The Somatostatin Analogs Market Size was valued at USD 6.5 Billion in 2022. The somatostatin analogs market industry is projected to grow from USD 6.96 Billion in 2023 to USD 12.05 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.10% during the forecast period (2023 - 2032). In the near future, it is anticipated that the prevalence of neuroendocrine tumors (NETs), acromegaly, Cushing syndrome, and other related disorders will quicken the expansion of this market. The market for somatostatin analogs is expanding due to several market drivers, including increasing R&D efforts and the introduction of novel pharmacological regimens.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market CAGR for somatostatin analogs is anticipated to develop due to the increase in neuroendocrine tumors. Malignancies that begin in specialized neuroendocrine cells are referred to as neuroendocrine tumors. Somatostatin analogs stop the body from making too many hormones. They lessen carcinoid symptoms and slow the formation of neuroendocrine tumors. For instance, a person has a 1 in 55 chance of developing neuroendocrine tumors by age 85, according to Cancer Australia, a national government organization with headquarters in Australia. In 2022, around 5,437 new instances of neuroendocrine tumors were reported in Australia. As a result, the market for somatostatin analogs is expanding as neuroendocrine tumors become more common.
The development of innovative drug therapies is crucial in the somatostatin analog market. Major players in the somatostatin analogs industry are creating cutting-edge drug solutions to improve their market share. For instance, in August 2020, US-based biopharmaceutical company Chiasma Inc. introduced Mycapssa (octreotide) capsules in the country for people with acromegaly. The long-term maintenance of acromegaly in individuals whose first octreotide or lanreotide treatment has been well-tolerated and effective is indicated for Mycapssa, the first oral somatostatin analog. If these treatments are effective and well tolerated by the body, MYCAPSSA can be used instead of injections.
Acromegaly is a disease that manifests as abnormal development on the hands, feet, and face. Somatostatin analogs are a potential treatment option for this condition, brought on by the pituitary gland's excessive synthesis of growth hormone. As a result, the value of the somatostatin (SSA) analogs market is anticipated to rise in the years to come with the rise in the number of acromegaly cases. Acromegaly affects anywhere between 3 and 15 people out of every 100,000.
The existence of favorable government insurance policies and programs for people with rare diseases is a crucial factor in the growth of the industry. The National Institutes of Health (NIH) and the National Center for Advancing Translational Sciences (NCATS), for example, are only two examples of the several government healthcare agencies in the United States and Europe that provide subsidized medications for rare diseases. Both the United States and Europe experience this. Thus, driving the somatostatin analogs market revenue.
The somatostatin analogs market segmentation, based on type includes Octreotide, Lanreotide and Pasireotide. The octreotide segment dominated the market. The benefits of octreotide and its numerous therapeutic uses to treat various disorders, such as carcinoid tumors, vasoactive intestinal peptide tumors, and acromegaly, are becoming more widely known, which is the primary reason for the segment's substantial increase. Additionally, it is projected that the increasing popularity of octreotide treatment among medical experts due to its excellent results and increased effectiveness will create attractive opportunities for segment growth.
The somatostatin analogs market segmentation, based on application, includes Neuroendocrine Tumor (NET), Acromegaly and Others. The acromegaly category generated the most income. Growing public awareness of acromegaly and the availability of efficient treatment options are the main factors propelling the segment's rise. For instance, Acromegaly Awareness Day was conducted in Canada in November 2018 and provided details on the condition, treatment choices, and advantages of each.
Figure 1: Somatostatin Analogs Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American somatostatin analogs market area will dominate this market. It is predicted that the region's main driver for market expansion will be the increase in acromegaly, neuroendocrine tumors, and cancer cases in the United States and Canada. In addition, it is predicted that market growth in the region will be supported over the next years by expanding knowledge of the medicinal benefits of employing somatostatin analogs and their rising use for carcinoid syndrome.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SOMATOSTATIN ANALOGS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe somatostatin analogs market accounts for the second-largest market share. The growing awareness of and spending on healthcare in the region will ensure that it continues to dominate the industry. The discovery of better medications and the introduction of new businesses have both fueled market expansion. Additionally, the future expansion of the market is anticipated to be due to the presence of an effective healthcare system and rising investment levels. Further, the German somatostatin analogs market held the largest market share, and the UK somatostatin analogs market was the fastest growing market in the European region.
