According to Custom Market Insights (CMI), the global Somatostatin Analogs Market was estimated at USD5.8 billion in 2021 and is projected to reach approximately USD 10 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.5% between 2022 and 2030. The report studies the Somatostatin Analogsmarket’s drivers and restraints, coupled with the impact they have on-demand during the projection period. Additionally, the report analyzes global opportunities present in the somatostatin Analogsmarket.
Somatostatin Analogs Market: Overview
The introduction of new products is propelling the growth of the somatostatin analogs market
Somatostatin analogs are drugs that prevent the human body from inhibiting too many hormones. Some neuroendocrine tumors (NETs) produce a high level of hormones, resulting in a set of symptoms known as carcinoid syndrome. Somatostatin analogs may be used to treat people with carcinoid syndrome.
Somatostatin analogs are synthetic versions of somatostatin. This inhibits the production of growth hormones and serotonin. It is commonly used to treat carcinoid syndrome symptoms such as diarrhea and skin flushing, as well as to reduce neuroendocrine tumors. There are several somatostatin analog drugs on the market, including Octreotide, Lanreotide, and Pasireotide, each with a different application, such as acromegaly, and neuroendocrine tumors (NETs), and other disorders.
Browse the full “Somatostatin Analogs Market Size, Trends and Insights By Type (Lanreotide, Octreotide, Pasireotide), By Application (Neuroendocrine Tumors (NETs), Acromegaly, Others), By End User (Pharmaceutical Companies, Hospitals), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032″ report at https://www.custommarketinsights.com/report/somatostatin-analogs-market/
The increased investment in R&D, the rising introduction of novel drug therapies, surging incidence of Neuroendocrine Tumors (NETs), acromegaly, Cushing syndrome, and other diseases; and the presence of supportive government insurance policies as well as schemes for patients with rare diseases are the factors driving the somatostatin analogs market. Individuals’ lack of awareness about advanced treatment and high treatment costs are factors impacting the growth of the somatostatin analog market.
The market for somatostatin analogs is segmented into type, application, and end user. In terms of revenue share, the octreotide segment continues to dominate the global market among other segments. This is due to its various therapeutic applications, which include carcinoid tumors, acromegaly, and vasoactive intestinal peptide tumors. Pasireotide is expected to be the fastest-growing revenue segment over the forecast period, owing to its effectiveness in patients with Cushing syndrome and acromegaly. Further, among the application segments, the acromegaly segment is expected to maintain its revenue share dominance over the forecast period. The segment is also projected to grow at the fastest rate over the forecast period. This is due to increased awareness of acromegaly and the availability of numerous options for effective treatment.
The Asia Pacific region is projected to witness a high CAGR during 2022-2030
During 2022-2030, North America is expected to contribute the most revenue to the global market. This is due to the region’s increased prevalence of NET and acromegaly. Furthermore, the presence of key firms in the region, such as Novartis AG and Pfizer Inc., as well as rising awareness among individuals, are attributed to the region’s market growth. Asia Pacific is expected to have the highest revenue growth during the forecast period, owing to an increasing rate of NET diagnosis in countries such as China, India, South Korea, and Japan. Furthermore, rising per capita income is another factor influencing the market growth in the region.
In Europe, Germany, France, and the UK held a significant share of the somatostatin analogs drugs market in 2021. During the forecast period, the market in Spain and Italy is predicted to expand at a rapid pace. tumors. The highly developed healthcare industry, high rate of diagnosis and treatment of carcinoid tumors and other hormonal disorders, as well as participation of small businesses in the industry all contributed to Germany, France, and the UK’s key market share in 2021.
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Key Players Insights
The report discusses key developments in the market for somatostatin analogs, as well as organic as well as inorganic growth strategies. Various companies are concentrating on organic growth strategies including product launches, product approvals, and other things like patents and events.
Acquisitions and partnerships and collaborations were observed as inorganic growth strategies in the market. These activities have opened up the opportunity for market participants to expand their business and customer base. With the growing demands for somatostatin analogs in the global market, market players in the somatostatin analogs market are expected to benefit from lucrative growth opportunities in the future. A few companies involved in the somatostatin analogs market are listed below.
Some of the prominent players
- Sun Pharmaceutical Industries Ltd
- Camurus AB
- Novartis AG
- Midatech Pharma PLC
- Chiasma Inc
- Peptron, Inc
- Ipsen Pharma
- Crinetics Pharmaceuticals
- Dauntless Pharmaceuticals
- Teva Pharmaceuticals Inc
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