Somatostatin Analogs Market Revenue, Major Players, Trends, Analysis & Forecast Till 2027
According to MRFR analysis, Somatostatin Analogs Market is expected to register a CAGR of 6.8% during the forecast period and is anticipated to reach USD 8,640 Million by 2025.
The growth
of the global somatostatin analogs market is driven by various factors such as
increasing research & development activity in the somatostatin analogs
market and increasing numbers of players involved in the development of generic
versions of somatostatin analogs. Some of the key companies operating in this
market are Nodysis Pharma, United Biotech, Wockhardt, Neiss, Sun Pharma, and
Ferring Holding SA, among others. In addition, the rising incidence rate of the
NETs; and increasing efforts by government bodies and public and private
organizations to increase awareness about Acromegaly are some of the other
factors for the growth of the somatostatin analogs market.
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However,
lack of awareness leading to a high number of undiagnosed people, and the
availability of the alternative treatment options for the treatment of NETs and
Acromegaly are thwarting the growth of the somatostatin analogs market.
The Global
Somatostatin Analogs Market was dominated by a few players in the past.
However, the increasing demand for treatment options is creating opportunities
for new entrants to step into the market. Thus, there is a change in the
competitive scenario in the somatostatin analogs market. A large number of
companies in the market, such as Camurus AB and Chiasma Inc., among others have
the product pipeline of somatostatin analogs. The increasing number of
companies bring more investments in the market which positively impacts the
growth of the market.
Regional
Analysis
The market
has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle
East & Africa. The Americas is expected to be the largest market owing to
the increased awareness about NET’s and high per capita disposable incomes. The
somatostatin analogs market in the Americas has further been branched into
North America and Latin America, with the North American market divided into
the US and Canada. The high occurrence of NET’s in US is one of the reasons for
the growth of the market in the country. The European somatostatin analogs
market is the fastest-growing market, and it has been categorized as Western
Europe and Eastern Europe. The Western European market has further been divided
as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The
presence of a number of product manufacturers such as Novartis AG (Switzerland),
Ipsen Pharma (France), Fresenius Kabi (Germany) is one of the factors pushing
the growth of the regional market. The somatostatin analogs market in
Asia-Pacific has been segmented into Japan, China, India, South Korea,
Australia, and the rest of Asia-Pacific. Due to the rising per capita
healthcare expenditure and growing awareness towards the treatment of
acromegaly and NETs, the market in Asia-Pacific is expected to grow at a
significant rate during the forecast. The somatostatin analogs market in the
Middle East & Africa has been divided into the Middle East and Africa.
Segmentation
The Global
Somatostatin Analogs Market has been Segmented Based on Type and Application.
The market, based on type, has been divided into Octreotide, Lanreotide, and
Pasireotide. The Octreotide segment is likely to hold the largest during the
review period as it is the most commonly used type of vaccine and is
commercially available across the globe. Pasireotide is predicted to be the
fastest-growing segment due to the growing awareness about the treatment
options for Cushing’s Syndrome which is commonly treated by Pasireotide.
The global
somatostatin analogs market has been segmented, on the basis of application,
into neuroendocrine tumors (NETs), acromegaly, Cushing’s syndrome, and others.
The neuroendocrine tumor segment is expected to hold the maximum share of the
market throughout the forecast period. The acromegaly segment is expected to be
the fastest-growing during the assessment period.
Key
Players
Some of the
Key Players in the Global Somatostatin Analogs Market are Novartis AG (Switzerland), Ipsen Pharma
(France), Fresenius Kabi (Germany), Peptron (South Korea), Pfizer Inc. (US),
and Teva Pharmaceuticals Inc. (Israel).
Besides
these key players, there are several potential market entrants which are
working on the pipeline products in the somatostatin analogs market. Some of
these players are Camurus
AB (Sweden), Chiasma, Inc. (US), Crinetics Pharmaceuticals (US), Dauntless
Pharmaceuticals (US), Midatech Pharma plc (UK), and Sun Pharmaceutical
Industries Ltd (India), among others.
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