The Asia-Pacific Somatostatin analogs Market is expected to grow at the fastest CAGR from 2023 to 2032. The presence of a sizable pool of patients with hormonal illnesses and the rising population in several of the region's countries are the main drivers of market expansion in the area. Furthermore, an increase in the number of NET diagnoses in nations like India, Japan, and South Korea, along with increased per capita income, is one of the market's key growth drivers. Additionally, it is projected that increased pharmaceutical company spending would open up profitable expansion opportunities in the not-too-distant future. Moreover, China’s somatostatin analogs market held the largest market share, and the Indian somatostatin analogs market was the fastest growing market in the Asia-Pacific region.
Somatostatin Analogs Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the somatostatin analogs market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, somatostatin analogs industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the somatostatin analogs industry to benefit clients and increase the market sector. In recent years, the somatostatin analogs industry has offered some of the most significant advantages to market. Major players in the somatostatin analogs market attempting to increase market demand by investing in research and development operations include Novartis AG (Switzerland), Ipsen Pharma (France), Fresenius Kabi (Germany), Peptron (South Korea), Pfizer Inc. (US), and Teva Pharmaceuticals Inc. (Israel).
Development, production, and marketing of pharmaceutical products and medical equipment are performed by Fresenius Kabi AG (Fresenius Kabi), a fully owned subsidiary of Fresenius SE & Co KGaA. Its product line comprises clinical nutrition products, infusion therapy items, injectable medications, and medical equipment. The company's therapeutic competence includes fluid management, anesthesia, critical illness, malnutrition or malabsorption, diabetes mellitus, maldigestion, and pediatrics. It also includes blood volume replacement and liver and renal insufficiency.
Ipsen SA (Ipsen) is a multinational specialty biopharmaceutical firm that produces and distributes pharmaceuticals to treat neurological disorders, rare diseases, and cancer. The business creates and markets cutting-edge medications for cancer, neurological disorders, and uncommon diseases. It also provides treatments for gastrointestinal problems and neurodegenerative pathologies. In a few countries, Ipsen offers its medications directly to hospitals and through a network of wholesalers.
Key Companies in the somatostatin analogs market include
Novartis AG (Switzerland)
Ipsen Pharma (France)
Fresenius Kabi (Germany)
Peptron (South Korea)
Pfizer Inc. (US)
Teva Pharmaceuticals Inc. (Israel)
Somatostatin Analogs Industry Developments
August 2021:For $330 million, the UK-based specialty pharmaceutical firm Amryt Pharma plc purchased Chiasma, Inc. With a considerable commercial possibility, this acquisition increases the potential of Mycapssa in patients with carcinoid symptoms caused by neuroendocrine tumors ('NET'). Acromegaly and hormonal abnormalities are treated using pharmaceuticals created by the US-based biopharmaceutical business Chiasma Inc.
Octreotide
Lanreotide
Pasireotide
Neuroendocrine Tumor (NET)
Acromegaly
Others
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 6.5 Billion |
| Market Size 2023 | USD 6.96 Billion |
| Market Size 2032 | USD 12.05 Billion |
| Compound Annual Growth Rate (CAGR) | 7.10% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Novartis AG (Switzerland), Ipsen Pharma (France), Fresenius Kabi (Germany), Peptron (South Korea), Pfizer Inc. (US), and Teva Pharmaceuticals Inc. (Israel) |
| Key Market Opportunities | Increasing R&D activity in the somatostatin analogs for the development of novel drugs |
| Key Market Dynamics | Increase in neuroendocrine tumors is driving the market growth Existence of favorable government insurance policies and programs |
Somatostatin Analogs Market Highlights:
Frequently Asked Questions (FAQ) :
The somatostatin analogs market size was valued at USD 6.5 Billion in 2022.
The market is projected to grow at a CAGR of 7.10% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are Novartis AG (Switzerland), Ipsen Pharma (France), Fresenius Kabi (Germany), Peptron (South Korea), Pfizer Inc. (US), and Teva Pharmaceuticals Inc. (Israel).
The octreotide category dominated the market in 2022.
The acromegaly category had the largest share in the market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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