Global Somatostatin Analogs Market – Industry Trends and Forecast to 2029

Somatostatin Analogs Market Analysis and Size

The global somatostatin analogs market is expected to witness huge growth in the forecast period. As per the statistics published in the American Association of Neurological Surgeons, it is projected that about 10-15 per million people are affected by Cushing’s syndrome every year. Additionally, the syndrome commonly affects adults between 20-50 years and is comparatively, more widespread in females.COVID-19 also had a major impact on the market growth.

Data Bridge Market Research analyses a growth rate in the global somatostatin analogs market in the forecast period 2022-2029. The expected CAGR of global somatostatin analogs market is tend to be around 6.8% in the mentioned forecast period. The market was valued at USD 6.70 billion in 2021, and it would grow upto USD 11.34 billion by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Market Definition

Somatostatin is a type of hormone mostly produced by the hypothalamus and by some other tissue such as gastrointestinal tract and pancreas. Somatostatin obstructs the release of growth hormones from the anterior pituitary and restricts insulin and glucagon secretion from the pancreas. It also declines the release of most gastrointestinal hormones. These drugs stops the body from making too much of growth hormones. They are used to treat tumors secreting glucagonomas, vasoactive intestinal peptide, various pituitary adenomas and acromegaly.

Somatostatin Analogs Market Scope and Segmentation

Global Somatostatin Analogs Market Dynamics

Drivers

• Increase in Cushing Syndrome  

As per the statistics published in the American Association of Neurological Surgeons, it is projected that about 10-15 per million people are affected by Cushing’s syndrome every year. Additionally, the syndrome commonly affects adults between 20-50 years and is comparatively, more widespread in females. This boost the market growth.

• Rising Initiatives From Government

The occurrence of many government insurance policies and schemes for patients with rare diseases is another primary contributing factor to the market growth. For instance, in the U.S. and Europe, numerous government healthcare organizations, such as the National Institutes of Health (NIH) and the National Center for Advancing Translational Sciences (NCATS) offer subsidized medicines for such rare diseases. This boosts the market growth.

Opportunities

• Increased R&D Activities

Increasing R&D initiatives and the launch of several novel drug therapies are some of the factors boosting the growth of the somatostatin analogs market. For instance, Signifor (Pasireotide) was launched by Novartis AG back in the year 2012 for the treatment of Cushing’s syndrome and in 2014 for acromegaly. This creates opportunity for the market growth.

• Increasing Demand for Retail Pharmacies

The rise in the number of somatostatin analogs delivered through retail pharmacies and the surge in the number of retail pharmacies in developed countries create opportunities for the market growth. In addition to this, patients prefer retail pharmacies for purchasing drugs, as these are easily accessible.

• Rising Acromegaly Cases

As per the data published in the NCBI in 2018, the incidence of acromegaly is around 4,600 per million population worldwide. Additionally, about 116.9 new cases per million of acromegaly are observed each year globally. This creates opportunity for  the market growth.

 Restraints/Challenges

• Lack of skilled professionals

The lack of healthcare professionals who are unable to treat the patients with these agents could curb the growth of the global somatostatin analogs market over a forecast period.

• High Cost

The huge expenditure associated with these agents surely hamper the market growth. The several medications involved in this such as lanreotide, octreotide, pasireotide come with a great cost that hampers the market.

This global somatostatin analogs market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global somatostatin analogs market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Global Somatostatin Analogs Market Scope

The global somatostatin analogs market is segmented on the basis of indication, product, route of administration, distribution channel and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• (Octreotide, Lanreotide, Pasireotide) Diseases
• Immunological Disorders
• Respiratory Diseases
• Cardiovascular Diseases
• Neurological Disorders
• Others

Indication

• Tumor
• Acromegaly
• Others

Product

• Lanreotide
• Octreotide
• Pasireotide
• Others

Route of Administration

• Parenteral
• Others

End User

• Hospitals
• Homecare
• Specialty Clinics
• Others

Distribution Channel

• Hospital Pharmacy
• Online Pharmacy
• Retail Pharmacy

Somatostatin Analogs Market Regional Analysis/Insights

The global somatostatin analogs market is analysed and market size insights and trends are provided by indication, product, route of administration, distribution channel and end-user as referenced above.

The major countries covered in the global somatostatin analogs market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America has been witnessing a positive growth for global somatostatin analogs market throughout the forecasted period due to the presence of key manufacture of the product, high research and development and healthcare expenditure and skilled professionals.

Asia-Pacific dominates the market due to increased government awareness programs and number of generic drugs.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Somatostatin Analogs Market Share Analysis

The global somatostatin analogs market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global somatostatin analogs market

Key players operating in the global somatostatin analogs market include:

• F. Hoffmann-La Roche Ltd (Switzerland)
• Fresenius Kabi AG (Germany)
• Bayer AG (Germany)
• Sun Pharmaceutical Industries Ltd (India)
• Novartis AG (Switzerland)
• Mylan N.V. (U.S.)
• Teva Pharmaceutical Industries Ltd (Israel)
• Zydus Group (India)
• Pfizer Inc (U.S.)
• GSK Plc (U.K.)
• Glenmark Pharmaceuticals Inc (India)
• Amneal Pharmaceuticals (U.S.)
• Recordati Rare Diseases (Italy)
• Sagent Pharmaceuticals, Inc (U.S.)
• Amryt Pharma plc (U.K.)
• Ipsen Pharma (France)
• Peptron (South Korea)

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