could be the fastest expanding segment in the years to come, on account of the surging knowledge with regard to the different treatment options among patients afflicted by Cushing’s syndrome, for which Pasireotide is the key treatment drug.
Somatostatin analogs find extensive applications in Cushing’s syndrome, acromegaly, neuroendocrine tumors (NETs), and more. Application of these drugs is most common in neuroendocrine tumor, which is expected to be the top segment during the conjectured period. However, the fastest growth will be witnessed by the acromegaly segment during the given period.
Regional Study
Europe, Americas, Middle East Africa/MEA and Asia Pacific/APAC are the top markets for Somatostatin analogs across the world.
Canada and the US are the frontrunners in the worldwide healthcare industry, enabling the Americas to capture the leading position in the global market. High awareness level with regard to NETs and similar disorders, significant per capita income, and the rising entry of new vendors like Chiasma Inc. and Crinetics Pharmaceuticals have led to the introduction of a higher number of generic somatostatin analog drugs in the region. Acquisitions and mergers between reputed companies, substantial RD spending, and the robust product pipeline also offer lucrative growth opportunities to the regional market.
Europe’s stand as the second highest gainer in the global market is the result of the growing investments by the renowned firms in the region, including Ipsen Pharma and Novartis AG. The regional market is also strongly influenced by the increased burden of NET and Acromegaly cases and the subsequent rise in the demand for effective treatment options. The thriving health care sector, substantial treatment and diagnosis rates of carcinoid tumors and various hormonal conditions, and the rising involvement of small firms in the development of new drugs can bolster the growth potential of the market in France, the UK and Germany.
MRFR deems APAC as potentially the fastest expanding market over the evaluation period, as the region is witnessing a drastic rise in NET cases in India, South Korea and Japan. In addition to this, the fast economic surge and the increasing spending by pharmaceutical vendors in the region are also projected to offer key opportunities in the following years. Presence of well-known domestic vendors and the fierce rivalry between the domestic and global firms can be a huge growth rendering factor in the regional market as well.
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