Press release
Somatostatin Analogs Market Size: Industry Analysis, Segments, Drivers And Trends To 2033
Somatostatin Analogs Market
The Business Research Company offers in-depth market insights through Somatostatin Analogs Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The somatostatin analogs market size has grown strongly in recent years. It will grow from $6.23 billion in 2023 to $6.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increased net incidence, advancements in oncology research, clinical efficacy in symptom management, expansion of indications, patient preference for long-acting formulations..
The somatostatin analogs market size is expected to see strong growth in the next few years. It will grow to $8.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to continued rise in net incidence, research focus on rare diseases, development of combination therapies, advancements in personalized medicine, global health initiatives in cancer care.. Major trends in the forecast period include global aging population, healthcare infrastructure development in emerging markets, strategic collaborations and partnerships, pricing pressures and reimbursement challenges, technological integration in healthcare..
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Market Segmentation:
The somatostatin analogs market covered in this report is segmented -
1) By Type: Octreotide, Lanreotide, Pasireotide
2) By Treatment: Acromegaly, Cushing's Syndrome, Neuroendocrine Tumors, Carcinoid Syndrome, Other Treatments
3) By End User: Hospital, Pharmaceutical Companies
Major Driver - Surge In Incidence Propels Growth In The Somatostatin Analogs Market
The rise in the incidence of neuroendocrine tumors is expected to propel the growth of the somatostatin analogs market going forward. Neuroendocrine tumors refer to malignancies that start in specialized neuroendocrine cells. Analogs of somatostatin prevent the body from producing too many hormones. They decrease a neuroendocrine tumor's growth and reduce carcinoid disease symptoms. For instance, according to Cancer Australia, an Australia-based national government agency, in 2022, around 5,437 new cases of neuroendocrine tumors were diagnosed in Australia, and it was estimated that a person has a 1 in 55 risks of being diagnosed with neuroendocrine tumors by the age of 85. Therefore, the rise in the incidence of neuroendocrine tumors is driving the growth of the somatostatin analogs market.
Competitive Landscape:
Major companies operating in the somatostatin analogs market report are Novartis International AG, Pfizer Inc., Sun Pharmaceutical Industries Limited, Midatech Pharma plc, Crinetics Pharmaceuticals Inc., Peptron Inc., Teva Pharmaceutical Industries Ltd., Camurus AB, Dauntless Pharmaceuticals Inc., Bayer Aktiengesellschaft, Mylan N.V., Cadila Healthcare Limited, Amneal Pharmaceuticals Inc., Recordati S.p.A., Amryt Pharma plc, Ipsen Pharma SA, Fresenius Kabi AG, Biodexa Pharmaceuticals PLC, Chiasma Inc., Merck KGaA, Sanofi S.A., Sandoz International GmbH, Takeda Pharmaceutical Company Limited, Thermo Fisher Scientific Inc., Viatris Inc., AstraZeneca plc, Johnson & Johnson, Moderna Inc., HRA Pharma, Genentech Inc., OctreoPharm Sciences GmbH
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Top Trend - Innovative Drug Therapies For Cushing'S Syndrome In The Somatostatin Analog Market
Innovation of novel drug therapies is a key trend gaining popularity in the somatostatin analog market. Major companies operating in the somatostatin analogs market are developing innovative drug therapies to strengthen their position in the market. For instance, in December 2021, Xeris Biopharma Holdings, Inc, a US-based biopharmaceutical company developing and commercializing unique therapies for patient populations in endocrinology, neurology, and gastroenterology, announced the U.S. Food and Drug Administration (FDA) approval of Recorlev for the treatment of endogenous hypercortisolemia in adult patients with Cushing's syndrome for whom surgery is not an option or has not been curative. With this approval, Xeris' experienced endocrinology-focused commercial organization can begin rapidly working to help address the needs of Cushing's syndrome patients in the U.S. who are treated with prescription therapy.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Somatostatin Analogs Market Characteristics
3. Somatostatin Analogs Market Trends And Strategies
4. Somatostatin Analogs Market - Macro Economic Scenario
5. Somatostatin Analogs Market Size And Growth
…..
27. Somatostatin Analogs Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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