Global Somatostatin Analogs Market, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029

Global Somatostatin Analogs Market Overview:

“The global Somatostatin Analogs Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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is an upcoming market research report by MarketResearch.biz. In the report, various data and information on the global somatostatin analogs market, such as details of key players, key trends, market drivers, restraints, potential revenue growth opportunities, revenue details, competitive landscape, and recent developments are included.

Before including it in the report, research findings and conclusions are verified by experts from the industry.  The global somatostatin analogs market research report is segmented on the basis of type, application, and regions and countries.

Somatostatin analog, man-made somatostatin (synthetic) form, is the first line of treatment for various conditions including acromegaly, carcinoid syndrome, Cushing syndrome, and others. Somatostatin analogs act by inhibiting production of different growth hormones and serotonin. Production of large quantities of hormones by neuroendocrine tumors (NETs) leads to carcinoid syndrome. It controls carcinoid syndrome symptoms including skin flushing and diarrhea.

Somatostatin analogs are a possible treatment in people with carcinoid syndrome. Hormones such as gut hormones and insulin are halted or slowed down by somatostatin analogs. Somatostatin analogs also regulate intestine and stomach emptying.

Dynamics

Rising prevalence of acromegaly, Cushing syndrome, Neuroendocrine Tumors (NETs), and other related diseases is the key factor projected to drive growth of the global somatostatin analogs market over the forecast period. According to statistics published by the American Association of Neurological Surgeons, estimated number of people getting affected with Cushing’s syndrome every year is 10-15 per million. Moreover, the syndrome is more prevalent among adults aged 20-50 years and comparatively more prevalent in females.

Also, approximately 4,600 per million populations is the prevalence of acromegaly globally. In addition, nearly 116.9 new cases of acromegaly per million are observed globally every year. Other factors expected to drive growth of the global somatostatin analogs market are launch of novel drug therapies and increasing R&D initiatives. Another factor contributing to growth of the global market is presence of different favorable insurance policies and schemes by governments for patients with rare diseases. In Europe and the US, various government healthcare organizations such as the National Centre for Advancing Translational Sciences (NCATS) and National Institutes of Health (NIH) offer subsidized medicines for patients with rare diseases.

However, huge investment required to develop somatostatin products, high costs of treatment, and strict reimbursement policies is expected to restrain growth of the global market. Favorable initiatives from governments are projected to create growth opportunities for key players in the global market over the forecast period.

Global Somatostatin Analogs Market Segment Analysis:

By Type:

The octreotide segment continues to dominate the global market among other type segments in terms of revenue share. This can be attributed to its different therapeutic applications such as carcinoid tumors, acromegaly, and vasoactive intestinal peptide tumors. Pasireotide is projected to be fastest-growing segment in terms of revenue share over the forecast period, which is attributed to its efficacy in patients with acromegaly and Cushing syndrome.

By Application:

The acromegaly segment among the application segments is expected to continue its dominance in terms of revenue share over the forecast period. This segment is also expected to be fastest growing segment in terms of revenue share over the forecast period. This can be attributed to growing awareness of acromegaly and availability of various effective treatment options.

Global Somatostatin Analogs Market Regional Analysis:

North America is projected to contribute largest revenue share to the global market over the forecast period. This can be attributed to high prevalence of NET and acromegaly in the region. Moreover, presence of key players in the region such as Novartis AG and Pfizer Inc. and growing awareness level among individuals are attributed to growth of the market in the region. Asia Pacific is projected to register fastest revenue growth over the forecast period, which is attributed to increasing rate of NET diagnosis in countries in the region such as China, India, South Korea, and Japan. Moreover, increasing per capita income is another factor driving growth of the market in the region.

Global Somatostatin Analogs Market Segmentation: 

By Type:

• Octreotide
• Lanreotide
• Pasireotide

 By Application:

• Acromegaly
• Neuroendocrine Tumors (NETs)
• Others

 By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa