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Octreotide Market to witness consistent growth in next 5 years with Top Players Samarth Pharma, Sun Pharmaceuticals, Neiss Labs, Novartis AG, and Unique Chemical

05-21-2019 04:35 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent Market Insights

Octreotide

Octreotide

Octreotide is an octapeptide that resembles natural somatostatin pharmacologically. Octreotide acetate is widely used in treatment of some types of cancers, diarrhea, and tumors such as carcinoid, pancreatic islet cell tumors, and vasoactive intestinal peptide secreting tumors. Octreotide acetate is also used to treat acromegaly when the body produces excess of growth hormone, which causes enlarged feet, hands, face, and head.

Octreotide Market Drivers:-

Major driver for growth of the Octreotide market is the robust pipeline of drugs in clinical trials. For instance, in 2016, Mario Negri Institute for pharmacological research completed phase 2 clinical trials of its Octreotide LAR in combination with tolvaptan drug for the treatment of autosomal dominant polycystic kidney disease. This disease has an effect on the glomerular rate and total kidney and cystic volume. Octreotide sponsored by Radbound University is in phase 3 clinical trials from 2016. This drug is under clinical trial for the treatment of angiodysplasia, vascular malformations, gastrointestinal hemorrhage, and anemia with Octreotide. Injection Octreotide, sponsored by PVS memorial hospital is in phase 4 clinical trials since 2016. This injection is indicated for treatment of pancreatic fistula and complications of pancreatoduodenectomy among patients with soft pancreas. Furthermore, CAM2029 is being tested, currently in phase 2, for acromegaly and neuroendocrine tumors by Camurus AB in collaboration with Novartis AG. Octreotide chloride is the active ingredient for this product.

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Increasing number of launches pertaining to novel Octreotide acetate products by key players in the market is expected to drive market growth. For instance, in 2013, Sagent Pharmaceuticals, a U.S.-based biopharmaceutical company, launched its new drug Octreotide acetate, a samatostatin analog. This drug is used to reduce blood levels of IGF-I (soatomedinC) and growth hormone in acromegaly patients who do not adequately respond to or who cannot be treated by surgery, irradiation and bromocriptine mesylate.

Increasing prevalence of disease such as acromegaly and cancer, is expected to increase the demand for Octreotide drugs, which in turn is expected to fuel market growth. According to a survey conducted by National Institute of Health in 2015, over 4 million people suffer from acromegaly in the U.S.

Lack of research and development for Octreotide acetate for the treatment of children, lactating and pregnant women is a major restraining factor in this market. Moreover, consumption of Octreotide acetate by pregnant women can cause problems in the growth of the fetus and hence, its adoption is limited among pregnant woman.

Octreotide Market Regional Analysis:-

North America is expected to hold a dominant position in the Octreotide market due to the presence of key players and robust pipeline of products in the region. For instance, Octreotide capsules sponsored by Chaisma Inc.—a biopharmaceutical company based in the U.S.—completed phase 3 clinical trials in 2017 for treatment of acromegaly. LAR lanreotide sponsored by Memorial Sloan Kettering Cancer Center, based in New York City, is currently in phase 4 clinical trials since 2016. LAR lanreotide is indicated for treatment of neuroendocrine tumors. Novel drugs are expected to fuel growth of the Octreotide market in North America. For instance, in 2011 Mylan Pharmaceutical Ltd—a generic and pharmaceuticals specialty company based in the U.S.—launched the generic version of sandostatin i.e. Octreotide acetate injection USP (pre-filled syringes). Octreotide acetate injection USP is used to treat acromegaly. It is also used to inhibit and suppress severe diarrhea, which is associated with metastatic carcinoid tumors and vasoactive intestinal peptide tumors.

Europe is expected to show significant growth in the Octreotide market due to strategic mergers and acquisitions among key players. For instance, in 2017, Novartis AG—a Switzerland-based company—acquired Advanced Accelerator Applications, a France-based company—to increase the development of its therapeutics portfolio, which also includes development of Octreotide to cure oncology.

Octreotide Market Key Players:-

Key players operating in the Octreotide market include Samarth Pharma Pvt Ltd., Sun Pharmaceuticals Industries Ltd., Neiss Labs Pvt. Ltd., Novartis AG, and Unique Chemical Ltd. Major players in the market are adopting inorganic growth strategies such as mergers and acquisitions, to strengthen their foothold in the global market. For instance, in 2015, Sun Pharmaceutical Industries Ltd.—Mumbai-based company—acquired Ranbaxy laboratories Ltd.—India-based pharmaceutical company—to enhance its productivity and focus on development of therapeutic area, including development of new drugs of Octreotide acetate. Such strategic acquisition among key players in the market is expected to create a lucrative environment for growth of the Octreotide market in the near future.

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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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