The Global Somatostatin Analogues Market size was valued at USD 2.9 Billion in 2020 and is expected to grow at a CAGR of 6.3% over the forecast period and reach 8.9 Billion by 2027. Somatostatin is a protein made naturally in the body. It is made by: a gland in the brain (hypothalamus), the stomach, the pancreas and the bowel. Somatostatin analogues stop your body from making too many hormones. They can reduce the symptoms of carcinoid syndrome and may slow down tumor growth. Somatostatin can slow down hormone production, including many of the gut hormones, slows down the emptying of the stomach and bowel, controls the release of hormones made by the pancreas, including insulin and, slows down or stops the release of growth hormones
Rising prevalence of acromegaly, Cushing syndrome, Neuroendocrine Tumours (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 analogues 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 favourable 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. Favourable initiatives from governments are projected to create growth opportunities for key players in the global market over the forecast period.
In terms of market players, the key players within global Somatostatin Analogues market include. Sun Pharmaceutical In dustries Ltd, Pfizer Inc., Camurus AB, Chiasma Inc., Crenetics Pharmaceuticals, Dauntless Pharmaceuticals, Ipsen Pharma, Midatech Pharma PLC, Novartis AG, Peptron, Inc., and Teva Pharmaceuticals Inc amongst others.
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.
Report : Somatostatin Analogues Market - By Type (Octreotide, Lanreotide, Pasireotide), By Application (Acromegaly, Carcinoid Syndrome, Neuroendocrine Tumor, Cushing Syndrome, Others), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis, opportunity and Forecast 2020 To 2027