Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSMarch 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 Treatment Market Overview
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.
Market Size and Forecast
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.
Growth Drivers
Increase in the prevalence of hormonal diseases
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.
Technological and medical advancements
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
Government support
The government through their supporting policies, schemes, and insurance, is surfaced as a major contributor towards the growth of the overall acromegaly treatment market.
Restraints
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.
Market Segmentation
Our in-depth analysis of the acromegaly treatment market includes the following segments:
By Disease Type
By Treatment
By Route Of Administration
By Distribution Channel
By Region
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:
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