Somatostatin Analogs Sector: Growth Drivers and Challenges
Growth Drivers
- Growing Cases of Neuroendocrine Tumors – Some neuroendocrine tumors (NETs) produce a high level of hormones, resulting in a set of symptoms known as carcinoid syndrome which necessitates the use of somatostatin analogs to prevent the body from producing an excess of hormones and alleviate carcinoid syndrome symptoms to enhance patients' quality of life and survival.
- Presence of Government Insurance Policies for Rare Diseases- Rare diseases (RDs) can place a significant financial strain on sufferers and their families therefore the government sponsors the treatment of uncommon diseases in many rising economies.
Challenges
- Exorbitant Cost of Somatostatin Analogs Treatment Procedure - Somatostatin analogs (SSAs) are used to treat neuroendocrine tumors (NETs) and acromegaly and may be considered as primary treatment in patients whose surgery is not likely to be curative however they have high acquisition costs and their usage may be limited in resource-limited settings. Besides this, the need for strict quality control also adds to the overall cost of the treatment.
- Strict Reimbursement and Pricing Policies
- Side Effects Caused by Somatostatin Analogs.
Somatostatin Analogs Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
7.2% |
|
Base Year Market Size (2024) |
USD 7.57 billion |
|
Forecast Year Market Size (2037) |
USD 18.69 billion |
|
Regional Scope |
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Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of somatostatin analogs is evaluated at USD 8.03 billion.
The somatostatin analogs market size was over USD 7.57 billion in 2024 and is poised to exceed USD 18.69 billion by 2037, witnessing over 7.2% CAGR during the forecast period i.e., between 2025-2037. Rising prevalence of Cushing syndrome and growing launch of advanced drug therapies for rare diseases will drive the market growth.
North America industry is anticipated to account for largest revenue share of 49% by 2037, due to availability of key players such as Pfizer Inc. and Novartis AG in the region.
The major players in the market are Novartis AG, Sun Pharmaceutical Industries Ltd, Midatech Pharma PLC, Ipsen Pharma, Chiasma Inc., Peptron, Inc., CRINETICS PHARMACEUTICALS, Dauntless Pharmaceuticals, Camurus AB, Teva Pharmaceuticals Inc, and Pfizer Inc.
