In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
March 2020: Chiasma, a clinical-stage biopharmaceutical company, is developing an oral form of the drug octreotide for the maintenance treatment of acromegaly in adults which are not yet approved by the U.S. FDA. According to their research, octreotide capsules have the potential to work as an alternative to current injection therapy.
March 6, 2019: Ipsen broadcasted their EU launch of a new pre-filled syringe for drug Somatuline, which is used for the treatment of acromegaly.
Acromegaly is a rare hormonal illness, caused due to excess production of growth hormones in the body. The pituitary gland in the brain, secretes growth hormone and in acromegaly, the pituitary gland secretes excessive amounts of growth hormone. It is one of the uncommon diseases, which is mostly diagnosed in middle-aged adults. Acromegaly is treated very effectively in most cases.
The acromegaly treatment market is expected to observe an attainable high CAGR during the forecast period, i.e., 2020-2028. The market is segmented by disease type, treatment, route of administration, distribution channel, and region. Among treatment segmentation, the medication segment is projected to drive the global acromegaly treatment market. Factors such as the efficiency of drugs, non-invasive treatments, lesser side effects than radiation therapies, and strong pipeline portfolio are likely to strengthen the growth of the overall market globally.
The increasing prevalence of hormonal diseases is one of the key factors projected to drive the market growth.
The rising awareness for acromegaly and an increase in the rates of screening globally is expected to fuel the overall market growth in the forecast period.
Progressions in surgery and developing alternatives, such as radiation therapy, medications, and others, are contributing towards the market growth. Developments in medical diagnoses, such as magnetic resonance imaging and the growth hormone suppression test, deliver the most selective means for the testing of acromegaly disorder. Medical advancements such as the development of antagonists (somatostatin analogs, dopamine agonists, and GH receptor antagonists), are the synthetic forms of natural hormones that restrict the creation of growth hormone. This is driving the acromegaly treatment market towards non-invasive treatments, mainly in cases where surgery is not a viable option. CLICK TO DOWNLOAD SAMPLE REPORT
The government through their supporting policies, schemes, and insurance, is surfaced as a major contributor towards the growth of the overall acromegaly treatment market.
The high cost of surgery and lack of awareness for the diagnosis and management of the disorder in many developing nations may surface as key factors that might hamper the market growth.
Furthermore, complications accompanying the treatment, such as the risk of infection, ache, and reduced immunity, are likely to restrain the growth of the acromegaly treatment market.
Our in-depth analysis of the acromegaly treatment market includes the following segments:
Geographically, the acromegaly treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America dominated by the U.S. accounts for the largest market in the global acromegaly treatment market in the forecast period. This is attributed to factors such as the availability of reimbursement, favorable government policies, an increase in the occurrence of pituitary tumors in the region leading to acromegaly and gigantism, technological advancements, and rising awareness among people around the diagnosis of the disease in the region.
Europe is the second largest revenue contributor in the global acromegaly treatment market, which is estimated to be led by Germany, France, and the U.K. The European regions have large healthcare infrastructure with many dominant market players operating in the market.
Asia-Pacific is estimated to grow at a rapid rate during the forecast period. Factors such as a growing economy, rising disposable income, increasing population, rising awareness, R&D initiatives, and increasing investment by the pharmaceutical companies is projected to present lucrative growth opportunities during the forecast period.
In the Middle East and Africa, the acromegaly treatment market is expected to be dominated by the prosperous Gulf economies of Saudi Arabia, Kuwait, UAE, and Qatar. However, the underprivileged income of African economies, together with poor social settings, might impede the acromegaly treatment market in Africa.
The acromegaly treatment market is further classified based on region as follows: