Somatostatin Analogs Market Size, Growth Forecasts 2035

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Somatostatin (SSA) Analogs Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~6%
Base Year Market Size (2022)	~ USD 6 Billion
Forecast Year Market Size (2035)	~ USD 10 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Somatostatin Analogs Sector: Growth Drivers and Challenges

Growth Drivers

Growth in the Cases of Neuroendocrine Tumors (NET) – Neuroendocrine tumors are cancerous in nature. Usually, it develops anywhere endocrine cells are present and disturbs various body functions such as growth, reproduction, and metabolism. As neuroendocrine tumors led to the development of massive amounts of hormones and carcinoid syndrome, somatostatin analogs are required. This factor is projected to favor a robust revenue generation of the global market. Statistics from 2021 stated that more than 12,000 new cases of neuroendocrine tumors are diagnosed every year and as many as 125,000 people are living with neuroendocrine tumors today in the United States region.
Significant Growth of Acromegaly Condition – Acromegaly is a medical condition where abnormal growth can be seen on hands, feet, and face. This disease is caused by the overproduction of growth hormone by the pituitary gland and could be treated with somatostatin analogs. Hence, with the growth of the number of acromegaly cases, the global somatostatin (SSA) analogs market value is projected to increase in the forthcoming years. The total prevalence of acromegaly ranges from 3 to 15 cases per 100,000 people.
Rise in Prevalence of Cushing Syndrome – Cushing syndrome is a disorder that affects the organs when the body produces too much of the hormone cortisol or stress hormone over a long period. Somatostatin analogs are useful in the treatment of such diseases. Therefore, the revenue generation of the global somatostatin (SSA) analogs market is attributed to fastening over the forecast time.

Challenges

High Cost of the Treatment Procedure – The cost of somatostatin analogs is high and is not easily available over the market. As a result, its adoption rate is lowered among the population with middle and low income. This trend is estimated to hamper market growth in the next coming years.
Requirement of Huge Investments in the Development Process
Rising Stringent Reimbursement Policies

Somatostatin Analogs Segmentation

Type (Octreotide, Lanreotide, Pasireotide)

The octreotide segment is anticipated to hold a 43% share of the somatostatin analogs market by 2035. The main reason for the expansion of the segment size is the rising awareness of the advantages of octreotide and its numerous therapeutic applications to treat various diseases such as carcinoid tumors, vasoactive intestinal peptide tumors and acromegaly. Furthermore, the rising preference for octreotide treatment by medical professionals for its delivery of positive results and enhanced effectiveness is also anticipated to bring lucrative growth opportunities for segment growth.

End-User (Hospital, Pharmaceutical Companies)

The hospital segment in the somatostatin analogs market is set to garner the highest revenue share of 59% through the forecasted timeframe. The high number of hospitals present in the world along with the high focus on enhancing the hospital infrastructure with precision medicine treatments is expected to create a positive outlook for the development of segment size. Moreover, the rising patient footfall in hospitals for the treatment of numerous hormonal conditions is projected to aid the growth of segment size.

Our in-depth analysis of the global market includes the following segments:

Type	Octreotide Lanreotide Pasireotide
Application	Acromegaly Neuroendocrine Tumors
End-User	Hospital Pharmaceutical Companies

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Somatostatin Analogs Industry - Regional Synopsis

North American Market Forecast

The North America somatostatin analogs market is projected to be the largest with a share of about 35% by the end of 2035. The rising cases of acromegaly, neuroendocrine tumors, and cancers in the United States and Canada are estimated to be the primary factor for market expansion in the region. Furthermore, the increasing awareness about the medical benefits of using somatostatin analogs and its rising use for carcinoid syndrome is estimated to support the market expansion in the region over the next years.

APAC Market Analysis

The Asia Pacific somatostatin analogs industry is set to hold 24% of the revenue share by the end of the projected timeframe. The major factors for the growth of the market in the region are the availability of a large pool of patients with hormonal diseases along with the burgeoning population in many countries of the region. Another factor is the recent initiatives taken by the government of China, India, and Japan to increase the commercialization of medical products so as to promote health and well-being. In addition, the presence of a strong healthcare system and the escalation in investments is also projected to drive market expansion in the future.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the somatostatin (SSA) analogs market?

Ans: The increasing prevalence of hormonal diseases across the globe is anticipated to bring in lucrative growth opportunities for the expansion of market size.

2) What would be the CAGR of the somatostatin (SSA) analogs market over the forecast period?

Ans: The market size of somatostatin (SSA) analogs is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 â€“ 2035.

3) Who are the major players dominating the somatostatin (SSA) analogs market?

Ans: The major players in the market are Sun Pharmaceutical Industries Limited, Novartis AG, Biodexa Pharmaceuticals PLC, Ipsen Pharma, Pfizer Inc., Teva Pharmaceuticals Inc., Camurus AB, Dauntless Pharmaceuticals, CRINETICS PHARMACEUTICALS, Chiasma Inc., Peptron, Inc., and other key players.

4) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

5) What are the segments in the somatostatin (SSA) analogs market?

Ans: The market is segmented by type, application, end-user, and by region.

6) Which segment captures the largest market size in the end-use segment in the somatostatin (SSA) analogs market?

Ans: The hospitals segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

7) What are the challenges affecting the market growth?

Ans: High cost of the treatment along with the requirement of huge investment in the manufacturing process and rising stringent rules regarding reimbursement are estimated to be the growth hindering factors for the market expansion.

8) Which region will provide more business opportunities for the growth of the somatostatin (SSA) analogs market in the future?

Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Somatostatin Analogs Market Size & Share, by Type (Octreotide, Lanreotide, Pasireotide); Application (Acromegaly, Neuroendocrine Tumors); End-user (Hospital, Pharmaceutical Companies) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035